Some business leaders are choosing to give their companies away for good, following the footsteps of philanthropic icons like Paul Newman and Yvon Chouinard. With 2.9 million U.S. businesses owned by those over 55, the Great Wealth Transfer presents an opportunity to reimagine business exits as acts of generosity.

Generosity exits allow owners to maximize giving through an annuity engine that generates profits annually, preserving the company, employees, and culture. Selling to private equity or going public may not align with values. Millennials and Gen Z are founding companies with giving baked in, challenging critics of the ‘business for good’ model.

Through governance models like the Philanthropic Enterprise Act, foundations can now own for-profit companies, like Newman’s Own Foundation. Companies like Patagonia use perpetual purpose trusts to ensure environmental missions are preserved, while ESOPs create employee-owners. Hybrid models like Organic Grown Company split profits among stakeholders.

Establishing a foundation or giving shares to existing non-profits are options for business owners considering a generosity exit. Assemble a team of experts and be patient during the transition, which could take years. Remember that corporations have a moral responsibility to be involved in the community, echoing Paul Newman’s values.

Letting go of profitable companies in service of good allows work to live on in meaningful ways. The transition may be complex but can be emotionally and culturally rewarding. At the end of the day, the legacy left behind matters more than the balance sheet.

Read more at Yahoo Finance: There are more ways for leaders to give it away in ‘the Great Boomer Fire Sale’ than ever