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Departure from convention
Key points
- Planning communicating and finalising a change of company ownership is never simple.
- Employee ownership trusts (EOTs) facilitate wider employee ownership through an indirect holding.
- From a tax perspective the benefits of an EOT are generous and immediate.
- EOTs are becoming an increasingly popular exit route for business owners.
- There are factors which can increase the due diligence workload for EOT transactions and the complexity of the sale – compared with a third-party business sale.
- Specialist EOT advisers prepared the trust documentation to ensure legislative compliance.
In late October 2022 specialist tax consultancy firm YesTax transitioned to employee ownership through an employee ownership trust (EOT). The decision to become employee owned was driven by the desire to sustain the company’s unique culture and to recognise the fact that the business was built upon the hard work and commitment of its employees.
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