U.K. Dad Decides to Give Away His Startup
You've probably never heard of an exit strategy quite like this one before.
At Entrepreneur.com, we write a lot about passion, dedication and finding the balance between work life and home life. For Simon Cohen, founder and managing director of London-based PR firm Global Tolerance, there is no "balance." He's ready to hang up his hat as an entrepreneur and dedicate his time to a different profession: full-time dad.
In doing so, Cohen, 34, has decided not to sell his 10-year-old startup but to give it away. He wants to hand over 95 percent ownership of the company (worth as much as $1.7 million), about $16,500 in the bank, the website, the business contacts and all the company assets.
Over the years, Global Tolerance's clients have included the Dalai Lama, the Prince of Wales and TED, among others.
Last April, around the time Cohen's wife was due to give birth to their first child, Cohen put the entire firm on a year-long sabbatical, laying off its seven full-time employees. Now, Cohen is searching for someone new to run his company, instead of selling out to another firm and watching his firm end up "in a corporate graveyard."
"I am at the stage of my life where I want to focus on family, but I still have an unswerving belief in my company," Cohen said in an announcement of his plan to give his startup away. "It's a way I can not only leave the company, but also leave a legacy for those who follow me."
Cohen expects to announce the new owner sometime this summer. In the meantime, anyone who is interested in becoming the owner of Global Tolerance can apply here.