Juliette Blake, Founder and CEO of Moxies, joins Ethical Exits for a conversation about ethical tech, aligned capital, and what it means to build a company whose value cannot be measured by dwell time.

Moxies is a next-generation platform for Gen Alpha girls, designed to create a safe, creative space for self-expression, connection, confidence, and healthy digital literacy. But this episode is not just about kids and technology. It is about a much bigger question for mission-driven founders:

How do we fund, scale, sell, or recapitalize companies that actually mean something to society without forcing them into capital models that undermine what they were built to protect?

Hannah and Juliette talk about the true cost of “free” platforms, why attention-extraction models are so harmful for children, how Moxies is building around trust and well-being instead of addiction, and why traditional venture capital benchmarks often miss the point.

They also dig into ethical exits: what kind of acquirer could strengthen the mission, what kind of buyer would break it, and why a failed dream acquisition can sometimes save the company.

Guest spotlight: Juliette closes the episode by highlighting Groove With Me, a nonprofit in East Harlem that provides girls with safe physical spaces for dance, creative self-expression, movement, and community. https://www.groovewithme.org/

On this episode of Ethical Exits, Hannah sits down with Molly McCartan, Managing Partner at The Whisper Group and the first sell-side broker to join the show, to talk about what it takes to represent a founder well through the biggest transaction of their life.

Business owners spend years learning how to build a company. Almost none are taught how to leave one.

Over the next decade, millions of founders will face that decision, and most will start preparing for it far later than they should. The conversation usually opens with price and rarely gets to the rest: employees, legacy, identity, and what the founder's life looks like the day after close.

Molly works with founders years before they ever go to market. She talks about what exit readiness actually involves, why an inflated valuation from a broker is a problem that surfaces later in diligence, and what belongs in the advisory team around a seller.

She also gets into the part that shows up after the wire clears:

• What is my role now, and who decides it?

• If I'm tied to an earnout, what can I still control?

• Who am I if I'm not the CEO?

• What happens to the people who helped me build this?

• Was this the right buyer, or just the highest number?

Roughly half of M&A transactions are considered failures by one measure or another. Molly makes the case that this is a design problem, and she walks through what she and her team are changing about the way sell-side representation works, from fee structure to who sits in the advisory seat.

About Molly McCartan

Molly McCartan is the Managing Partner at The Whisper Group. With more than 13 years of experience across M&A, strategic growth, partnerships, media, and business development, she advises founders on how to build, position, and successfully sell their businesses. She also leads the firm's growth initiatives, strategic partnerships, and media platform, helping advance its mission of closing the exit gap for women founders.

Molly is also the Founder & CEO of The Mom Pact, a personalized career platform for working moms. Through AI-powered guidance, customized career planning, state-specific workplace and leave law navigation, and practical tools and resources, The Mom Pact helps women confidently navigate every stage of their careers and motherhood, from pregnancy and parental leave to leadership, career transitions, and beyond.

A mom of two, Molly is known for her direct, values-driven leadership and passion for helping women build wealth, create opportunities, and increase ownership.

To learn more about Molly's work, connect with her on LinkedIn or visit The Whisper Group.

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At Ethical Exits, we champion profit-for-purpose capitalism, leveraging business as a force for scaling philanthropy and meaningful change.

In each episode, we ask guests to highlight a cause close to their heart. Molly highlights two: the Tory Burch Foundation, which supports women entrepreneurs through access to capital, education, and mentorship, and the American Heart Association.

🔗 Learn more or support their work: https://www.toryburchfoundation.org/ https://www.heart.org/

When you walk into your neighborhood hardware store, you're probably thinking about a leaky faucet or a can of paint. Not one of the most fascinating ownership stories in American business.In this special narrative episode of Ethical Exits, Hannah is joined by Matthew Epperson of the Georgia Center for Employee Ownership for a new kind of conversation. Matt brings Hannah a real acquisition story she has never heard before, and together they unpack it in real time.The story follows the rise of True Value Hardware—from a cooperative built by independent retailers to compete against powerful wholesalers, through decades of growth, the arrival of big-box retail, a private equity acquisition, bankruptcy, and an unexpected ending that raises important questions about the future of business ownership.Along the way, we explore:• Why cooperative ownership helped independent businesses scale without giving up control• The rise of Home Depot, Lowe's, Amazon, and changing competitive dynamics• What happened when True Value accepted private equity investment• Why Do it Best ultimately acquired the company• The role of incentives, governance, and patient capital in long-term business resilience• What founders, investors, and community leaders can learn from one of the most overlooked ownership stories in AmericaThis episode is exactly what Ethical Exits was created to do: use a familiar business story to explore much bigger questions about ownership, stewardship, and the future of capitalism.

Most M&A conversations start with the numbers. Purchase price. Multiple. Structure. Close timeline.

But once the announcement is made and the deal is closed, the spreadsheet stops being the main character.

In this episode of Ethical Exits, Hannah sits down with Nikki Eaves, Founder of Purpose + Impact Communications, to explore the messy human middle of M&A: communication, trust, change management, culture, and values.

Nikki has supported more than a dozen acquisitions, divestitures, and spinoffs from the people side of the transaction. Together, they unpack what actually happens between announcement, Day 1, and integration, and why so many deals quietly begin to fail long before the numbers show it.

They discuss:

• Why announcing is not the same as communicating
• Why employees often experience Day 1 as something happening to them
• Why “culture fit” may not be the thing to preserve at all costs
• Why values may be the better North Star
• And why treating people like a checklist item puts the entire deal at risk

They also revisit John Abrams’ idea of “fat wallet, broken heart syndrome” and ask a deeper question: What happens after the close?

Because the people side is not soft. It is where the deal either holds or starts to come apart.

On this episode of Ethical Exits, Hannah sits down with Maura Shenker of AllHold Capital to unpack one of the most overlooked and urgent challenges in small business ownership: what happens to the businesses no one wants to buy.

We talk a lot about the “great wealth transfer,” but Maura challenges that idea directly. In her view, what’s actually happening is something very different. And that distinction changes how we think about ownership, value, and who these systems are really designed to serve.

Because right now, millions of small businesses are approaching a transition point… and most won’t sell. They’ll simply close.

Not because they aren’t important. But because the system isn’t built to support what happens next.

#EthicalExits #SmallBusiness #BusinessOwnership #EmployeeOwnership #ImpactInvesting #EconomicDevelopment #BusinessValuation #CommunityWealth #Entrepreneurship

What if the biggest opportunity in business is the one nobody ever taught you?

In this episode, Hannah sits down with Kari Doherty to unpack the “third path” to entrepreneurship: buying a business instead of starting one.

They explore why millions of small businesses are quietly disappearing, what’s behind the massive wave of ownership transitions, and why most founders and buyers never connect.

If you’ve ever wondered what actually happens to small businesses, or what your real options are, this episode is for you.

Featured Organization

In this episode, Kari highlights Xcelerate Women a Portland-based organization supporting women and gender-expansive entrepreneurs through coaching, mentorship, and community-driven business growth.

Xcelerate Women focuses on:

• Revenue-generating small businesses beyond the idea stage
• Women and gender-expansive founders building sustainable companies
• Practical, hands-on coaching that goes beyond branding into real operations
• Creating a circular economy by reinvesting knowledge, support, and capital locally

Their model removes barriers to access by pairing founders with experienced coaches—providing meaningful support at a stage where it’s often hardest to find.

The result: stronger businesses, more resilient founders, and more capital staying within the community.

To learn more or get involved, visit:
👉 https://www.xceleratewomen.org/

What does it actually mean to be “ready” to sell your business?

In this episode of Ethical Exits, Hannah sits down with Judy Park, CMAA, a certified M&A advisor known for her meticulous attention to detail and deep transactional experience across 50+ successful closings and more than $100 million in deal volume.

But this conversation goes beyond spreadsheets.

Judy introduces one of the most important framing devices in M&A:

• Buyers buy futures.
• Sellers sell history.

Founders often value their companies based on sacrifice, identity, and years of effort. Buyers, meanwhile, are underwriting projected cash flows, risk, and uncertainty.

That gap, between emotional value and financial underwriting, is where seller regret is born.

Together, Hannah and Judy explore:

• The most common seller readiness gaps

• Why overly polished financials can actually erode trust

• How buyers assess risk beyond EBITDA

• The role of transparency in strengthening valuation

• Why earn-outs, seller notes, and transition periods matter

• And how ethical deal design creates post-close confidence

This episode is a practical guide for founders who want to exit without losing what made their business matter in the first place.

Because a good deal doesn’t just close. It lets both sides sleep six months later.

To learn more about Judy's work or connect with her, she invites you to reach out on LinkedIn.

👉 linkedin.com/in/judyhaepark

In this episode, Judy highlights Korean Community Services of Metropolitan New York (KCS) — an organization supporting Korean and immigrant communities through economic empowerment, small business support, and access to critical social services.

KCS works directly with:

• First-generation entrepreneurs

• Immigrant-owned small businesses

• Women and elderly community members

• Families navigating language and structural barriers

Their work helps transform businesses built from survival into businesses built for long-term stability and dignity.

To learn more or support their work, visit:
👉 https://www.kcsny.org/

What does it actually look like to build a business that heals and then sell it without breaking what made it matter?

In this episode of Ethical Exits, Hannah sits down with Gina Schaefer, founder and retired CEO of a $50M, 13-location Ace Hardware business based in Washington, DC.

Gina didn’t set out to build a movement. She opened a hardware store to pay a mortgage after she was laid off and serve her neighborhood. But a single, practical decision—removing the felony checkbox from job applications—quietly reshaped the culture of the business, the lives of its employees, and the legacy it would leave behind.

Years later, the community gave the business a name Gina never would have chosen for herself: Recovery Hardware.

This episode explores how culture is built through decisions, not decks—and how selling a business can be a joyful opportunity to amplify what it has already become.

To learn more about Gina’s work, hire her as your keynote speaker, or order her book, visit her website or connect with her on LinkedIn.

At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and meaningful change.
In each episode, we ask guests to highlight a cause close to their heart. For Gina, that cause is Rasa Legal — a nonprofit using technology to help people expunge criminal records and remove barriers to employment, housing, and opportunity.

Rasa Legal’s work directly extends the values Gina lived inside her business. Creating second chances, restoring dignity, and expanding access to economic participation.

🔗 Learn more or support their work: https://rasa-legal.com/

What happens when a mission-driven company becomes infrastructure?

In this narrative episode of Ethical Exits, we tell the full story of Whole Foods, from a single community-rooted grocery store in Austin to its $13.7B acquisition by Amazon.

This isn’t a story about villains.
It’s a story about pressure.

We unpack why the sale happened so fast, what changed for workers and vendors after the deal, and what founders should learn when growth, capital, and values collide.

Because exits are never neutral. Someone’s values always shape what comes next.

With a career rooted in finance, strategic growth, and the belief that business can be a force for good, Chris Fredericks is redefining what happens after an exit.

As founder and CEO of Empowered Ventures, he transformed a traditional specialty materials company into a fully employee owned firm through an ESOP in 2010. Ten years later, he launched the diversified holding company model to scale that ownership across multiple businesses, protect jobs, deepen wealth creation for employees, and keep prosperity local.

Chris’ story starts in Indiana, where as CFO of TVF he saw firsthand both the dignity work can bring and the risk of concentrated ownership. He built a model focused on diversification, shared prosperity and long term thinking. In his words, employee ownership is not only a powerful exit strategy, it is a growth engine. It is a strategy where integration begins with a clear commitment to do no harm and where worker empowerment sits at the center of every acquisition.

In this episode we dig into how ESOPs work, the trade offs among ESOPs, co-ops and EOTs, and how an empowerment first acquisition strategy can deliver both high performance and high purpose.

To learn more about Chris’ work, visit Empowered Ventures or connect with him on LinkedIn.
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At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and meaningful change.
In each episode, we ask guests to highlight a cause close to their heart. For Chris, that cause is GiveDirectly — a direct-cash charity committed to data-driven cash transfers to people living in poverty; Chris says the most effective impact often comes when you trust people with resources, rather than impose more structure.