Covid19 has challenged businesses in an unprecedented way resulting in many business owners contemplating how they might maximise their recovery prospects. Employee ownership is an option worth exploring as recent research indicates that shared ownership delivers superior business performance and provides resilience when times are tough. In addition, selling to an Employee Ownership Trust (EOT) puts the owner in control of the process, protects the livelihood of employees, as well as leaving the owner’s legacy for the future.
The purpose of this webinar was for exiting business owners and accountants alike is to introduce you to employee ownership as a viable business model, explain the routes to employee ownership and its advantages compared to alternative approaches to business ownership.
Typical questions about EOTs which were answered include -
1. When do I get paid for the sale of my business and how long does it take?
2. How does the tax exemption work?
3. Who’s in charge of the business once it’s sold to an EOT?
Robert Postlethwaite, from Postlethwaite Solicitors, a lawyer specialising in employee ownership deals explains the legal and tax aspects of an EOT deal. Val King from BFG Associates, who is the former owner and Managing Director of the Rooflight Company, who recently sold to 70 employees via an EOT gave a first-hand account of the process of selling to employees from preparation to implementation and integration.
17 сен 2020
