Was It a Sellout or a Smart Exit?
The New Belgium Brewing Debate
What happens when one of the most beloved employee-owned B Corps sells to a global conglomerate linked to human rights abuses? Was it a failure of values—or a necessary evolution for survival?
In this episode of Ethical Exits, Hannah and Caitlin unpack the controversial sale of New Belgium Brewing. Once hailed as a beacon of employee ownership and sustainability, the company shocked many when it sold to Kirin—a multinational linked to Myanmar’s military regime.
In this candid, guest-free conversation, we explore:
The radical culture New Belgium built
The challenges of scaling with an ESOP
The high stakes of choosing the wrong buyer
If you’re grappling with the trade-offs between impact, legacy, and liquidity, this episode offers a powerful reminder: sometimes, the hardest part of an ethical exit is defining what “ethical” really means.
Exploring M&A as a Force for Good: A Podcast Series for Impact Entrepreneurs.
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Meet your Hosts
Follow along with our hosts, Caitlin & Hannah, as they discuss a broad range of M&A topics and interview the top leaders in the profit-for-purpose economy.