EOTs - the best way to sell your business

In this GYDA Talks, Robert, talks to Chris Budd of Ovation Finance. Chris Budd is the author of *The Financial Wellbeing Book* (2016) and *The Four Cornerstones of Financial Wellbeing*, and the founder of the Institute for Financial Wellbeing. An expert on Employee Ownership Trusts (EOTs), he serves as a NED and consultant.In 2000, Chris founded Ovation Finance Ltd, a financial planning practice. In 2018, he sold the majority of the company to an EOT, which now controls it for the benefit of its employees. Having transitioned his own business to an EOT, Chris now provides coaching and consultancy to owners and employees looking to pursue this route.Chris authored *The Eternal Business*, published by Harriman House in September 2018. The Eternal Business Consultancy offers individual advice and support from Chris or his associates to help businesses create sustainable models that last beyond their current owners. The consultancy also runs an online program to assist businesses in this transition.A qualified business coach with an Advanced Diploma in Coaching and Mentoring from the European Mentoring and Coaching Council, Chris is also a novelist and podcaster, producing the Financial Wellbeing podcast. As a seasoned speaker, he addresses topics such as coaching skills for professionals, financial wellbeing, and employee ownership at conferences and events.Chris has served as a non-executive director for various private businesses and organizations, including Penny Brohn UK and Thriving Places. His specialties include business coaching and consulting, and understanding and embracing employee ownership.Rob and Chris discuss:What is the EOT, how does it work, and what are the steps you need to take now to get the best possible exit???You will be hard pushed to find a digital agency owner who sold their business and got what they expectedAs business owner you are trapped.The Fish and Chip dealEOT is…?How is £ shared?From 10 staff….Not the same as B- corp …EOT is about change of controlTransition before transactionA tax-free exitHow much do you NEED to sell the business?Become the least important person in the business3 stage processowner and core proposition documentgather key people and educateannounce it and run shadow processWhat next?What’s next for the owner - get a financial plannerIs EOT the the exit you want?Start making self the least important person … create a functioning board…