Entrepreneur gives away his $1 million business

British entrepreneur Simon Cohen has given away his PR business, Global Tolerance, which is valued at between $900,000 and $1.8 million.

Cohen announced his plans to give away the business earlier this year and undertook an extensive worldwide search to find new owners.

The PR company, which has represented the Dalai Lama and the Prince of Wales, was handed over to two new owners yesterday.

Noa Gafni, a digital strategist from the World Economic Forum, and Rosie Warin, an award-winning PR director from Forster Communications have taken on the company.

The women triumphed over candidates from 30 countries and a rigorous five stage interview process.

Gafni and Warin now receive 95% of shares, £10,000 cash in the bank and all company assets.

Cohen is retaining a 5% stake in Global Tolerance and will stay on as an advisor for one year. 

Cohen told SmartCompany the success of the process lays down the gauntlet for other entrepreneurs to give away their companies instead of selling out.

He says it feels “quite surreal” to have given away his business.

“I feel richer in a way, excited and a bit nervous that it is happening,” he says.

“I think it feels like how my mum must have felt at the gates of university.”

Cohen says he believes the new owners will take Global Tolerance in the right direction, describing Gafni and Warin as “amazing leaders” and “inspirational”.

“I’m excited about what the future might hold. I can now focus my energy on my family.” 

Gafni said in a statement the business will continue to challenge convention with its new owners.

“Global Tolerance has pushed business boundaries since its conception and Simon’s exit strategy is another bold manifestation of this,” she said.