Monday 24 June 2024
 10.8°C   S Gentle Breeze

Showcases / Handing the keys to the staff might be the obvious solution

Succession is an issue facing many of Shetland’s businesses – what to do with the business when the owner is looking to move on?

The employees are the new owners of Laurence Odie Knitwear Ltd. Photo: Business Gateway Shetland

THERE is a succession option fast growing in popularity. By selling into an employee ownership structure, a business owner can achieve a fair market value and dictate the pace of their own exit, allow the employees to take control of their own destiny, and secure the future of the business in Shetland.

Research has shown that employee owned businesses can not only be profitable and productive but they also have a happier workforce.

Business Gateway Shetland is hosting one-to-one sessions with employee ownership expert Carole Leslie on 23 and 24 May which will enable business owners to learn more about the processes and the public support available.

Carole Leslie, Ownership Associates said, “A sale to employees can be a tax effective way for business owners to exit the business, knowing that the future of the employees and the company is secure as long as it continues to be successful.”

Two Shetland businesses have recently taken the employee ownership route, Laurence Odie Knitwear and ESPL Regulatory Consulting.

Laurence Odie, Managing Director, Laurence Odie Knitwear said, “As I began to think about my retirement, I knew that I wanted to guarantee the future of Laurence Odie Knitwear as a Shetland company.

“Employee ownership means that the business remains in Shetland, providing good employment, producing quality Shetland knitwear that is respected throughout the world.”

Helen Erwood, co-Founder, ESPL Regulatory Consulting added, “Transfer to an Employee Ownership Trust was the obvious solution for ESPL Regulatory Consultancy.

“We wanted to provide continuity for our clients and staff, and I’m not ready to leave the business completely. The process was smooth and straightforward and ESPL now has a solid platform from which the whole team can continue to build and develop the business.”

Business owners, and employees, interested in finding out more can make a one-to-one appointment by contacting Business Gateway Shetland – call 01595 707451 or email businessgateway@shetland.gov.uk

 

Become a supporter of Shetland News

Shetland News is asking its many readers to consider start paying for their dose of the latest local news delivered straight to their PC, tablet or mobile phone.

Journalism comes at a price and because that price is not being paid in today’s rapidly changing media world, most publishers - national and local - struggle financially despite very healthy audience figures.

Most online publishers have started charging for access to their websites, others have chosen a different route. Shetland News currently has  over 600 supporters  who are all making small voluntary financial contributions. All funds go towards covering our cost and improving the service further.

Your contribution will ensure Shetland News can: -

  • Bring you the headlines as they happen;
  • Stay editorially independent;
  • Give a voice to the community;
  • Grow site traffic further;
  • Research and publish more in-depth news, including more Shetland Lives features.

If you appreciate what we do and feel strongly about impartial local journalism, then please become a supporter of Shetland News by either making a single payment or monthly subscription.

Support us from as little as £3 per month – it only takes a minute to sign up. Thank you.

 

Newsletters

Subscribe to a selection of different newsletters from Shetland News, varying from breaking news delivered on the minute, to a weekly round-up of the opinion posts. All delivered straight to your inbox.

Daily Briefing Newsletter Weekly Highlights Newsletter Opinion Newsletter Life in Shetland Newsletter

JavaScript Required

We're sorry, but Shetland News isn't fully functional without JavaScript enabled.
Head over to the help page for instructions on how to enable JavaScript on your browser.

Your Privacy

We use cookies on our site to improve your experience.
By using our service, you agree to our Privacy Policy and Cookie Policy.

Browser is out-of-date

Shetland News isn't fully functional with this version of .
Head over to the help page for instructions on updating your browser for more security, improved speed and the best overall experience on this site.

Interested in Notifications?

Get notifications from Shetland News for important and breaking news.
You can unsubscribe at any time.

Become a supporter of Shetland News

We're committed to ensuring everyone has equitable access to impartial, open and quality local journalism that benefits all residents.

By supporting Shetland News, you play a vital role in ensuring we remain a pivotal resource in supporting the community.

Support us from as little as £3 per month – it only takes a minute to sign up. Thank you.