Purpose trust

There's 2% of the overall shares are voting shares, 98% common stock, non-voting, not atypical.

What they do is they donate the 2% of voting shares to a newly created Purpose Trust, which is a legal vehicle in California.

And it just sits there.

And you can write the bylaws for the Purpose Trust and you tell the Purpose Trust what to do with the equity that it holds and the money that it holds.

We'll come back to that.

They donate the other 98% to a group of 501c4 nonprofit organizations called known as the Holdfast Collective.

Number two, they wanted to be able to give political, to political organizations from these new organizations.

All right, I hope I'm not losing people here.

As Grand Central's first CEO, she led the company's first B Corp certification in 2018 and continues to oversee a smart group of leaders and employees passionate about Grand Central's mission to serve delicious products that delight Seattle and Portland customers daily.

To allow Grand Central Bakery to remain local and independent forever, Claire is leading efforts to transition ownership of the company to a purpose trust.

Claire, welcome to the show.

Thank you.

That really resonated with us.

Fantastic.

And yeah, for the listeners, part of the reason that we're having this conversation is because employee ownership trust, perpetual purpose trust, there's a lot of interest in these structures.

And we've had some great practitioners on the podcast in the past, folks who help companies set them up and things like that.