Roadshow to promote employee ownership

The Law Society of Scotland, The Institute of Chartered Accountants Scotland (ICAS) and Co-operative Development Scotland (CDS) are joining forces to promote employee ownership amongst Scotland’s professional advisers.

The partners will host events for members of the legal, accounting and banking professions. across the country in May and June. The roadshow aims to raise awareness of the important role professional advisers play in informing clients about employee ownership as a business succession model, and increase the number of firms offering specialist guidance in this area.

Entitled Selling a business to an Employee Ownership Trust, the roadshow coincides with the growing popularity of employee ownership. The number of employee-owned businesses operating in Scotland has trebled over the past five years and is expected to grow even further in the future.

Alison Atack, President of the Law Society of Scotland, commented: “Employee owned organisations have proven to be highly successful in recent years and were particularly resilient during and following the economic downturn, with research showing that employee-owned firms outperformed similar companies and achieved higher sales turnover and maintained higher employee numbers.

“For any business, getting the right advice is essential. We want to ensure that as professional advisers, Scottish solicitors understand the particular needs of employee-owned businesses, as well as any specific challenges they face, and can provide the advice and support to help them thrive in the long term.”

Sarah Deas, director of CDS, an arm of Scottish Enterprise, said: “Promoting employee ownership helps drive growth in the economy and create greater wealth equality in society. And increasing the number of firms which are able to offer in-depth specialist guidance on employee ownership to their clients will greatly benefit businesses all over Scotland.”

Bernard Dunn CA, ICAS Council Member, added: “We welcome the opportunity to raise awareness across accountants and advisers of employee ownership as a potential business structure, particularly in the context of a vision for a fairer society, enhanced shareholder rights and moderation of executive pay.”

The roadshow starts in May with events in Aberdeen and Dundee. It then takes in Dumfries, Inverness, Orkney and Shetland before concluding in early June with sessions in Edinburgh and Glasgow.

More details on the Selling a business to an Employee Ownership Trust roadshow, and the chance to book places, can be seen here