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Oregon Organic Food Production meets Purpose Trusts
Eugene-based 'Hummingbird Wholesale' transitions to Purpose Trust
In Brief: Hummingbird Wholesale, an Oregon-based organic food production company, transitioned to an employee-owned purpose trust. For the owners, this exit strategy was to preserve traditions and practices in the company.
How it works: Charlie and Julie Tilt, former owners of a Eugene-based organic food distributor, have transitioned to this trust with the help of Project Equity, an employee-ownership nonprofit consultancy, with the goal of preserving the values of the corporation and providing access to organic, nutritious, and sustainable locally grown foods that adhere to environmental, social, and economic sustainability. This purpose trust isn’t required to have a decision-making structure however the trust allows the Tilts to foster a management approach that fits the business’s needs and values through the employees.
The Why: Hummingbird has been a leader in the market/supply chain sector for organic foods in the Pacific Northwest, focusing on and prioritizing the farmers and sustainable developers of their products. This purpose trust allows these producers to benefit while protecting the company's future financially and culturally.
Why this matters: With a relatively novel exit strategy, the Purpose Trust may encourage other companies to adopt the same exit strategy and governance model to continue their positive impact.
Go deeper: click here for the original article from Oregon Business
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