Fewer than 100 companies nationwide have adopted the perpetual purpose trust model. Text-Em-All is breaking new ground as the first software-as-a-service (SaaS) company to adopt this innovative approach. The trust model of employee ownership is growing quickly in the U.S., following the United Kingdom, where their numbers are fast approaching 2,000. This unique option is particularly relevant in addressing the looming "Silver Tsunami," where thousands of Baby Boomer-led businesses grapple with succession complexities.
Text-Em-All and Common Trust meticulously developed a unique employee ownership trust (EOT) model, demonstrating a steadfast dedication to preserving the company's foundational values and culture while securing a future centered around its employees.
"Diving into the EOT model isn’t just about charting a century-long legacy for Text-Em-All. It's a testament to how businesses can harmonize purpose with profit," remarks Derek Razo, the Founder of Common Trust.
Setting itself apart from prevailing employee stock ownership plan (ESOP) structures, the EOT option offers a streamlined, less regulatory-intensive, and more flexible model for employee ownership. This approach resonates with the company's founding ethos, promising long-term benefits for employees, customers, and the community.
"We’re not just introducing a new model; we are redefining success for business owners. By fully embracing the principles of capitalism, we empower every team member, not just the traditional owners and executives,” states Brad Herrmann, Founder and President of Text-Em-All. “This shift cultivates a workforce that's enabled and deeply invested in our collective success. Our customers, employees, and their families will all reap the benefits of this revolutionary change. Together, we are creating a future where everyone wins, setting a new standard for thriving in business."
The company's shift to this trust model is not just a strategic decision; it's a call to action for other businesses to consider perpetual purpose trusts as a sustainable, community-oriented approach to business succession.
Brad Herrmann shares his enthusiasm: "This isn’t just a milestone for us, but a leap forward for every member of our team and their families. We’re thrilled that this company will stay independent, private, and focused on long-term success - and that we’ll share that success together."
Text-Em-All is a mass messaging platform that delivers personalized, informational, and emergency communications. With its recent transition to an employee ownership trust model in October 2023, Text-Em-All reaffirms its commitment to excellence and integrity, ensuring a long-lasting business model that's as much a joy for its employees as it is for its users.
About Common Trust:
Common Trust helps business owners exit to employees and protect their legacy. They provide comprehensive support from the initial stages, through financing, to the final closing, and offer long-term support. Common Trust’s approach ensures a seamless ownership transition that aligns with the owner's values and sets up the company for future success. Common Trust's commitment to shared ownership aims to contribute to a more prosperous and competitive economy, while allowing owners to create a legacy they can be proud of.