WEBVTT 1 00:00:01.600 --> 00:00:05.080 ustwo studios is today an employee owned business, 2 00:00:05.480 --> 00:00:09.600 founded about 18 years ago by John Sinclair and Matt Miller. 3 00:00:09.800 --> 00:00:13.680 Moving into this next stage to be able to hand the business over 4 00:00:13.680 --> 00:00:17.560 to the partners now is the thing that's going to make us truly ustwo. 5 00:00:23.880 --> 00:00:28.040 So an EOT is an employee ownership trust. 6 00:00:28.040 --> 00:00:32.520 It's a mechanism according to UK law that allows founders to transfer ownership 7 00:00:32.760 --> 00:00:33.640 to their employees. 8 00:00:33.640 --> 00:00:37.560 So the trust is owning the business on behalf of our employees 9 00:00:37.560 --> 00:00:41.720 and then our employees forever will own that equity via 10 00:00:41.760 --> 00:00:46.200 the trust and the trust then manages that ownership on their behalf. 11 00:00:46.320 --> 00:00:48.440 It's a bit like working at a partnership 12 00:00:48.440 --> 00:00:52.080 where we're all partners in the business and we all have a stake. 13 00:00:52.320 --> 00:00:55.400 It empowers the employees to feel like they are part 14 00:00:55.440 --> 00:00:58.920 of the business and part of the financial success of a business 15 00:00:58.920 --> 00:00:59.520 as well. 16 00:00:59.520 --> 00:01:03.240 It's a way for us to stay independent and retain a lot of those values 17 00:01:03.240 --> 00:01:06.040 and a lot of that culture that I think makes it a unique and special place. 18 00:01:06.080 --> 00:01:09.320 And we think that will unlock energy and ideas 19 00:01:09.360 --> 00:01:12.920 to take ustwo studios to a place that we could have never imagined. 20 00:01:13.400 --> 00:01:17.160 Our clients will see that reflected in the value that we give to them. 21 00:01:17.560 --> 00:01:21.720 There will obviously be more financial benefits for the employees in the future. 22 00:01:22.040 --> 00:01:24.120 And then I think short term, getting more input 23 00:01:24.120 --> 00:01:28.120 from the employees on strategic decisions that the board is making. 24 00:01:28.120 --> 00:01:30.440 It's more popular in the UK, but I think it's something 25 00:01:30.480 --> 00:01:33.200 that will find a very welcome audience in the United States. 26 00:01:33.200 --> 00:01:37.240 So people are really curious about other ways of structuring organizations 27 00:01:37.240 --> 00:01:38.160 and companies. 28 00:01:38.160 --> 00:01:42.280 The main alternative probably would have been to do some sort of trade sale. 29 00:01:42.320 --> 00:01:46.120 The risk with that is that you lose that culture 30 00:01:46.120 --> 00:01:48.560 that you've been nurturing and developing. 31 00:01:48.560 --> 00:01:52.280 In this day and age I think we see there's a fundamental question about 32 00:01:52.400 --> 00:01:55.680 who does the business speak for or act on behalf of. 33 00:01:56.040 --> 00:01:58.040 I want other founders who are sort of building businesses 34 00:01:58.040 --> 00:02:00.560 like ours today to look at this ownership model 35 00:02:00.560 --> 00:02:05.120 and for them to see that actually this is a potential route for them. 36 00:02:05.160 --> 00:02:07.440 I think it's the right route isn't it? 37 00:02:07.480 --> 00:02:08.600 I think the future of ustwo is 38 00:02:08.600 --> 00:02:11.320 whatever ustwobies design it to be, and that's what's exciting. 39 00:02:11.600 --> 00:02:13.400 Yeah. I can't wait to see what happens next.