Thanks for getting in touch, Karen. That’s a difficult question to answer without knowing more. I’d usually allow 3-6 months for an owner-managed business to transition to employee ownership. It can sometimes take longer if the shareholding is complex, or if the company is spread out over a number of locations. The quickest transition I’ve worked on was with a company of 24 employees and a turnover of £5m. This took six weeks from start to finish, and the two shareholders invested a lot of time in researching what they wanted. We had employee meetings every Friday afternoon so that the employees were an integral part of the journey.
It’s important that the business transfer project doesn’t become such a distraction that the business suffers so it’s often good to plan it around the needs of the business, allowing for plenty of “thinking time” for the people involved.
Please give me a call on 07811 198045 and we can discuss further.