The owners of Poole-based IFA firm Blue Sky Financial Planning have transferred 100% of their shares via an employee ownership trust (EOT).
This means employees now indirectly own the business. The firm said it had received offers from a consolidator but opted for the EOT.
Gary Neild, chief executive of Blue Sky Financial Planning, will stay on in his role for another five years. The firm said it will be business as usual for the management team.
The financial terms of the deal were not disclosed.
Neild said: “I believe I am blessed to have such a wonderful team serving a fabulous array of clients. Our 20-plus year journey has been all about teamwork, on every level, and I’m proud to be able to pass the ownership of Blue Sky over to the team, via the EOT.
“I would like to thank every client personally for the support and faith that you have had in Blue Sky. Along with the board, I will continue to ensure that Blue Sky lives by its principles and resonates with the strong values that we all admire.”
Russell Skinner, managing director at Blue Sky Financial Planning, added: “Employee involvement is central to how Blue Sky operates. Historically, we have had a relatively collaborative structure with a high level of engagement from the team. This cultural approach led the directors to immediately believe that Blue Sky was a perfect fit for an EOT.”
In June 2022, International Adviser spoke with Victoria Hicks, managing director of M&A consultancy firm The Exit Partnership, about the rise of management buyouts and EOTs.
