Entrepreneur Chris Maslin, founder of Go EO, has launched a tool to allow business owners to take the first steps to explore the possibilities of an employee ownership trust (or EOT).
The EOT Explorer is a free engagement tool designed to make life easier for those who are considering how to exit their business.
“This free, online tool, with no contact details required, is for people to assess how suitable they/their business are for an EOT. I genuinely think it’s great and we have had some brilliant early feedback,” Chris, who lives in Kent, said.
Chris’s experience with employee ownership trusts started when he exited from his own business in this way in 2021. He had started his own accountancy firm, Maslins, in 2009 from the basement of his home after qualifying as a chartered accountant within a larger company. He steadily built his company up over the next decade. During his first week, he wandered up and down the local High Street introducing himself to other local business owners. That started conversations which led to several new clients over the following months. Chris’s view was to under-promise and over deliver on service which leads to happier clients and stronger business relationships which stand the test of time.
A decade later, Chris began to feel it was time for him to step back and pass the business on in order for it to grow further. However it was important for him to safeguard his team.
“I knew my time at the helm was coming to an end. I just didn’t have that passion anymore and that wasn’t good for the future health of the business. Yet I didn’t want to damage my team, I wanted them to feel not only safe but empowered. For me an employee ownership trust was the answer,” he said.
After transitioning Maslins to an EOT in 2021, Chris realised the process could be made smoother and more affordable for small, straight forward companies like his. So he set about creating Go EO over the following year. Since then he’s supported many small businesses to become EOTS including marketing company Coda Communications Ltd based in Dorset; Kingfisher Independent Funeral Services based in St Neots and Huntingdon; The Film Farmers, based in Surrey; Everycare based in Winchester and Klimek Jewellers based in Truro, Cornwall.
The idea for this new tool is to provide founders with valuable early information before making any commitment. The EOT Explorer relies on your company’s recent financial performance and answers to about a dozen questions to help assess if selling to an employee ownership trust is a realist option.
“The assessment explores whether your business meets the eligibility criteria for becoming an EOT. It provides a realistic sale price and assesses whether business owners are mentally prepared for this transition,” continued Chris.
Using the EOT Explorer tool is completely free, takes a few minutes to complete and results are immediately available. It can be found here www.goeo.uk/eot-explorer
Feature Image by krakenimages from Unsplash
