Do I lose control of my business when I sell to an EOT?

To qualify, you must sell more than 50% of the company to the trust, and the trustees then become the majority shareholder with a duty to act in the best interests of all employees.

However, a shareholder is not responsible for running a company day to day — that remains the job of the board of directors, which does not need to change unless you want it to. Trustees can oversee management and may intervene if the board is not acting in employees’ interests, but they do not take over the running of the business.