UK-based Goodmans Financial Planning has taken on a employee-owned company structure via an employee ownership trust (EOT).
The Goodmans Financial Planning EOT now owns 60% of the company’s shareholding on behalf of the 18 staff members as beneficiaries.
Managing director Andrew Moore has retained 35%, with the senior management team holding the remaining 5%.
To restructure Goodmans as an employee-owned business, former director Finbarr O’Reilly sold his shares to the EOT and now will remain on the team as a financial planner until his retirement.
Moore said: “Finbarr and I intend to remain very much involved and see this as an exciting development in Goodmans history and our legacy. We’ve built a special business here, and we really value the close, long-term relationships we have with our clients.
“We didn’t want to lose that or risk watering it down by selling to a third party. That would have been the ‘easy’ thing to do but not the right one for us. We want those who help build the business to benefit from it too, so an EOT was by far the best option.”
This comes several months after IFA firms Blue Sky Financial Planning and Cheetham Jackson both took on a employee-owned company structure via an EOT.
