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Lumos Debate (Lumos), a Boston-based education company focused on public speaking and debate, has transitioned to a Perpetual Purpose Trust (PPT), which now holds 100% of the company’s shares.
For founder Zeph Chang, the transition marks the realization of a lifelong goal: creating a company that doesn’t serve an individual owner.
Founded in 2016, Lumos Debate works with students ages 9–16 through year-round workshops and summer programs. Its teaching model combines small classes, individualized coaching, and plenty of practice, with a strong emphasis on building relationships between students and instructors. Internally, the company centers its culture on operational excellence, open-book management, decentralized decision-making, and frequent feedback.
As Lumos grew, Zeph began questioning the assumption that a company should exist primarily as an asset for its shareholders — he wanted a structure that allowed the company to develop its own purpose and direction, shaped by the people who make up the business rather than the interests of an individual owner.
“I want Lumos to be a company where each of us feels completely responsible for the business and what we do. We belong to the company and the company belongs to us. The PPT gives us a legal structure to support that.” — Zeph Chang, Founder, Lumos Debate
Working with Common Trust, Zeph transferred 100% of his shares to the PPT. The trust sets core safeguards around Lumos’s future ownership and governance while leaving room for the team to continue refining that framework over time. Lumos also formed a three-seat Trust Stewardship Committee, with Zeph serving as a member and Common Trust acting as trust enforcer.
A Perpetual Purpose Trust allows a company to protect its mission and independence over the long term. It is a trust designed to continue indefinitely and hold company shares in service of a defined purpose, with governance mechanisms in place to steward that purpose over time. Depending on a company’s goals, PPTs can support employee ownership, governance, or other enduring priorities.
At Lumos, the PPT supports the company’s goal of operating as a self-directed institution without an individual shareholder.
“Purpose trusts are unique in their ability to be tailored to the higher purpose of what a company is trying to accomplish over the long term, rather than falling subject to short-term pressure from any single individual shareholder,” said Zoe Schlag, CEO of Common Trust. “Zeph came to us with a very specific goal for Lumos: to ensure that the company would remain independent and self-directed over the long term. Our job was to translate that into a legal and governance structure that reflects and protects that goal.”
With the transition complete, day-to-day operations remain largely unchanged — Zeph continues to play an active role in the business and serve as a member of the Trust Stewardship Committee. The change sits behind the business, providing a framework for Lumos’s purpose and governance to continue developing with the people closest to it.
Exploring options for the future of your business? From purpose trusts to Employee Ownership Trusts (EOTs), Common Trust can help you understand your options and design a transition tailored to your goals and timeline. Schedule an advisory call with our team to learn more.
