Featured Client Spotlights

CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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        PS&H Counsel Elizabeth Manchester and Russell Stein Lead Workshop at Massachusetts Nonprofit Network Annual Meeting

        Partridge Snow & Hahn counsel Elizabeth Manchester and Russell Stein led a workshop at the Massachusetts Nonprofit Network Annual Meeting, titled Weathering the Storm: Considerations for Joint Ventures, Commercial Co-Ventures and Mergers Post COVID-19.

        The COVID-19 pandemic has impacted almost every business and nonprofit organization. Many experts have written about how nonprofits can handle fundraising during the crisis, suggesting increasing donor engagement, stay the course with capital campaigns, and increase appeals focusing on the urgent need for current support. While some of these strategies may be very effective in the short-term, what about the long-term consequences? What happens in eighteen to twenty-four months from now, when charitable giving has shifted away from your organization’s charitable focus and towards health organizations or nonprofits that focus on diversity, equity and inclusion issues? Recent events could cast the long-term viability of many nonprofit organizations in doubt. In a typical year at least 7% of nonprofits close. One recent report indicated that between 11% and 38% of nonprofits could close due to COVID-19.

        To better weather the storm, in addition to traditional fundraising techniques, charitable organizations should consider expanding their fundraising and mission reach by engaging in commercial co-ventures with for-profit entities, joint ventures with nonprofit and for-profit entities, or possibly merging with other nonprofits to assure long-term viability of their charitable purposes. Each one of these options could allow the organization to survive in these uncertain times.

        A recording of the full presentation can be viewed here

        Partridge Snow & Hahn's Charitable & Nonprofit Group are well prepared to advise on related topics.