MILWAUKEE — The Dohmen Company
has completed the transition from a S-corporation to being owned by
a private foundation and a nonprofit organization.
The company recently exited the pharmaceutical industry and became
the first company in the nation to transition from a
multi-generation, family-owned business to a company wholly owned by
a private foundation, as of Jan. 1.
The structure, made possible by a provision in the Philanthropic
Enterprise Act enacted in 2018 called the “Newman’s Own Exception,”
ensures that 100 percent of the profits of The Dohmen Company will
be donated to the Dohmen Company Foundation for charitable purposes.
According to the announcement, “While a handful of for-profit
companies across the U.S. have made commitments to donate their
profits to charitable foundations and nonprofits, such commitments
are always at-risk of being abandoned, particularly when company
leaders and owners turn over. This new ownership model removes those
risks, ensuring all profits are used for charitable purposes in