Creative Financial Methods in Giving Back

Abstract

Michael Pirron is CEO of Impact Makers, an IT consulting firm based in Virginia. Impact Makers decided to reincorporate as a benefit corporation when Virginia passed the legislation. In this interview with Professor Daryl Koehn from DePaul University, Pirron discusses why he chose to reincorporate and their organization's decision to give all their profits to charity. To do this, Impact Makers set up a new financial innovation to protect the social purpose of the organization. They gave all their common stock to two public charities and if the organization is ever sold, all the proceeds would go to charitable organizations in their community. [ABSTRACT FROM AUTHOR]