
‘A force of nature': How nonprofit founder Connor Schoen, 26, bought a downtown office building
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A view of 63 Franklin St. in downtown Boston.
David L. Ryan/Globe Staff
To understand how Schoen pulled off something that many established nonprofits have been unable to do, it helps to know his background.
Schoen is the youngest of three brothers, his mom a corporate recruiter and his dad an IT project manager. At age 14, he was selected for Project 351, a Boston nonprofit that taps eighth-graders across the state to take on social missions within their communities. For Schoen, that meant being the lead wrangler for clothing donations in his hometown of Westborough for
As a Harvard freshman, he volunteered for a homeless shelter for young adults in Cambridge, a time that proved to be an important inflection point: Schoen said he came out as pansexual, as he was 'figuring out my sexuality, my identity,' and was inspired by the challenges that the young adults at the shelter faced, many of them LGBTQ+.
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'They were so brave and authentic about who they were,' Schoen said. 'Working at the shelter was life-changing.'
It was there that Schoen and Tony Shu, a like-minded Harvard student, came up with the idea for Breaktime. Assisting young adults with getting and keeping a job, their thinking went, would go a long way toward helping people achieve housing security. They were still teenagers — Schoen was 19 and Shu, 18 — when they launched Breaktime in 2018, initially to open a cafe in Boston's West End where homeless young adults could work.
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Schoen 'dove in headfirst and never looked back,' Shu recalled.
Tony Shu (left) and Connor Schoen at a kickoff launch party at the planned location of Breaktime Cafe in Boston in 2019. Once the pandemic hit, the pair scrapped the cafe idea in favor of a job-training platform involving a variety of employers.
Jonathan Wiggs/Globe Staff
To focus his energies on Breaktime, Schoen structured his class schedule to graduate from Harvard in three years, in 2020. Shu and Schoen lined up permits to open their cafe on Portland Street. But then the COVID-19 pandemic hit.
They quickly pivoted to plan B: scrapping the cafe idea in favor of a job-training platform involving a variety of employers. The trainees, referred to as 'associates,' go through three weeks of job readiness and life skills training, and then they're placed in three-month work or internship opportunities, with matches set up by Breaktime.
Schoen's parents became an important support system in the early months of the pandemic, as he returned home to Westborough for that time. They talked during daily walks with the family dog, Sammy, and helped him brainstorm and troubleshoot during Breaktime's pivot.
'I wasn't fitting into the vision of what other people expect, graduating from Harvard,' Schoen said. 'It's not the normal path. But my parents turned that into something I should be proud of.'
At first, Schoen recalls, it was hard to be taken seriously, as a new college graduate asking well-heeled donors for money.
'A lot of people thought, 'It's great he has the energy and the creativity, but he's not going to stick with it,'' Schoen said. 'I had to prove it.'
The forced pivot helped. Grant money began to flow from foundations. As the program developed a track record — in 2022, 126 associates went through the program, and 79 percent of graduates had found stable housing — donations came in from wealthy benefactors such as Moderna chief executive Stéphane Bancel and his wife Brenda Bancel.
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In addition to job training, Breaktime offers associates follow-up coaching, mentorship, and a modest amount of financial help for three years.
Lowell resident Arnetia Jean was among the success stories. She was staying in a shelter in Dorchester with her young daughter when she enrolled in Breaktime courses — one of the first students to attend the online training program. Through that work, she landed a paid internship with Samaritans Inc., the suicide hotline operator, and then a full-time job there. She still sounds incredulous that Breaktime's leader is only a few years older than her.
'To find out he's 26 years old, and he's doing all these amazing things, I think it's awesome,' Jean said. 'It was honestly inspiring to hear.'
A portrait of Connor Schoen was part of the 'Portraits of Pride' installation on Boston Common in 2022.
Craig F. Walker/Globe Staff
Around the time in 2023 that Jean started taking Breaktime's virtual classes, the nonprofit's board decided it needed more physical space —
in part to provide more services such as showers, washers and dryers, donated food and clothing, and closed-door rooms for confidential conversations.
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Michael Nichols, who runs the Downtown Boston Alliance, wasn't that familiar with Breaktime when Schoen began looking around about a year ago. 'But I think Connor has proven to be a force of nature in the work that he's doing ... and clearly was able to identify supporters of his vision,' Nichols said.
Among those who backed the building purchase: the Bancels, Jeannie and Jonathan Lavine (chairman of Boston private equity firm Bain Capital), and Linda Hammett Ory and Andy Ory (interim chief executive of quantum computing startup
'The way everyone has stepped up is truly remarkable,' Schoen said.
Connor Schoen is now tasked with retrofitting 63 Franklin St. for the needs of Breaktime, the homelessness nonprofit he leads.
David L. Ryan/Globe Staff
Brenda Bancel said she and her husband were driven to support Breaktime in part because youth homelessness is on the rise, and it was important for Breaktime to have a better physical space where the people it serves could be supported and educated.
'Connor's leadership is inspiring,' she said in an email. 'He has the knowledge and heart to lead [through] this complicated crisis.'
Schoen's charisma and Breaktime's results also impressed Andy and Linda Hammett Ory, according to Jeremy Cramer, a philanthropic adviser to their family foundation. 'He has a unique ability, especially for someone [his age], to find himself at the epicenter of the power and influence centers of our city,' Cramer said.
Rishi Shukla, cofounder of the Downtown Boston Neighborhood Association, said Breaktime fills a pressing need to reach young people at formative times in their lives, to get them on a career track and teach them how to stick with it.
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Buying the empty 34,000-square-foot building on Franklin Street was just a first step. Now, Schoen has to retrofit it for Breaktime's needs. His nonprofit's 40-plus employees will eventually settle into the third, fourth, and fifth floors while Boston Health Care for the Homeless Program opens a clinic on the second floor. He's still seeking a retail tenant for the ground floor, to do what Schoen and Shu originally wanted to do: employ homeless young adults.
A view of the first floor of 63 Franklin St. in Boston.
David L. Ryan/Globe Staff
Life is moving at a breakneck pace. The stress had started to get to Schoen after working nonstop, and so he took a one-month break in July 2023 — inspired in part by sabbaticals taken by a few of his mentors.
Buying the building, he said, might not have happened without that break from the day-to-day grind. 'I don't think I would have been able to dream that big if I hadn't taken that step back,' Schoen recalled.
Now, he is focused on putting his problem-solving and community-building skills to work for a noble cause — and for his dream job.
'Being a social entrepreneur has been a natural fit for me,' Schoen said. 'It's certainly not the easiest job. It can be taxing emotionally, physically. It's a lot of stress. It's a lot of pressure. But I wouldn't want to be doing anything else.'
Connor Schoen, 26, engineered one of the most surprising real estate deals in the city: a $6.3 million purchase of a five-story building on Franklin Street for the nonprofit he leads, Breaktime.
David L. Ryan/Globe Staff
Jon Chesto can be reached at

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Hamilton Spectator
40 minutes ago
- Hamilton Spectator
Bank of Canada head Tiff Macklem says mandate should evolve in a ‘shock-prone' world
OTTAWA - Tiff Macklem is wearing an Edmonton Oilers pin as he reflects on coming very close to beating big odds. It's a significant day for the governor of the Bank of Canada: he's just laid out his reasons to the entire country and a global audience for keeping the central bank's benchmark interest rate steady for a second straight time. That night is also Game 1 of the NHL's Stanley Cup finals; Macklem ends his press conference with a hearty 'Go Oilers!' It's a rematch from last year's heartbreak, when the Oilers came oh-so-close to mounting a seemingly impossible four-game comeback against the Florida Panthers, only to fall short by a single goal in Game 7. Macklem, too, was almost safe to declare victory last year. He had just about secured a coveted 'soft landing' for Canada's economy — a rare feat that sees restrictive monetary policy bring down surging levels of inflation without tipping the economy into a prolonged downturn. 'We got inflation down. We didn't cause a recession,' Macklem said in an interview with The Canadian Press after the rate announcement Wednesday. 'And, to be frank, until President (Donald) Trump started threatening the economy with new tariffs, we were actually seeing growth pick up.' Fresh out of one crisis, the central bank now must contend with another in U.S. tariffs. Five years into his tenure as head of the Bank of Canada, Macklem said he sees the central bank's role in stickhandling the economy — as well as Canada's role on the world stage — evolving. Many Canadians have become more familiar with the Bank of Canada in recent years. After the COVID-19 pandemic recovery ignited inflation, the central bank's rapid tightening cycle and subsequent rate cuts were top-line news for anxious Canadians stressed about rising prices and borrowing costs. That was all in pursuit of meeting the central bank's inflation target of two per cent, part of a mandate from the federal government that's up for review next year. Macklem said the past few years have led the Bank of Canada to scrutinize some of its metrics, like core inflation and how it responds to supply shocks in the economy. But he defends keeping the bank's inflation target, particularly at a time of global upheaval. 'Our flexible inflation targeting framework has just been through the biggest test it's ever had in the 30 years since we announced the inflation target,' he said. 'I'm not going to pretend it's been an easy few years for anybody. But I think the framework has performed well.' Macklem said, however, that he sees room to build out the mandate to address other areas of concern from Canadians, such as housing affordability. Whether it's the high cost of rent or a mortgage, or surging prices for groceries and vehicles, Macklem said the past few years have been eye-opening to Canadians who weren't around the last time inflation hit double digits in the 1980s. 'Unfortunately, a whole new generation of Canadians now know what inflation feels like, and they didn't like it one bit,' he said. Monetary policy itself can't make homes more affordable, he noted — in a nutshell, high interest rates make mortgages more expensive while low rates can push up the price of housing itself because they stoke demand. But Macklem said one of the things he's reflecting on is that inflation can get worse when the economy isn't operating at its potential or when it's facing great disruption. 'There is a role for monetary policy to smooth out some of that adjustment — support the economy while ensuring that inflation is well-controlled.' He didn't offer suggestions on how the mandate might expand to address housing affordability specifically, but said 'the work is ongoing' and will be settled in meetings with the federal government next year. Right now, he's trying to make sure that the economic impacts from Canada's tariff dispute with the United States don't result in prolonged inflation. The Bank of Canada is not alone in debating how monetary policy ought to respond in what Macklem called a more 'shock-prone' world. The G7 Finance Ministers' Summit in Kananaskis, Alta., last month also featured roundtables with the bloc's central bankers. Conversations at the summit were 'candid,' Macklem said, and though the nations issued a joint statement at the close of the event, that doesn't mean they agreed on everything. 'International co-operation, to be honest, has never been easy. It is particularly difficult right now, but that doesn't make it less important. That makes it more important,' he said. 'I do think Canada, as the chair of the G7, has a leadership role to play.' The Bank of Canada is also changing the way it has conversations with Canadians and the kind of data it considers. A day after the June interest rate decision, deputy governor Sharon Kozicki told a Toronto business crowd how the central bank is using data more nimbly, relying heavily on surveys and more granular information to make monetary policy decisions in an uncertain time. These sources offer a faster way to see what's happening on the ground in the economy than traditional statistical models allow. Macklem said the central bank would previously have dismissed most supply shocks as transitory — likely to pass without the need for central bank adjustments, such as rising and falling oil prices. But he said the Bank of Canada needs to be running a more 'nuanced playbook' now to respond to some increasingly common shocks: supply chain disruptions, trade conflicts and extreme weather to name a few. An overheating economy running up against a supply disruption is the kind of inflationary fire Macklem is trying to avoid in this latest crisis. 'The economy does not work well when inflation is high,' he said. 'And the primary role of the Bank of Canada is to ensure that Canadians maintain confidence in price stability. That's all we can do for the Canadian economy. That's what we can do for Canadians. And that's what we're focused on.' Later in the day on Wednesday, the Edmonton Oilers took Game 1 of the Stanley Cup finals. The Canadian team was down but roared back to win 4-3 in overtime. It's still early in the Bank of Canada's response to the latest global shock. But with any luck, Macklem's team might also get a leg up with lessons learned the last time they faced big odds. This report by The Canadian Press was first published June 7, 2025.
Yahoo
an hour ago
- Yahoo
Bank of Canada head Tiff Macklem says mandate should evolve in a 'shock-prone' world
OTTAWA — Tiff Macklem is wearing an Edmonton Oilers pin as he reflects on coming very close to beating big odds. It's a significant day for the governor of the Bank of Canada: he's just laid out his reasons to the entire country and a global audience for keeping the central bank's benchmark interest rate steady for a second straight time. That night is also Game 1 of the NHL's Stanley Cup finals; Macklem ends his press conference with a hearty "Go Oilers!" It's a rematch from last year's heartbreak, when the Oilers came oh-so-close to mounting a seemingly impossible four-game comeback against the Florida Panthers, only to fall short by a single goal in Game 7. Macklem, too, was almost safe to declare victory last year. He had just about secured a coveted "soft landing" for Canada's economy — a rare feat that sees restrictive monetary policy bring down surging levels of inflation without tipping the economy into a prolonged downturn. "We got inflation down. We didn't cause a recession," Macklem said in an interview with The Canadian Press after the rate announcement Wednesday. "And, to be frank, until President (Donald) Trump started threatening the economy with new tariffs, we were actually seeing growth pick up." Fresh out of one crisis, the central bank now must contend with another in U.S. tariffs. Five years into his tenure as head of the Bank of Canada, Macklem said he sees the central bank's role in stickhandling the economy — as well as Canada's role on the world stage — evolving. Many Canadians have become more familiar with the Bank of Canada in recent years. After the COVID-19 pandemic recovery ignited inflation, the central bank's rapid tightening cycle and subsequent rate cuts were top-line news for anxious Canadians stressed about rising prices and borrowing costs. That was all in pursuit of meeting the central bank's inflation target of two per cent, part of a mandate from the federal government that's up for review next year. Macklem said the past few years have led the Bank of Canada to scrutinize some of its metrics, like core inflation and how it responds to supply shocks in the economy. But he defends keeping the bank's inflation target, particularly at a time of global upheaval. "Our flexible inflation targeting framework has just been through the biggest test it's ever had in the 30 years since we announced the inflation target," he said. "I'm not going to pretend it's been an easy few years for anybody. But I think the framework has performed well." Macklem said, however, that he sees room to build out the mandate to address other areas of concern from Canadians, such as housing affordability. Whether it's the high cost of rent or a mortgage, or surging prices for groceries and vehicles, Macklem said the past few years have been eye-opening to Canadians who weren't around the last time inflation hit double digits in the 1980s. "Unfortunately, a whole new generation of Canadians now know what inflation feels like, and they didn't like it one bit," he said. Monetary policy itself can't make homes more affordable, he noted — in a nutshell, high interest rates make mortgages more expensive while low rates can push up the price of housing itself because they stoke demand. But Macklem said one of the things he's reflecting on is that inflation can get worse when the economy isn't operating at its potential or when it's facing great disruption. "There is a role for monetary policy to smooth out some of that adjustment — support the economy while ensuring that inflation is well-controlled." He didn't offer suggestions on how the mandate might expand to address housing affordability specifically, but said "the work is ongoing" and will be settled in meetings with the federal government next year. Right now, he's trying to make sure that the economic impacts from Canada's tariff dispute with the United States don't result in prolonged inflation. The Bank of Canada is not alone in debating how monetary policy ought to respond in what Macklem called a more "shock-prone" world. The G7 Finance Ministers' Summit in Kananaskis, Alta., last month also featured roundtables with the bloc's central bankers. Conversations at the summit were "candid," Macklem said, and though the nations issued a joint statement at the close of the event, that doesn't mean they agreed on everything. "International co-operation, to be honest, has never been easy. It is particularly difficult right now, but that doesn't make it less important. That makes it more important," he said. "I do think Canada, as the chair of the G7, has a leadership role to play." The Bank of Canada is also changing the way it has conversations with Canadians and the kind of data it considers. A day after the June interest rate decision, deputy governor Sharon Kozicki told a Toronto business crowd how the central bank is using data more nimbly, relying heavily on surveys and more granular information to make monetary policy decisions in an uncertain time. These sources offer a faster way to see what's happening on the ground in the economy than traditional statistical models allow. Macklem said the central bank would previously have dismissed most supply shocks as transitory — likely to pass without the need for central bank adjustments, such as rising and falling oil prices. But he said the Bank of Canada needs to be running a more "nuanced playbook" now to respond to some increasingly common shocks: supply chain disruptions, trade conflicts and extreme weather to name a few. An overheating economy running up against a supply disruption is the kind of inflationary fire Macklem is trying to avoid in this latest crisis. 'The economy does not work well when inflation is high," he said. "And the primary role of the Bank of Canada is to ensure that Canadians maintain confidence in price stability. That's all we can do for the Canadian economy. That's what we can do for Canadians. And that's what we're focused on." Later in the day on Wednesday, the Edmonton Oilers took Game 1 of the Stanley Cup finals. The Canadian team was down but roared back to win 4-3 in overtime. It's still early in the Bank of Canada's response to the latest global shock. But with any luck, Macklem's team might also get a leg up with lessons learned the last time they faced big odds. This report by The Canadian Press was first published June 7, 2025. Craig Lord, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Miami Herald
2 hours ago
- Miami Herald
Beloved beer brand files for Chapter 11 bankruptcy
The Great Beerpocalypse, the economic downturn affecting the craft beer industry since the Covid-19 pandemic, continues to claim victims as brewers shut down taprooms and breweries and sometimes file for bankruptcy. American craft brewers produced 23.1 million barrels of beer in 2024, which was a 3.9% decrease from 2023, according to the Brewers Association's Annual Craft Brewing Industry Production Report that was updated on May 6. Don't miss the move: Subscribe to TheStreet's free daily newsletter The report revealed that 2024 was the first year since 2005 that the number of breweries closing outpaced brewery openings nationwide, as 430 new breweries opened, while 529 closed. Related: Another popular furniture retailer files Chapter 11 bankruptcy The good news for the industry was that the total number of breweries increased to 9,922 in 2024 from 9,838 in 2023. While openings declined four consecutive years, the closure rate was considered low at about 5%. Craft breweries that closed businesses without filing for bankruptcy included Sacramento-based brewery and taproom chain Device Brewing Company, which shut down all of its locations on April 27 after a landlord filed a lawsuit against the company over $23,000 in unpaid rent. The brewery did not reveal a reason for shutting down its three brewery taproom locations. Atlanta-area craft brewery Jekyll Brewing, which operated four locations in Georgia and one in Florida, closed all of its locations at the end of business on May 11. The brewer's owner Michael Lundmark confirmed the closure of all Jekyll Brewing locations in a post on Atlanta Beer Society's members-only Facebook page, TheStreet's Daniel Kline reported. Craft breweries filed for bankruptcies as well, as La Vista, Neb., beer brand Nebraska Brewing Company filed for Chapter 11 bankruptcy on April 28, 2025, to implement a strategic restructuring, facing uncertain times and economic and supply chain issues. Award-winning craft brewery The Duck-Rabbit Craft Brewery filed for Chapter 7 bankruptcy protection on April 29 to liquidate its assets and shut down its business permanently. The brewery's owner, Paul Philippon, did not state a specific reason for closing down his business in a Facebook post where he thanked his customers. Finally, MurphDog LLC, which owns Ironmonger Brewing Company's brewery, taproom, and axe-throwing range, filed for Chapter 11 bankruptcy protection to reorganize its business, facing financial distress. Related: Another major trucking company files for Chapter 11 bankruptcy The Marietta, Ga.-based brewer filed its Subchapter V petition in the U.S. Bankruptcy Court for the Northern District of Georgia on June 5, listing up to $50,000 in assets and $1 million to $10 million in liabilities, including over $988,000 owed to insider Doug Bippert and over $885,000 owed to Tom Larsen for loans and unpaid compensation. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The debtor operated a craft brewery, a taproom, a distillery business, and a recreational axe-throwing range. It is unclear if Ironmonger continues to operate. Ironmonger's phone line was not operating, and its website was disabled on June 6. Tripadvisor listed Ironmonger as permanently closed, while Yelp listed the business as closed also on June 6. The company, founded in 2016, brewed several types of beer with unique names, including Zero Mile Pilsner, You Have Feelings IPA, Murph Dog Irish Red for St. Patrick's Day, Oktoberfest, Billet, Et Tu Juiceous, Too Legit to Wit, and Me Seek Porter. Ironmonger Brewering's cans of beer were available at Total Wine & More, Grapes & Grains locations, and other stores in Georgia. Related: Major health care provider files for Chapter 7 liquidation The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.