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Interestingly there has been a signficant rise in the number of small business owners using Employee Ownership Trusts to exit their business (typically but not only, on retirement). Transferring ownership to a small firms employees this way is 'tax efficient' and the trust usually pays an upfront amount followed by continued payments from the profits until the transfer price is paid.
Its an interesting way of democratising business ownership! (Not socialism, but neighbouring?)
@ChrisMayLA6 As long as it is voluntary and based on free, informed consent, I definitely see nothing wrong with it.
Especially if the small business is a family business without a next generation to take over, I imagine that this could be much better than just shutting down.
Yes, I see no mechanism by which this could be forced... the tax treatment may incentivise it of course
@ChrisMayLA6 It's an interesting situation. I was gifted an online exam platform by pure chance, so it will be interesting to see if the existing (very few) customers will continue using it in 2025. If so, there could be some EUR in that platform.
Good idea. I remember when the owner of Blackwell suggested that he would, when the conditions were right, pass the company to a staff collective - then sold to Waterstones. At that point, I stopped buying from it.
Yes, many felt the Blackwells' family really betrayed the idea(s) by which the firm had been run for decades.... but then again that sort of hypocrisy fitted well with their primary customer base; academics!
Certainly fooled me.
@ChrisMayLA6 could farmers do that if children counted as workers?
I don't see why not, but there may be something in the rules about family relations?
@John_Loader @ChrisMayLA6
More common to use a partnership for farming families.