The Philadelphia Inquirer’s Michael Klein reported today that the General Lafayette Inn building has been sold and is being renovated to be a club for entrepreneurs who practice capitalism with a social component.
From the article:
Michael M. Carter, the Main Line entrepreneur who bought the inn last spring, said the space is being renovated into a club, whose members will foster what he calls a modern brand of capitalism with a social component. Its name has not been finalized.
Carter and his friend Michael T. Moe explain the concept in their book The Mission Corporation, which spells out seven tenets for companies, including a commitment to use their platform to impact society or their market in a positive way; establish a way for all full-time workers to own some form of equity compensation or stock; and to dedicate at least 3% of employee time to social/charitable causes, plus 2% of net income and 1% of revenue or equity to support at least one of the 17 United Nations Sustainable Development Goals.
The inn has been a restaurant dating back to the colonial period. Most recently it was known as The General, which closed pre-pandemic in 2020.
Read the entire article here.