Financial planning firm Boosst has transitioned to an Employee Ownership Trust (EOT).
- Founded in 2018, Boosst has transferred 100% of shares to EOT, avoiding external debt.
- Key stakeholders Keith, Josh, and Linda Butten ensured the transition maintains family values.
- The new trustee, Steve Hardy, is a longtime client with deep business ties.
- Selling to external parties was dismissed to preserve Boosst’s integrity.
In a significant move, financial planning firm Boosst has successfully transferred to an Employee Ownership Trust (EOT). This transition marks a notable shift in the firm’s operational structure, aligning with a growing trend towards employee ownership. It is noteworthy that the firm, founded in 2018, has managed this transition without incurring any third-party debt, thereby preserving its financial independence.
The decision to transfer 100% of the firm’s shares to an EOT was made by key figures, including owner Keith Butten, managing director Josh Butten, and financial planner and trustee Linda Butten. The strategic move is designed to maintain the firm’s commitment to family values, and ensure that its operational ethos remains unchanged. This decision highlights a deliberate effort to prioritise internal stability and continuity over external financial influence.
Steve Hardy has been appointed as the new independent trustee. Hardy’s appointment is significant due to his longstanding relationship with the firm. More than 35 years ago, he was one of Keith Butten’s first clients, and his understanding of the business and its values is seen as a crucial asset during this transition. Hardy’s role will be key in ensuring the firm’s values are preserved while navigating this newfound structure.
Reflecting on the decision, Keith Butten expressed a firm stance against selling the business to external buyers, a norm that has become increasingly common in the industry. Butten stated, ‘Although it has become the industry norm, selling Boosst’s team and clients to an external entity would never sit well with me.’ This sentiment underscores the commitment to protecting both their team and client relationships from external interference.
Boosst’s transition to an employee-owned structure exemplifies a commitment to preserving its founding values while embracing a progressive business model.
