Milton Hershey, with no children, gave his company to a school trust

Milton and Catherine Hershey could not have children. In 1909 they signed a deed of trust establishing the Hershey Industrial School, now the Milton Hershey School, transferring about 486 acres and its assets to support and maintain the school.

In 1918, after Catherine's death, Milton decided to 'execute' his will during his lifetime. On November 13, 1918 he quietly gifted the school his stock in the Hershey Chocolate Company, saying he had no heirs and so had decided to make the orphan boys of the United States his heirs.

The gift made the school the majority shareholder in all the enterprises Milton established and the majority landowner in Derry Township. The company was privately held at the time, and the school's trust became its controlling owner.

The arrangement gave the chocolate company a stable, mission-driven owner instead of an inheritance split, and gave the school a permanent endowment. It is a founding case of a founder using a trust to solve the succession problem when there is no heir.

The school became the majority shareholder in Hershey's enterprises, giving the chocolate maker a stable, independent owner and funding the school in perpetuity.

With no children, Hershey chose a trust rather than letting the companies be divided.

The school became a permanent, mission-aligned majority owner.

The trust held the company together for the long term instead of selling it.

The school's oversight kept Hershey independent through later takeover pressure.

For a founder with no heirs, gifting control to a mission-aligned trust can both preserve the company and outlive the founder, converting a succession gap into a durable owner.

The Hershey Trust continued to control the company and fund the school. In 2002 the trust began moves to auction Hershey to buyers such as Nestle and Kraft, but strong community and legal opposition blocked the sale, preserving the company's independence. Hershey remains a major, independent chocolate maker.