GOOD FOR THE ECONOMY: PROFESSIONAL ADVISER EXPERTISE IN EO

Throughout May and June, we’ve partnered with the Law Society of Scotland and the Institute of Chartered Accountants of Scotland to bring professionals in the legal, accounting and banking sectors more information about advising their clients on employee ownership as a succession option. The Selling a business to an Employee Ownership Trust roadshow will see sessions delivered in eight locations throughout Scotland with presentations from some of Scotland’s leading specialists in business buyouts as well as representatives from employee-owned businesses.

The next stops on our EO roadshow for professional advisers in the legal, accounting and banking sectors are Inverness on Tuesday 28 May and Kirkwall and Lerwick on Wednesday 29 May.

Craig McKerracher of law firm Harper Macleod LLP will share his professional expertise and insight, while Dennis Overton and Rachel Hannah of employee-owned seafood producer Aquascot will be there to talk about the company’s EO journey.

aquascot

We caught up with Craig and Dennis to hear more about the important role professional advisers play in informing clients about employee ownership as a business succession model.

Dennis says: “Since we began our employee ownership journey in 2008, employee ownership has become the crucial element of Aquascot’s identity.  For us, it represented a way of keeping the business based where it should be at the heart of UK aquaculture and protecting the long-term interests of everyone involved with Aquascot – supply partners, partners in the business, customer partners and the many people who enjoy our products.

“We’re great advocates of the business model and would urge companies interested in adopting it to seek guidance from professional advisers and from businesses who’ve been through the process so they can achieve the best results in the interests of both the business and its employees. For example, one thing we found very valuable in preparing for employee ownership was forming an employee-elected Partnership Council. This gives everyone a fair chance to represent their colleagues, ensures a healthy flow of communication runs through the business and, we believe, also adds an additional strength to our partnership. We look forward to sharing more details of our experience at the sessions in Inverness, Kirkwall and Lerwick.”

Craig continues: “To thrive and fulfil their potential, it’s important that businesses – whatever their type or size – are able to access appropriate professional guidance, and that becomes particularly vital when a transfer of ownership is being considered. Professional advisers therefore need to ensure they’re well placed to offer their clients in-depth information and advice on all aspects of employee-ownership, and are equipped to capably and confidently lead them through the transition process.

“The forthcoming events for solicitors, accountants and financial consultants will help develop the expertise in employee ownership that’s available to the local business community, and in the longer-term, that’s good news for the region’s economy.”

The Selling a business to an Employee Ownership Trust roadshow is now over. To keep up with future events programmes, follow us on Twitter and LinkedIn, or contact us here using the ‘expert support’ option for more options.

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