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EO is a national celebration of employee ownership and an opportunity to raise awareness of the economic benefits and positive impact the sector has on the UK economy.
There are many reasons to celebrate "EO".
- Employee owned companies see impressive year-on-year increases in sales, operating profits and the numbers they employ.
- Employee ownership positively shapes thinking on ethical decisions by both managers and employees.
- Employee ownership works well to meet the aspirations of millennials, who value many characteristics of the business model, such as profit sharing and personal development, more than previous generations did.
Graeme Nuttall OBE, Partner at European law firm Fieldfisher, heads the Fieldfisher employer ownership and mutuals team. This team advises companies on moving to employee ownership and existing employee-owned companies on maintaining their structures. As Independent Government Adviser he authored the influential Nuttall Review of Employee Ownership, which helped set the UK agenda for promoting employee ownership and led to many initiatives to promote UK employee ownership, including new tax exemptions and company law changes.
In a set of videos launched to coincide with EO Day 2017, Graeme explains how employee ownership has a role to play at each stage in the lifecycle of a typical business; in start-ups, in an established business looking for growth or a succession solution and in business restructuring. He explains the different forms of employee ownership and how an employee trust buy-out provides a neat succession solution.
The videos are now live as free content on Practical Law's Learn, Develop, Connect website (http://legalpd.com/).
Graeme said:
"On the UK's fifth EO Day we can celebrate a burgeoning sector that contributes billions to the UK economy. The employee ownership business model is very much in keeping with what many businesses, their staff and customers want. People are at the core of most businesses, and this method of owning and running a business creates a culture where everyone has a vested interest in sustaining that business and seeing it grow. Every day we hear from clients how employee ownership is vital to maintaining the ethos of their business, in a way that benefits the company, its employees, its customers and often the wider community."
Deb Oxley, CEO of the Employee Ownership Association, the members' organisation leading the EO Day 2017 celebrations, commented:
"The economic and social benefits of employee ownership are profound and EO Day 2017 provides an opportunity for employee-owned companies to celebrate all that is great about the sector. Fieldfisher is a long-time supporter of employee ownership through its advocacy and as a trusted adviser. We welcome the videos Graeme Nuttall OBE has made with Practical Law to help raise awareness of the employee ownership business model among professional advisers"