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Transitioning to Perpetuity
An education solutions firm is switching to a perpetual purpose trust
In Brief: Vernier Science Education has announced its transition to a Perpetual Purpose Trust Model.
The Details: Vernier Science education is a company dedicated to finding solutions for STEM based education. They have long cited aiding the growth and development of science education as well as supporting educators and the broader community as part of their mission. Now, they are transitioning to a perpetual purpose trust in order to protect this mission in perpetuity and ensure that their goals and values continue to be honored. They also plan to reinvest profits into the business as well as the local community and their employees. The company’s current CEO will stay in an advisory role, and the search for a new CEO will begin in the coming months.
Why It Matters: The transition offers yet another example and case study for firms considering the move to employee ownership, and more specifically trust ownership. In addition, Vernier is unique in how it acquired the funding necessary to convert to a purpose trust. Instead of a traditional donation of shares that some owners are wary of, the mix of donation as well as purchase of shares offers an alternative for firms interested in a purpose trust but who may be unwilling or unable to make the financial commitment that can seem necessary.
Go Deeper: Check out Vernier’s announcement here