Allan Simon plans to transfer ownership of Firebrand Media LLC to 10 of his longtime employees, according to the Laguna Beach Independent, the company’s flagship publication.
Simon invested $7 million in the company in 2009, and has served as chairman since then. He told the Independent that he is leaving the company on a “strong” financial footing and an estimated $3.8 million in revenue for 2015.
He said he decided not to sell the company, “out of concern for consequences to the current staff and his own disinterest in the proceeds.”
Simon estimated the company could have fetched $5 million in a sale.
Steve Zepezauer, who founded Firebrand in 2003, will retain more than 50% share of the media firm, according to the Independent. The rest will be split among nine other staffers, including co-publisher and technology officer Scott Sanchez and creative director Sonia Chung.
Simon has various business interests beyond Firebrand that include real estate properties ranging from the building the media company calls home in downtown Laguna Beach, to Sempra Energy’s headquarters in San Diego.
