After becoming father and a one-year sabbatical from running his business, global tolerance’s founder and managing director Simon Cohen has launched a campaign to give away his company, valued at between $900,000 and $1.8 million.
The deal includes 95 per cent ownership, $18,000 in cash, an international reputation with clients in the US and UK, current company assets and a decade’s worth of business contacts. Mr Cohen will also stay on for one year to advise the new leader.
You can read more here: http://www.news.com.au/finance/small-business/global-tolerance-founder-simon-cohen-gives-away-company-worth-up-to-18-million/story-fn9evb64-1226864148621 or on the company website: http://globaltolerance.com/
How do they do it? Through an “Open Leadership Exercise”.
From the Q&A on the global tolerance website:
An Open Leadership Exercise (OLE) is an open, positive search process for a company’s key shareholders and leaders to transfer ownership and leadership to a new beneficiary.
For global tolerance, the Open Leadership Exercise (OLE) is open to individuals, teams, companies of all kinds, as well as the existing global tolerance board and team. The pioneering process will include a combination of social media tests, online applications, Skype interviews, business planning and an evaluation day in Central London. An open, modern approach to corporate search.
Simon will be handing over 95% ownership of the company, £10,000 (approx $16,750 USD) in the bank, a state-of-the-art website, a decade of business contacts, and all the company assets. There are no corporate debtors and the company continues to be profitable, having enjoyed a record revenue year in 2012-2013, before going on a one year sabbatical.
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