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https://reasonstobecheerful.world/firebrand-bread-bakery-trust-employees/>
"Industry analysts estimate food and beverage startups raised $9.5 billion in
venture capital worldwide from 2013-2018, funding everything from regional
restaurant chains to Beyond Meat — which went public in 2019. But if Firebrand
went that route, what would happen to the workers in Oakland or Alameda, not to
mention the families and the neighborhoods who they support? Would shareholders
or corporate executives leave them behind to move production to somewhere far
away for the sake of lower labor costs or land costs? How much wealth would
that create for Kreutz, a white cis man, and venture capital investors, who are
overwhelmingly white cis men, while simultaenously reducing wages and upward
mobility for Firebrand’s workers, who are 80 percent people of color?
Firebrand instead worked with outside advisors and lawyers to incorporate
something called a perpetual purpose trust to serve as a new parent company,
and Kreutz donated 51 percent of his voting shares to the trust to hold in
perpetuity. The governing body of the trust is a stewardship committee,
consisting of Kreutz, Firebrand employees and external community members who
work on issues affecting Firebrand’s employees.
Firebrand then sold $2.5 million in shares to private investors, which the
company used to finance the buildout of the new bakery facility in Alameda —
which includes a worker resource center to offer career development services
and classes to Firebrand workers and others seeking assistance."
Share and enjoy,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
