Impact Makers Gifts Equity to Nonprofits In Order to Expand Social Entrepreneurship and Philanthropy
Impact Makers Hits $1 Million Impact Milestone
April 21, 2015 – Impact Makers has gifted the company’s equity ownership to two nonprofit organizations, The Community Foundation Serving Richmond and Central Virginia and Virginia Community Capital. The company took this action, a first amongst social enterprises, in order to preserve and grow its philanthropic mission. The gift also is helping enable The Community Foundation (TCF) and Virginia Community Capital (VCC) to create funds that support charities and invest in B Corps and other companies with a social mission. The Community Foundation now owns 70% of Impact Makers and Virginia Community Capital has a 30% interest.
Impact Makers is a for-profit IT consulting firm that has realized significant growth, making the Inc 500 fastest growing companies list for three consecutive years. As a founding B Corporation, the company has focused on simultaneously helping to improve the community while supporting its clients’ success. Impact Makers has a very unique social impact business model which requires the company to contribute all of its profits over the life of the company as well as pro bono consulting services to charities in the communities that it serves.
The volunteer Impact Makers Board of Directors is retaining the governance of the company and will continue to select the company’s charity partners. Impact Makers announced today that it had achieved a $1 million milestone in its cumulative community impact of financial contributions and pro bono support since the company’s founding in 2006. The company’s CEO and Founder, Michael Pirron, also announced Impact Makers’ goal of creating a $100 million cumulative impact by 2024.
“I started Impact Makers with fifty dollars, a laptop, and one contract with the idea of living my values through my work,” said Pirron, Impact Makers CEO and Founder. “That idea now has grown into a successful consulting company where more than 75 people share those values. We are working together with a common mission of helping our communities by leveraging our business model. Now, we can take this even further by growing Impact Makers, and increasing our charitable support, while we also help to enable other socially minded companies to do the same.”
According to Jane Henderson, President and CEO for VCC, “We are excited about this transformational, generous gift and the opportunity it gives us to team up with other like-minded, mission based organizations – The Community Foundation and Impact Makers. VCC is looking forward to launching and leveraging the Impact Makers’ Social Enterprise Program, as it will enable us to cultivate and expand social enterprises, such as B Corps. This will ultimately help us enhance lives and communities across Virginia through debt, equity, and grants as we grow this innovative program.”
“In just nine years, Impact Makers has become a leader and model for success among social venture corporations in the Richmond region. Now, Impact Makers is breaking new ground in Virginia by having the confidence to fully commit to its mission by engaging with long term partners in The Community Foundation and Virginia Community Capital,” said Darcy Oman, President and CEO of The Community Foundation Serving Richmond and Central Virginia. “We are honored to play a part in ensuring that the company’s already impressive philanthropic legacy will continue in perpetuity.”
Bart Houlihan, Co-Founder of B Lab said “This is a true first in the B Corporation and social enterprise world – the gifting of an entire company to nonprofits so that those organizations can offer more philanthropy and fund more social entrepreneurs in their communities. We are thrilled to have two of our certified B Corps, Impact Makers and Virginia Community Capital, working together in this way.”
Impact Makers found the inspiration for its creation from Newman’s Own and its “all profits to charity” business model. “Paul Newman was among the first to promote the idea of businesses doing well by doing good,” shared Bob Forrester, CEO of Newman’s Own. “Impact Makers now has created a similarly innovative model that we hope other enterprises will emulate.”
Download the press release.
Watch the video of the gifting event.
Recent Press on Impact Makers’ Gifting
- Richmond Times-Dispatch
- Richmond BizSense
- Virginia Business
- B Lab on Medium
- Mission Investors Exchange
- Philanthropy News Digest
- Community Development Bankers Association
- My Social Good News
- Virginia Community Capital News
About The Community Foundation
The Community Foundation Serving Richmond & Central Virginia was founded in 1968 to provide stewardship for permanent endowments that enhance the lives of area citizens. Since that time, the Foundation has grown substantially, reflecting both the vision of its leaders and the extraordinary philanthropic spirit of the people of Richmond and Central Virginia. Today, the Foundation is the largest of Virginia’s 27 community foundations. Through our work, we strive to create a stronger and more vibrant region, now and for generations to come. We work with donors to build endowment, partner with nonprofits to address needs through grantmaking, and provide leadership on important community issues. Visit tcfrichmond.org.
With offices in Christiansburg, Richmond, and Springfield, Virginia Community Capital (VCC)
can help businesses prosper by providing the innovative and flexible capital, investment opportunities, and advisory services they need. Beyond traditional financing options, VCC offers funding, expertise, and leadership vital to successful community projects, small businesses, and mission investments. In partnership with our for-profit CDFI bank, Community Capital Bank of Virginia, VCC offers loan capital and bank lending which help promote vibrant local communities throughout Virginia. Visit vacommunitycapital.org.
About Impact Makers
Impact Makers is a management and technology consulting company based in Richmond, Virginia. The company provides services in Management and IT Consulting, Program and Project Management, Digital Services, Governance, Risk and Compliance, and Healthcare Solutions. Impact Makers is a for profit company that has gifted its ownership to the community and contributes 100% of its net profits to charities over the life of the company. Impact Makers’ charity partners are Rx Partnership, Family Lifeline, Peter Paul Development Center and FLiPM (Future Leaders in Project Management). Impact Makers also is a founding B Corp and received for the third consecutive year a Best for World designation. The company also has made the Inc 500 Fastest Growing Companies list for the past three years.