1. Start the conversation early, even if you don’t know the destination

We didn’t wake up one morning and decide to transfer 100% of our shares into an Employee Ownership Trust. The conversation started years before that, in informal chats about the future: What happens when founders step back? How do we make sure our values live on? How do we create long-term stability for the people who make this business possible?

Starting early gave us space to explore different routes, from trade sales to management buy-outs, and to make decisions without pressure. It also helped us shape a solution that wasn’t just about succession, but the next stage of BIC’s story.

The lesson: succession planning isn’t just about exits, it’s evolution.

2. Bring people with you from day one

Employee ownership, at its heart, is about people, so it’s vital to bring them along on the journey. We invested a lot of time in internal communications: being transparent about what we were exploring, why we were doing it, and what it would mean for everyone involved.

We shared updates regularly, created space for questions, and encouraged open conversations across the team. This helped build trust, ease concerns, and create a shared sense of excitement and ownership long before the transition was complete.

The more involved your team feels, the stronger the outcome will be.

3. It’s not just a transaction – it’s a transition

Yes, there are valuations, contracts, and governance structures involved, but the real work is preparing people.

And just as importantly, is understanding what employee ownership isn’t. It’s not a free-for-all where everyone votes on the colour of the office walls or every small day-to-day decision. It doesn’t mean leadership disappears or that strategy is decided by committee. What it does mean is creating a business where people feel a deeper sense of purpose, accountability, and influence, where they understand how their ideas and actions shape the bigger picture.

That shift starts the day you decide to explore EO, not the day the papers are signed. It’s means shifting mindsets, creating new habits, and embedding shared decision-making into how your organisation operates.

The lesson: employee ownership isn’t a single event, it’s a shift in how a business thinks, acts, and decides.

4. Choosing the right model matters more than you think

When we started exploring employee ownership, we quickly realised it’s not one-size-fits-all. Direct share ownership, hybrid models, Employee Ownership Trusts (EOTs) each comes with its own strengths, challenges, and governance implications.

For us, the EOT model was the best fit. It safeguarded our independence, protected our culture, and made sure decisions stayed rooted in our values. It also gave us the flexibility to grow while ensuring the team had a real stake in the future.

The lesson: the “how” matters just as much as the “why.” Take the time to understand the options, and build the one that fits your business, not someone else’s.

5. Use trusted advisors, and learn from those who’ve gone before

The process of becoming employee owned is detailed, regulated, and, at times, complex. Having experienced legal, financial, and governance advisors by your side is essential. They’ll help you navigate key decisions, avoid pitfalls, and structure the transition in a way that’s both sustainable and compliant.

We also learned the value of speaking to other employee-owned businesses. Their honesty, insight, and practical advice were invaluable in shaping our thinking. And now, our door is always open to those who want to have that same conversation.

6. Governance is a starting point, not a finish line

Putting governance structures in place, like a trustee board or employee council, is an important part of the process. But it’s just the start. Governance is more than documents and committees; it’s creating meaningful ways for people to influence decisions and shape the future.

At BIC, we’ve already seen how shared decision-making strengthens strategy, builds accountability, and keeps our values front and centre. This will continue to evolve as our journey unfolds.

7. Plan for the practicalities – time, cost, and capacity

One of the most important lessons we learned was to factor in the time and resources needed to do this properly. From valuations and legal processes to communication and cultural change, transitioning to employee ownership takes sustained effort.

Make sure you understand the financial implications early on, including how the transaction will be funded, carry out affordability analysis and build realistic timelines. A well-planned transition is far more likely to succeed and deliver long-term benefits.

What’s next?

The Nuttall Review defines employee ownership as a mindset. Research backs that up: employee-owned companies are more innovative, more resilient, and more financially sustainable.

But beyond the statistics, we know this isn’t the end of the journey, it’s the start. Six months in, there’s been a lot to learn, and not everything has been straightforward, but we’ve seen real positives too, from launching our monthly employee voice to holding our first Employee Trustee Director election. Over the years ahead, there will be more lessons to learn and more ways to grow. We’ll continue to adapt, listen, and share what we discover along the way.

Thinking about your own succession story?

If you’re exploring employee ownership, or even just curious about what it could mean for your business, start the conversation now. Talk to trusted advisors, speak to other EO companies (our inbox is open!), and give yourself time to plan.

The future of your business might just look brighter when everyone has a stake in building it.

Speak to our team about succession planning and management support and how EO could work for your organisation