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A Practical Guide to becoming Employee Owned - YouTube
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how to become employee-owned a practical
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guide
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so you've made the decision to become
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employee-owned
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let's look at the practical steps in
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undertaking this transition
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step one
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the design
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here a plan will be developed for how
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your employee ownership trust will
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actually work
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here you will ask yourself the following
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questions how will you plan
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do you want to plan everything yourself
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or are you going to adopt a
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collaborative approach and involve the
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senior leadership team or other
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employees what will be the terms of
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ownership transfer
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for example
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how much of the company is to be sold
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what will be the price
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how long will it take for the shares to
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be paid for
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will there be any other terms of the
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purchase such as warranties
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how will the trust work
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so you'll need to think about
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who will run the trust
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how will they make decisions
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should this be by majority vote or
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unanimity for example
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what happens when trustees change
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which employees will be beneficiaries
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for example
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will there be a minimum period of
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employment
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how may the trust evolve in the future
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how will share ownership work
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will the trust hold all shares of the
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company on behalf of the employees or
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will they set some shares aside for
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allocation to individual employees using
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a hybrid model and how will employee
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voices be heard
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it might be useful to have an employee
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council this would effectively be a
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group who meet regularly to discuss any
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issues and improvements
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step two
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the implementation
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this is the actual process and
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transition of becoming employee owned
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it will involve getting an independent
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valuation to ensure the purchase price
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isn't more than market valuation it will
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also involve getting advance clearances
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from hmrc to avoid any tax surprises
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a trust deed will need to be set up
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which sets out the rules around the
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trust's operation and who the trustees
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will be you will need to establish a
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share purchase agreement this is a
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contract under which the existing
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shareholders sell their shares to the
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trust and details when and how they will
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be paid you will need to update the
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company's constitution commonly known as
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its articles of association if there are
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going to be any other shareholders apart
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from the trust you may need to have a
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shareholder agreement to govern the
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relationship between them a clear
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communication strategy and plan on the
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transition with senior leadership and
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employees will be key you will have an
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implementation timetable to cover the
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timing of key steps keep this as simple
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as possible and ideally allow at least
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six months from design to completion
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the typical steps in the implementation
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include
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one
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valuation
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two
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hmrc clearance
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three draft discuss and finalize main
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documents share purchase agreement trust
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deed articles of association and
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shareholder agreement if relevant for
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communicate to senior leadership and
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employees
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5. establish eot and appoint its
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trustees
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6. eot and shareholders sign the share
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purchase agreement 7. approve and sign
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all other documents for example the
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articles and shareholder agreement eight
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and finally the company is now owned by
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the eot
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if you have any questions around
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becoming employee-owned please visit
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fossilethweightco.com or contact robert
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posselthwaite or someone from the team
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at possible weight solicitors on zero
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two zero three eight one eight nine four
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two zero or email info at
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possethwaiteco.com
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