Patagonia's decision to donate profits to climate change is an example of why private and family businesses often do more for the planet than the stock market.
For its part, Patagonia as a business will remain unchanged in terms of its day-to-day operations, but all of its profits will be handed over to the Holdfast Collective to fight climate change, an annual profit stream estimated at around $100 million per year.
Patagonia founder Yvon Chouinard poses in his store in a November 21, 1993 photograph. He founded the company in 1973 and wrote in a letter announcing the plan to give the company away: "If we have any hope of a thriving planet—much less a business—it is going to take all of us doing what we can with the resources we have. This is what we can do."Jennifer Pendergast, executive director of the John L.
While this structure can be an option for both family and non-family controlled firms, Bennedsen said it works particularly well for family entrepreneurs who do not want to transition the firms within the family, and do not want to go public or sell the legacy firm."The tension between growth and environmental impact is one we know well," Curtis said. "We would be ignoring our commitment to responsible growth if we just maxed out sales for the purpose of giving away more money.
"At times there are some tensions," Gellert said in his CNBC interview. "But the default for Patagonia is purpose. Patagonia needs capacity and profit, to take care of its people, to expand, to keep the supply chain moving, and that is all an important layer, but we want it to be better, and to continue to be innovative."
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