Was It a Sellout or a Smart Exit? The New Belgium Brewing Debate

Written By Caitlin Corrigan

In this episode of Ethical Exits, co-hosts Hannah and Caitlin discuss the complex, headline-making sale of New Belgium Brewing. Known for its iconic Fat Tire Ale and its pioneering commitment to employee ownership and sustainability, New Belgium was once a model for purpose-driven business. But when the company sold to Kirin—a multinational with ties to Myanmar’s military regime—the impact world took notice.

Through this candid, guest-free conversation, we unpack:

  • The rise and radicalism of New Belgium’s culture

  • The pressure cooker of scaling with an ESOP

  • The ethical cost of choosing the wrong buyer

  • And why the path to an "ethical exit" is rarely clear-cut

If you’re a founder, employee, or advisor wrestling with the trade-offs of impact, legacy, and liquidity, this episode is a must-listen. Because sometimes, the hardest part of an ethical exit is defining what “ethical” actually means.

Caitlin Corrigan
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