Wed, 30 Oct 2024 | BUSINESS SALE
Bedfordshire-based financial planning firm Boosst has ignored ‘lurking acquirers’ and transitioned to employee ownership. The family business will now be 100 per cent owned by its around 13 employees through an Employee Ownership Trust (EOT).
Owners Keith and Linda Butten and 32 year-old managing director Josh Butten have transferred 100 per cent of their shares to the EOT meaning no third party debt has been put on the business. Steve Hardy, one of Keith’s first clients and one who shares an understanding of the business and its family values, is its new independent trustee.
Those values, according to Boosst include ‘doing the right thing for the right people’.
Keith, who began looking into EOTs back in 2022, will remain actively involved as a financial planner and trustee to help ensure continuity and stability at the firm while Josh will continue in his role and take on additional responsibilities. He will also be issued share options to symbolise his long-term commitment to the organisation.
By becoming employee-owned, Boosst said it wanted to ensure that its values and client-focused approach are maintained indefinitely. This is part of its ‘infinite thinking’ business philosophy that emphasises long-term resilience over short-term gains.
It said its profession is one where ‘acquirers are always lurking, and we receive dozens of offers from third parties wanting to buy Boosst every year’.
Keith Butten said: “Although it has become the industry norm, selling our team and our clients to an external entity would never sit right for the family. This transition to a trust allows us to stay true to our values and our commitment to our clients. Boosst was already in a strong position when it comes to longevity.”
He added that the change to employee ownership shows the company’s commitment to its employees and clients.
“Becoming employee owned is the best possible news for clients as they will be dealing with the same people, ethos and values, and now know that their favourite Boosst team members have a confirmed stake in Boosst’s future success,” he said.
Josh Butten added: “This decision secures our independence. The client families we support don’t have an expiry date, and now we don’t either.”
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