Preserving Open-Source Values with an Employee Ownership Trust
CodeWeavers chose an EOT to exit on their terms—preserving values, empowering employees, and building a future-ready business.
When Jeremy White decided to step back after 27 years, CodeWeavers—a global, open-source software company—faced a pivotal moment. The team needed a business succession plan that would honor its commitment to open-source values, retain key talent, and ensure long-term stability.
Traditional ownership models posed legal and operational challenges for the company’s international workforce. Working with Common Trust, CodeWeavers transitioned to an Employee Ownership Trust (EOT)—a customizable ownership structure in which a trust holds shares for the benefit of the employees. The EOT enabled a gradual and inclusive employee ownership transition while preserving the company’s mission and laying the groundwork for future growth.
A founder exit strategy rooted in values
For CodeWeavers founder Jeremy White, exiting the company wasn’t just about retirement—it was about protecting what he’d built and the principles it stood for. Over nearly three decades, he had grown CodeWeavers into a 45-person team with contributors around the world and an unwavering commitment to open-source technology.
White was looking for a founder exit strategy that would preserve good jobs, reflect the company’s democratic values, and sustain its long-standing dedication to open-source software. At the same time, he needed a structure that offered a fair and flexible exit for himself and other key stakeholders—without compromising the company’s mission or culture.
Exploring employee ownership transition options
As Jeremy and the CodeWeavers leadership team planned for succession, they carefully evaluated ownership transition options that could support the company’s global footprint and open-source ethos.
Traditional employee ownership models such as ESOPs and cooperatives provided a path to empowerment but came with compliance complexities and structural limitations.
CodeWeavers was searching for an employee ownership transition model that could:
- Retain top talent across a globally distributed team
- Maintain the company’s unique culture and commitment to open-source software
- Deliver a fair and attractive exit for the founder and minority shareholders
- Minimize legal and compliance burdens
An Employee Ownership Trust offered something the other models couldn’t: a flexible ownership solution that worked for their team, their business, and their mission.
Why an EOT was the clear path forward
"The EOT structure offered the flexibility and customization we were looking for," White noted. "It allowed us to design a trust that aligned with our goals and ensured long-term employee ownership."
Partnering with Common Trust, CodeWeavers designed and implemented an Employee Ownership Trust, tailored to their global team and company principles. In an EOT, company shares are sold to a trust that holds them to benefit the employees over the long term—creating a lasting structure for shared ownership, accountability, and values-aligned governance.
An Employee Ownership Trust gave CodeWeavers a succession plan that:
- Provided a flexible exit for the founder and minority shareholders
- Enabled a gradual and fair transfer of ownership over time
- Supported a globally distributed workforce without added compliance challenges
- Embedded a legal commitment to open-source values in the company’s purpose
- Gave employees a voice in governance through an elected stewardship committee
- Reinforced a strong sense of ownership through profit sharing tied to company success
The simplicity and adaptability of the EOT made it possible to deliver on these goals—without compromising the company’s culture or vision for the future.
Implementing a phased transition to employee ownership
CodeWeavers launched its Employee Ownership Trust in April 2023. To support a fair and smooth transition, the trust was structured to acquire shares from White and other shareholders over a seven-year period. This phased transition allows White to remain involved while his majority equity is incrementally bought out—leading to 100% employee ownership by 2030.
A profit-sharing mechanism was also built into the trust, motivating employees and reinforcing a sense of ownership by rewarding team members based on the company's performance and their individual contributions. Additionally, the creation of a Trust Stewardship Committee gives employees a voice in company governance through elected representatives.
Securing CodeWeavers' long-term growth strategy
For Jeremy, the transition to employee ownership has not only rewarded his dedicated team—it’s created a strong foundation for CodeWeavers, its employees, and its customers to thrive. With the EOT in place, the company is well-positioned to grow while staying true to its roots: expanding its open-source offerings, entering new markets, and continuing to deliver exceptional value.
"Knowing that CodeWeavers is in the hands of its employees and that the company's open-source values will endure is incredibly fulfilling," Jeremy reflected. "The EOT has allowed us to create a lasting legacy that benefits everyone involved."
Empower your employees through employee ownership
CodeWeavers is part of a growing movement of companies using Employee Ownership Trusts to support business succession plans, retain culture, and create long-term value.
Curious whether an EOT could be the right fit for your business? We’d love to talk. Schedule a free advisory call with one of our experts to learn more.