Employee ownership celebrated.
BUSINESSES shared their experience of employee ownership at an event hosted by Shakespeare Martineau to mark Employee Ownership Day on Friday July 3. Gary Davie, corporate law partner at Shakespeare Martineau, a director of an employee-owned business, said: "This event has been extremely useful as a means of sharing real experiences of employee ownership.
"Achieving consensus to adopt an employee-owned structure can be challenging for some businesses, particularly if managers have been used to making decisions in a more autocratic way. "However, business leaders can do much more to secure their buy-in by reassuring them that a strong and effective management team will be needed to guide the decision-making.
"Businesses often consider employee ownership when planning for succession. At such times, the pressure to find a solution that meets the long-term interests of the business and enables the outgoing shareholders to realise value from their investments is considerable."
Mr Davie said a capital gains tax exemption on transferring shares into an employee ownership trust, provided an added incentive.