Bennett Oakley has joined the growing number of employee-owned businesses in the UK. The business is now owned 100% by our employees and the future is bright.
I’ve been the owner and Managing Director of Bennett Oakley for 10 years. I see first-hand every day how hard the team here works to deliver for our clients. I owe them so much. And that is why I had to think carefully about my retirement and what that would mean for the firm.
Benefits for employees, business and owners
As a business owner there are several options when you plan for retirement – and none of the usual routes seemed appealing to me.
A trade sale would risk the amazing culture we have worked so hard to build up here. Not only that, but it could put jobs at risk, and as soon as the deal was across the line, I would have no say in that. A Management Buy Out may retain the culture, but it is asking a lot of people to put their own financial security at risk to buy the business.
Employee ownership is different – it brings benefits for employees, the business and to me as the previous business owner.
Employee ownership at Bennett Oakley
Employee ownership enables employees to own all or part of a business through an Employee Ownership Trust. At Bennett Oakley we have opted for 100 per cent employee ownership, and all of our employee owners will enjoy an equal share of our profits. Tax rules mean that employee owners can receive a profit share of up to £3,600 tax free each year. Not only that, but employee ownership gives employees a say in the business, brining enormous job satisfaction and making the business more innovative and resilient.
Employee ownership is good for the business too. The Employee Ownership Association’s Ownership Dividend report highlighted the role employee ownership can play in improving productivity, driven by employees acting with a sense of common purpose. The EOA also highlights research that suggests that a combination of shared ownership and employee participation delivers superior business performance.
For me, retiring in the knowledge that I’m leaving the business in the hands of our employees gives me enormous satisfaction. Employee ownership protects jobs, retains Bennett Oakley’s culture, provides our clients with even more confidence in service delivery and it will be a catalyst for growth.
As both I, and Bennett Oakley, start a new chapter, I look towards the future with a lot of optimism.
