What happens when a creative agency founder turns to M&A not as a growth hack, but as a tool for collective impact? In this powerful episode, Hannah and Caitlin sit down with Peter Georgariou, founder and CEO of Karma Dharma, a B Corp–certified creative and strategy agency that’s redefining what it looks like when a mission-driven founder becomes the buyer.

Peter isn’t waiting for big capital to rewrite the rules. He’s actively acquiring values-aligned companies to build what he calls a “Deloitte for do-gooders”: a collective of purpose-driven agencies that share back-end resources, preserve culture, and amplify impact.

We unpack:

- How Peter reframed M&A as a force for good rather than a corporate takeover

- His philosophy on transparency, trust, and treating employees like adults

- Why B Corps can’t stay small if we want to reshape capitalism

- How following the “energy trail” guides his dealmaking process

- How culture, not just contracts, determines the success of an acquisition

Peter’s radical candor, deep humanity, and ambitious vision offer a fresh counter-narrative to traditional dealmaking. If you’ve ever wondered what it looks like when purpose shows up as the acquirer, this is the episode for you.

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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 Peter, that cause is Philadelphia FIGHT, a federally qualified health care provider in downtown Philadelphia. What began as an AIDS support organization in the 1980s now provides primary health care for thousands of marginalized people each year.

As Peter shared, organizations like Philadelphia FIGHT are facing growing threats from funding cuts and policy shifts—changes that could deepen health care deserts across the U.S. Coming from Canada, where health care is treated as a right, Peter is deeply committed to supporting efforts that expand access for those who need it most.

Chris Michael, founder of EOT Advisors, has dedicated his career to ensuring that employee ownership isn’t just a technical option—it’s a viable, dignified path for founders who want their life’s work to stand on its own two feet. As the person who introduced the Employee Ownership Trust (EOT) to the U.S., he’s facilitated more than $750M in capital transfers to over 3,000 workers, making him one of the movement’s most influential architects.

In this episode, Chris breaks down the differences between EOTs and ESOPs—and offers perspective on cooperatives—explaining why each model exists, where they work best, and why simplicity, speed, and sustainability matter when transitioning ownership. From “naked in, naked out” profit sharing to the “cabin in Minnesota” analogy, he makes a complex subject approachable while underscoring why employee ownership is more than a structure—it’s a cause worth supporting.

For founders weighing their options, this conversation offers more than a comparison of models. It’s a vision for how business legacies can be preserved, employees empowered, and missions locked in for generations.

To explore Michael’s work and the future of Employee Ownership Trusts, visit eotadvisors.com 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 employee ownership itself—ensuring businesses can be transitioned into structures that protect mission and values for generations of workers.

Instead of pointing to one organization, Chris encourages listeners to think about supporting the broader employee ownership movement—whether through philanthropic dollars directed to groups advancing this work, or by exploring how their own businesses might transition into an Employee Ownership Trust or Perpetual Purpose Trust.

Some companies follow a path. Others create one.

Organically Grown Company didn’t just adopt an ownership model — they invented a new one. When their ESOP no longer fit, they pioneered the nation’s first Perpetual Purpose Trust, building the blueprint as they went and openly sharing it with anyone who wanted to learn.

That ingenuity seeded an entire movement. Today, more than 50 companies — including Patagonia — have followed their lead. And OGC continues to advocate, educate, and push the boundaries of what steward ownership can look like.

In this episode, CEO Brenna Davis takes us inside the story: from a co-op of farmers and Earth Mamas, to a radical new ownership model that locks mission in place, shares profits with coworkers and community, and sets a powerful precedent for purpose-driven business everywhere.

To dive deeper into Brenna’s work, check out Leading Through Fire, her international bestselling book on resilient leadership, and visit brennadavis.com for more on her writing and speaking. You can also follow her leadership journey at organicallygrown.com or connect with her on LinkedIn.
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At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and creating meaningful change.

In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges.

Brenna gives her time and support to the Purpose Trust Ownership Network, which helps companies adopt steward-ownership structures that keep mission locked in for generations. She’s equally passionate about Friends of Noise, a nonprofit dedicated to amplifying youth voices by providing safe, all-ages spaces for music and performance.

When Toys “R” Us shuttered its doors, the popular narrative pointed fingers at Amazon and the rise of online shopping. But the real story ran much deeper: one involving a leveraged buyout, billions in borrowed money, and a private equity playbook designed to extract value at all costs.

In this episode, we break down exactly how the deal was structured, explaining private equity terms in plain language and revealing how the strategy left Toys “R” Us burdened with unsustainable debt — and why similar tactics are impacting other industries today.

Whether you’re a founder, investor, or mission-driven buyer, you’ll come away with a clearer understanding of how capital moves behind the scenes, and how to structure growth so it protects your purpose instead of undermining it.

In this episode of Ethical Exits, we sit down with John Abrams, founder of South Mountain Company—one of the first worker-owned B Corps in the U.S.—to explore how business can be a tool for long-term impact. From transitioning to employee ownership to mentoring other founders, John’s story is part strategy, part legacy, and all heart.

We talk about:

• Why democratic workplaces make better businesses—and better citizens

• How to design a net-positive exit, not just a clean one

• What can go wrong (and right) when founders try to let go

• The trillion-dollar opportunity to transfer wealth for the common good

  
  

If you’re wrestling with what comes next—or how to leave something behind without selling it out—this one’s for you.

To learn more about John and his incredible work, visit Abramsangell.com 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 creating meaningful change.

In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges.

John supports the Kachuwa Impact Fund, a mission-driven investment fund that backs businesses and organizations building a more just, sustainable, and inclusive economy. Focused on long-term impact over short-term gain, Kachuwa invests in companies that prioritize social and environmental returns—proving that capital can serve community, not just shareholders.

In this episode of Ethical Exits, co-hosts Hannah and Caitlin sit down with Miren Oca, founder of Ocaquatics Swim School, to explore what it really looks like to reject the status quo and build a company to last.

When Miren received multiple offers from private equity firms, she didn’t cash out. Instead, she chose to transition her beloved swim school to a Perpetual Purpose Trust—a unique form of employee ownership where the business is held in trust on behalf of its workers and mission, rather than sold to an outside buyer. The result? Long-term stability, shared wealth, and a company built to last for generations.

Together, we unpack:

-Why she said no to traditional buyers

-How she reimagined ownership for the long haul

-What it means to lead with purpose, not pressure

If you’ve ever wondered what it looks like to build a “forever company” in a buy-and-flip world, this episode is for you.

To learn more about Miren and her incredible work, visit Ocaquatics.com or connect with her on LinkedIn.

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

In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges.

Miren supports 1% for the Planet, a global movement inspiring businesses and individuals to commit at least 1% of annual sales to environmental causes. By connecting donors with vetted nonprofits, 1% for the Planet accelerates smart environmental giving and drives real-world change for the planet we all share.

In this episode of Ethical Exits, co-hosts Hannah and Caitlin discuss the complex, headline-making sale of New Belgium Brewing. Known for its iconic Fat Tire Ale and its pioneering commitment to employee ownership and sustainability, New Belgium was once a model for purpose-driven business. But when the company sold to Kirin—a multinational with ties to Myanmar’s military regime—the impact world took notice.

Through this candid, guest-free conversation, we unpack:

• The rise and radicalism of New Belgium’s culture

• The pressure cooker of scaling with an ESOP

• The ethical cost of choosing the wrong buyer

• And why the path to an "ethical exit" is rarely clear-cut

  
  

If you’re a founder, employee, or advisor wrestling with the trade-offs of impact, legacy, and liquidity, this episode is a must-listen. Because sometimes, the hardest part of an ethical exit is defining what “ethical” actually means.

This week, we're thrilled to welcome Jim Black to Ethical Exits. Jim is a triple-bottom-line founder and legal advisor helping B Corps, public benefit corporations, and other mission-driven companies achieve their social and environmental goals. A former BigLaw M&A partner and General Counsel with over 25 years of experience, Jim now advises impact companies on corporate and commercial matters and acts as a strategic advisor to founders and executive teams.

In this conversation, Jim shares his powerful journey — from working at the highest levels of corporate law to building a values-driven firm committed to using the law as a force for good.

We dig into:

- Why traditional M&A models often fail mission-driven sellers and how to rethink ownership transitions

- Practical legal strategies for protecting your company's values during an exit

- The unique challenges and advantages of B Corp certification in today’s shifting legal landscape

- How mission-driven companies can (and should) become acquirers —using M&A to scale their impact

- The personal stories that shaped Jim’s career, including the influence of his mother’s civil rights work for children

Whether you're considering an exit, planning for growth, or passionate about building a more ethical economy, Jim’s insights will leave you inspired to think bigger and act bolder.To learn more about Jim and his mission-driven legal work, visit ⁠impactgclaw.com⁠ or connect with him on ⁠LinkedIn⁠.

If you're navigating a business transition and looking for guidance on protecting your company's mission and legacy, you can start a conversation with the ImpactGC team [here].
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At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and creating meaningful change.

In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges.

Jim highlights two organizations close to his heart: the Innocence Project, which works to exonerate wrongfully convicted individuals, and the Human Rights Campaign (HRC), one of the nation's leading LGBTQ+ advocacy groups, where he has volunteered and supported legal initiatives for nearly two decades.

At the same time, Jim shares that, for him, the most powerful form of impact is building and scaling mission-driven businesses themselves — demonstrating that a better, more equitable model of capitalism is possible. In his words, "Building businesses in this space is the most valuable thing we can do."

What if your employees could become the next owners of your company - and it actually made the business stronger? In this episode of Ethical Exits, we sit down with Stacey Smith, SVP and Head of Programs at Project Equity, a nonprofit working to democratize business ownership through employee ownership models like ESOPs, co-ops, and employee ownership trusts.

Stacey shares her journey from CPA to impact leader, how employee ownership builds wealth and resilience for workers, and why it’s one of the best-kept secrets in the economy. We dig into common misconceptions, the capital stack, and how EO isn’t just an exit strategy—it can also be a powerful way to scale and grow through acquisition. Stacey also gives a behind-the-scenes look at what makes a business “EO ready,” and how her team supports transitions from start to finish (and beyond).

Whether you’re an impact founder thinking about succession or a B Corp exploring ethical growth, this conversation will expand your sense of what’s possible.

To learn more about Stacey Smith and her inspiring work, visit project-equity.org, or connect with her on LinkedIn.

To explore employee ownership as a potential path for your business, or to schedule a conversation with the Project Equity team, click here.

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

In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges.

This week, Stacey shared Project Equity itself as her cause of choice—a national nonprofit working to scale employee ownership and unlock its power to create economic resilience for workers, communities, and business owners. As a 501(c)(3), Project Equity relies on the support of donors and grantmakers to continue this transformative work.

As we kick off 2025, we’re looking back at the most powerful insights from our guests—mission-driven entrepreneurs, thought leaders, and experts who have navigated ethical exits and used M&A as a force for good. From founders staying true to their values to those embracing employee ownership models, this episode highlights the biggest takeaways on selling, scaling, and exiting with integrity. Whether you're new to the podcast or a longtime listener, it’s the perfect recap to catch up, get inspired, and dive deeper.

Featured Guests (2024 Episodes, Highlighted in This Recap):

🎙 Sarah Holdeman – COO & Co-Founder, The Impact Collective (helping purpose-driven businesses amplify their social and environmental impact).

🎙 David Kahl – Founder & Former CEO, Fully (a furniture brand specializing in ergonomic office solutions).

🎙 Bonnie Coberly – Founder & Former CEO, Healthy Bites (an organic meal delivery service).

🎙 Cameron Madill – Former CEO, PixelSpoke (a worker-owned B Corp marketing agency serving credit unions).

🎙 Mackey McNeill – Founder, MACKEY (a fractional CFO firm supporting entrepreneurs and business owners).

🎙 Josh Knauer – Co-Founder, ReSeed.farm (a full-service carbon solution provider helping smallholder farmers monetize farm-based carbon credits on the global market).

Join us as we revisit their insights, reflect on key lessons, and set the stage for more impactful conversations in 2025.