Welcome!
You’ve stumbled across an experiment: an effort to see what a newsletter might look like that covers all the ways owners commit their businesses to a purpose, from nonbinding public statements all the way to irrevocable purpose lock-in.
Each week we’ll share news on all the things we’ve spotted. For more, subscribe here:
One Big Thing
Luxury travel company Black Tomato converted to an employee ownership trust, with founders retaining 25% ownership and decision-making control
Upcoming Events
Aug 25: Institute for Family Governance’s lunch presentation with Newman’s Own Foundation in Miami
Aug 26: NCEO’s 2026 NCEO Forum starts in Phoenix; day one features an intensive workshop on employee ownership trusts
News this week
Pennsylvania software company LockData converted to an employee ownership trust for its 13 employees, as reported by Roodgally Senatus for ImpactAlpha (paywalled)
Founder Miren Oca shares how converting to an employee ownership trust resolved her exit strategy concerns with the women of Entrepreneurs’ Organization
From Project Equity, Courtney Kemp publishes an in-depth white paper explaining Employee Ownership Trusts (ht David Gray)
Steward Market releases their monthly brief, outlining how legal and financial infrastructure is evolving to support steward ownership
OpenAI co-founder Greg Brockman reflected on their shift away from nonprofit governance as traditional capital demands usurped soft mission locks
LA Weekly spotlights Susana Cabrera’s story on Everytable’s social equity program trains frontline restaurant workers to become business owners
ICYMI: In May, Swiss cloud provider Infomaniak transferred majority voting rights to a public-interest foundation with employee-shareholders voting unanimously to protect against future buyouts
