SeattlePrintmakersCenter

ri150420 Social Purpose Corporation 

A hybrid approach to the Seattle Printmakers Center 

Somewhat by chance the author finds what may be the best approach to structuring the Seattle Printmakers Center. Not a nonprofit umbrella under which the nineteen units are sheltered, nor a C-corp, which could utilize his assets for financing, nor an LLC. 

Imagining the future of SPC, SPC

On Sunday, April 19, I started learning about Social Purpose Corporations (SPC), which is a new kind of corporation in Washington State. It is a hybrid of non-profit and for profit corporations. The SPC may sell shares. That goes along with my financing proposal which I outlined in my booklet, Ghost Investor.

Also, profits are shared with its members, or stakeholders. As I began studying how to start an SPC, the lessons I learned from REI, PSC locally (and the Mondragon Cooperatives globally) came back to me.

As I explained in my booklet, developing the Seattle Printmakers Center may be based on my family’s intellectual and tangible property as a “stock basis.” I remember the interest in “intellectual capital” in books by that title in the nineties.

The Seattle Printmakers Center (SPC) is to help individual artists, crafts people and designers survive and thrive. Specifically, the SPC is for people who love prints, printmaking and printmakers. Not only in Seattle, but worldwide; because, now, printmaking lives in the age of digital reproduction.

In a marketing sense, starting the Seattle Printmakers Center as an SPC does not change its goals and mission; however, setting up as an SPC and communicating what the social purpose is of the SPC is a good way to keep its founders and participants accountable to fulfilling a social purpose and drive the nineteen businesses to success and sustainability.

An alternative is to make the Ritchie family proprietorship, Emeralda Works, the SPC in name instead of making the Seattle Printmakers Center the SPC in name, and then continue pursuance of the Seattle Printmakers Center under the guidance of Emeralda Works; in other words, a project of Emeralda Works.

Emeralda Works has been a research and development business, and the SPC is one of the outcomes of the research and, now, may be taken forward. This alternative must be considered, as mentioned below in the second of the seven reasons to be an SPC.

Since I think that customers of Emeralda Works sometimes want our products and services for more reasons than just what our products and services do for them as individuals, then it follows that it will be easier to explain how, as an SPC, we stand for global good. Under an SPC structure, we can voice this better than as a proprietorship, LLC, or C-Corp.

I embedded my EarthSafe 2022 principle and Declaration of Interdependence in my business plans since 1992. Changing at this time to an SPC will help ensure that I achieve business goals and personal ones: Fulfillment of my life’s teaching, research, practice and services purpose.

Whether as Emeralda, SPC or Seattle Printmakers Center, SPC, this corporate structure has definable metrics (like sales from etching presses, publishing, and investors involved and jobs created). Creative artistic printmaking, the original basis that defines our mission, is based on the intangible joys of live printmaking; but I am determined to throw my net over a wide scope of other products and services that are both real and virtual, measurable, and sustainable over the long term.

If and when I say “we,” I refer to the hundreds of owners of Halfwood Presses, of owners of my artworks, and my associates who, since 2004, have participated in the many themes and variations of the Halfwood Press projects. The results so far are measurable because we exchange tangibles: money for products.

For the period 2014-2023, I will make the Seattle Printmakers Center my focus, and today I think that the business structure, Social Purpose Corporation is the best way to succeed.

Lucky that I live in Washington State, with is “Benefit Corporation” laws in place, concomitant with it Crowd Equity funding instruments—not to mention being a leader among the technology centers of the world.

Seven arguments favoring an SPC

One, as an SPC, Emeralda Works (or the Seattle Printmakers Center) can sell shares, as outlined in my book, Ghost Investor, and thus take advance of Washington State’s new crowd equity funding law.

Two, if it means keeping the name Emeralda Works, then it is not only good for easy transitioning (Websites, mailing addresses, etc.) from the proprietorship, but the name itself has value as intellectual property.

Three, financial benefits—profits—can be shared with stakeholders. In retrospect, for example, consider the years of support given by people since the year Emeralda was formed.

Four, an exit plan for myself is more readily validated.

Five, remuneration for my family is simplified under a SPC.

Six, I am personally uninterested in nonprofits because in my opinion there is an implicit suggestion that grants and donations would be forthcoming, which I doubt.

Seven, for-profit status, as a C-Corp or LLC, does not harmonize with the altruistic aspect of my philosophy, with respect to social, environmental, and educational aspects of my lifework.