Goodmans Financial Planning Achieves Independence through Employee Ownership

Goodmans Financial Planning, a firm based in the South West, marked a significant milestone on 11 July by becoming an Employee Ownership Trust (EOT). This move is a crucial step towards securing the company’s independence, maintaining its client-focused culture, and ensuring sustainable growth in the years ahead.

Under the EOT structure, 60% of the company’s shareholding is now owned on behalf of the 18 staff members as beneficiaries. The Managing Director of Goodmans, Andrew Moore, retains 35% of the shares, while the senior management team holds the remaining 5%.

Originally established by David Goodman in 1996, Andrew Moore acquired the business in 2010 and later brought on Finbarr O’Reilly as a fellow Director in 2014. To strengthen succession planning, three homegrown Directors were recently welcomed to the Board: David Byworth as Finance Director, Laura Milroy as Compliance Director, and Holly Moody as Financial Planning Director.

To facilitate the transition to an employee-owned business, Andrew reduced his shareholding, and Finbarr sold all his shares to the EOT. Finbarr will continue as a Chartered Financial Planner until his retirement, at which point he will become Chair of the Goodmans Investment Committee.

Andrew Moore, Managing Director at Goodmans, expressed enthusiasm about the development: “Finbarr and I intend to remain very much involved and see this as an exciting development in Goodmans’ history and our legacy. We’ve built a special business here, and we really value the close, long-term relationships we have with our clients. We didn’t want to lose that or risk watering it down by selling to a third party. That would have been the ‘easy’ thing to do but not the right one for us. We want those who help build the business to benefit from it too, so an EOT was by far the best option.”

Finbarr O’Reilly, Financial Planner and former Director at Goodmans, highlighted the importance of succession planning and how the EOT ensures a smooth transition into retirement while maintaining alignment between the team and clients in the future.

Despite the change, the current Directors will continue to manage the business, alongside the wider management team. Goodmans Financial Planning (EOT) Trustees Limited will be overseen by three Trustee Directors, who are existing Goodmans Directors responsible for the company’s oversight and governance.

Adopting an employee-owned model allows Goodmans to retain its independence and safeguard the interests of both clients and staff. With management and future strategic plans in the hands of employees, staff members have a greater opportunity to participate in the company’s success. Clients of Goodmans can also expect continuity and the assurance that the company’s values and service quality will remain unchanged.

David Byworth, Finance Director and EOT Director at Goodmans, expressed his excitement about the news: “This is great news for us and for the longevity of the company, allowing the whole team to share the rewards of their hard work as employee-owners. We know that without the team, the business is nothing, so we look forward to working together to further strengthen Goodmans and continue providing great service to our clients for years to come.”

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