Last July, we took a big step at Goodmans by becoming an Employee Ownership Trust (EOT), placing the majority of the business into the hands of our team.
So what’s changed, one year on? Not much… but that’s the point!
Restructuring to an EOT was never about changing who makes decisions or how we operate as a business. It’s always been about locking in our independence and protecting Goodmans for the benefit of clients and staff alike.
Here's a closer look at some of the advantages of being an employee-owned business.
As you were: continuity
In a nutshell, the Goodmans team now collectively owns 60% of the business (through a trust), with 5% owned by senior management (as before) and the remaining 35% is held by our Managing Director, Andrew Moore. This means that the same people are making the decisions on how the business is run. As a result, our culture and values are preserved, and we remain committed to the best client experience possible, including maintaining face-to-face, long-term relationships and adding value through back-office innovations. It also means that the whole team has the opportunity to share the rewards of their hard work.
No pressure: security
As an EOT, we can afford to stay independent and avoid pressure to be sold to a third party in future, even when our senior management start to retire themselves. For our clients, this brings peace of mind that we won't be swallowed up by a bigger company that might change or dilute what we do and why we do it. There's also strong evidence to suggest that employee-owned companies outperform others in terms of growth and resilience.
Getting things done: productivity
Research shows that employee-owned businesses are generally more productive workplaces as staff work collaboratively and are more motivated to help the business succeed. Our people are here because they already share our core values, but this further helps to ensure a team that’s 100% aligned with our clients’ long-term interests.
We’re proud to be one of the few financial planning firms who have embraced employee ownership to secure independence for the future.
Bring on the next year!
See more about why we became an EOT and answers to other questions here.
