Following the success of our first Steward-Owned-Aligned Finance (SOAF) workshop, we're back with a sequel that goes further: this time, we move from principles to practice.

In our first workshop, we unpacked the foundations of SOAF — perpetual independence, profit-serves-mission, valuation, capped returns, and investor protections. Now it's time to see how these principles actually play out on the ground. This deep-dive session is built entirely around real-world cases: the deals, the term sheets, the negotiations, and the trade-offs that shape Steward-owned financing in practice.

Because principles are one thing — structuring an actual deal is another.

How do you calculate a fair capped return when the business model is unpredictable?
What does a redemption schedule really look like once cash flow gets tight?
How do golden shares function when there's an actual disagreement on the table?

This workshop answers these questions through the lens of real transactions.

This workshop is for financiers who already have a grounding in SOAF — whether from our previous workshop or through your own experience — and who want to move beyond theory into the mechanics of real deals.

We will dive into:

• Real case studies from Belgium, Germany, and beyond — the deal structures, the numbers, and the reasoning behind them.

• How valuation, capped returns, and cash flow waterfalls were negotiated and applied in practice.

• Lessons learned: what worked, what didn't, and what investors would do differently.

• How investor protections (milestones, golden shares, information and consultancy rights) held up — or didn't — when tested.

• Common pitfalls and how to avoid them when structuring your own SOAF deals.

• Roundtable – investors and founders compare notes on what it actually takes to close a Steward-owned deal.

Steward-ownership fundamentally challenges what a company is, whom it serves, and why it exists.

Practical information

• February 15 2027 - 14h-17h

• Location: Brussels (exact location to be confirmed)

• Language: English

• Places are limited — please register in time.

• Prior knowledge of SOAF principles recommended
  
  

As a field-builder, Steward-owned vzw/asbl makes this new form of ownership accessible to all. Through research and knowledge-sharing, we lower barriers and strengthen the ecosystem for the Steward-ownership community.