{"id":37795,"date":"2024-08-19T08:17:16","date_gmt":"2024-08-18T22:17:16","guid":{"rendered":"https:\/\/www.bitemagazine.com.au\/?p=37795"},"modified":"2024-08-20T16:00:15","modified_gmt":"2024-08-20T06:00:15","slug":"employee-ownership-trusts-an-alternative-business-model","status":"publish","type":"post","link":"https:\/\/www.bitemagazine.com.au\/employee-ownership-trusts-an-alternative-business-model\/","title":{"rendered":"Employee Ownership Trusts: an alternative business model"},"content":{"rendered":"\n<p class=\"yoast-reading-time__wrapper\"><span class=\"yoast-reading-time__icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-icon=\"clock\" width=\"20\" height=\"20\" fill=\"none\" stroke=\"currentColor\" style=\"display:inline-block;vertical-align:-0.1em\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M12 8v4l3 3m6-3a9 9 0 11-18 0 9 9 0 0118 0z\"><\/path><\/svg><\/span><span class=\"yoast-reading-time__spacer\" style=\"display:inline-block;width:1em\"><\/span><span class=\"yoast-reading-time__descriptive-text\">Estimated reading time: <\/span><span class=\"yoast-reading-time__reading-time\">5<\/span><span class=\"yoast-reading-time__time-unit\"> minutes<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1024\" height=\"791\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2.jpg\" alt=\"Dr Monica O\u2019Malley\" class=\"wp-image-14640 lazyload\" data-srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-300x232.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-768x593.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-696x538.jpg 696w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-544x420.jpg 544w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-194x150.jpg 194w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-97x75.jpg 97w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-246x190.jpg 246w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-136x105.jpg 136w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><noscript><img decoding=\"async\" width=\"1024\" height=\"791\" src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2.jpg\" alt=\"Dr Monica O\u2019Malley\" class=\"wp-image-14640 lazyload\" srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-300x232.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-768x593.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-696x538.jpg 696w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-544x420.jpg 544w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-194x150.jpg 194w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-97x75.jpg 97w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-246x190.jpg 246w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2019\/05\/BITE-Monica-OMalley-2-136x105.jpg 136w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><figcaption class=\"wp-element-caption\">Dr Monica O\u2019Malley took a while to open her first practice\u2014but that meant she had a clear vision of what she wanted it to be.\nPhotography: Eamon Gallagher<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-in-the-age-of-private-equity-takeovers-a-victorian-dentist-is-bucking-the-trend-by-choosing-to-share-ownership-of-her-practice-with-her-employees-by-tracey-porter\">In the age of private equity takeovers, a Victorian dentist is bucking the trend by choosing to share ownership of her practice with her employees. By Tracey Porter<\/h2>\n\n\n\n<p>It took falling into a pit of despair to force Dr Monica O\u2019Malley to make some tough decisions.<\/p>\n\n\n\n<p>Having spent three decades in dentistry, during which she had worked or volunteered across almost all aspects of public and private dentistry, the <a href=\"https:\/\/yournewdentist.com.au\" target=\"_blank\" rel=\"noreferrer noopener\">Your New Dentist<\/a> (YND) practice owner found herself increasingly despondent.<\/p><div class=\"bitem-article-desktop-720x300-in-text\" id=\"bitem-2483560489\"><!-- Bite 720x300 [async] -->\r\n<script type=\"text\/javascript\">if (!window.AdButler){(function(){var s = document.createElement(\"script\"); s.async = true; s.type = \"text\/javascript\";s.src = 'https:\/\/servedby.engagemedia.com.au\/app.js';var n = document.getElementsByTagName(\"script\")[0]; n.parentNode.insertBefore(s, n);}());}<\/script>\r\n<script type=\"text\/javascript\">\r\nvar AdButler = AdButler || {}; AdButler.ads = AdButler.ads || [];\r\nvar abkw = window.abkw || '';\r\nvar plc705185 = window.plc705185 || 0;\r\ndocument.write('<'+'div id=\"placement_705185_'+plc705185+'\"><\\\/'+'div>');\r\nAdButler.ads.push({handler: function(opt){ AdButler.register(165450, 705185, [720,300], 'placement_705185_'+opt.place, opt); }, opt: { place: plc705185++, keywords: abkw, domain: 'servedby.engagemedia.com.au', click:'CLICK_MACRO_PLACEHOLDER' }});\r\n<\/script><\/div>\n\n\n\n<p>Dr O\u2019Malley\u2019s efforts to run a successful small business while turning a healthy profit, all the while keeping her employees happy, had all but destroyed her. In 2017, the Mooroolbark dentist decided to do something about it.<\/p>\n\n\n\n<p>\u201cQuite apart from the grumblings of my own personal disillusionments starting to come to the surface, I was feeling professionally very frustrated,\u201d she says. Having tired of the adversarial relationships within many practices that fuelled high rates of poor mental health and paralysed innovation and impact, Dr O\u2019Malley says she came to realise that the answer lay in unlearning everything that she thought was \u201ctrue or possible\u201d in business.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-new-way\">A new way<\/h3>\n\n\n\n<p>Having invested significant time researching alternative business models, Dr O\u2019Malley stumbled upon the concept of conscious business practices, a journey of discovery that subsequently led her to investigate alternative methods of business practice, including as she puts it, the \u2018Holy Grail\u2019 of employee ownership.<\/p>\n\n\n\n<p>Promoted as a different way to conceive of work, Dr O\u2019Malley opted to take advantage of recent downsizing within her own practices by relinquishing the traditional \u2018top-down\u2019 ownership model in favour of an Employee Ownership Trust (EOT). In doing so, YND is believed to be the first private dental practice in the country to adopt this progressive model\u2014one whereby YND holds all the company\u2019s unallocated shares in a discretionary trust for the benefit of employees, effectively making all team members co-owners, co-collaborators and beneficiaries.<\/p>\n\n\n\n<p>Employees at YND\u2019s two locations who are part of the EOT receive payments from the trust based on their contribution to the business. Governance of the company and EOT is overseen by the YND board whose actions are bound by the YND constitution and whose make-up includes employee and independent representation.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>The reliability and retention of a dentist over a long time period is far less without ownership. Depending upon the location that the practice is in, the replacement of an unreliable or exiting dentist can be difficult. Dentist business owners are tied financially to the practice so ongoing trading is more assured. <br><br><strong>Simon Palmer, managing director, Practice Sale Search<\/strong><\/p><\/blockquote><\/figure>\n\n\n\n<p>Dr O\u2019Malley says while the process was easy for her to wrap her head around, it was infinitely more challenging to convince her team of its merit.<\/p>\n\n\n\n<p>\u201cPhilosophically and culturally what I was proposing to the team was a challenge to some. This model requires a much greater level of commitment to the job and a much greater level of personal responsibility, accountability and maturity.\u201d<\/p>\n\n\n\n<p>There were also other issues, she says. While well-established in the UK, legally no-one had ever tried this model in Australia, making it necessary to locate a legal representative prepared to create all the documentation from scratch.<\/p>\n\n\n\n<p>Dr O\u2019Malley says because there are currently no specific laws for employee-owned businesses in Australia, there ended up being 15 separate steps in the legal process alone, causing a six-month blowout in the time required to roll out the new ownership structure.<\/p>\n\n\n\n<p>Despite this, Dr O\u2019Malley is adamant that the pros of EOT ownership far outweigh the cons, arguing the model self-selects those who are truly committed to the job on a vocational, and not just financial, level.<\/p>\n\n\n\n<p>\u201cThe entire team now has the opportunity to be supported and learn more about the business and how their actions have an impact across the entire business. There are much higher levels of personal responsibility and accountability, increased business resilience, improved employee engagement and improved mental health and wellness,\u201d she says.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-overseas-experience\">Overseas experience<\/h3>\n\n\n\n<p>A report by peak body Employee Ownership Association UK (EOUK) released last year, found that since the introduction of the EOT in 2014, employee ownership has grown by 90 per cent.<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>Philosophically and culturally what I was proposing to the team was a challenge to some. This model requires a much greater level of commitment to the job and a much greater level of personal responsibility, accountability and maturity.<br><br><strong>Dr Monica O\u2019Malley, practice owner, Your New Dentist<\/strong><\/p><\/blockquote><\/figure>\n\n\n\n<p>Driven largely by what EOUK says are businesses attracted by the supportive tax incentives, increased employee engagement and succession arrangements, the number of employee-owned companies in the UK increased by 37 per cent in 2023.&nbsp;<\/p>\n\n\n\n<p>Alternatives to the EOT business model include traditional share scheme models, franchise models and corporate entity buy-ins.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/practicesalesearch.com.au\" target=\"_blank\" rel=\"noreferrer noopener\">Practice Sale Search<\/a> managing director Simon Palmer, who has 20 years\u2019 experience in dental recruitment and practice sales, says that traditionally dental practices are typically bought by dentists or corporate aggregators.&nbsp;<\/p>\n\n\n\n<p>He says on occasion he will help oversee the sale of a practice to a non-dentist, such as an OHT or hygienist, but notes this is very rare. \u201cWe almost never see practices bought or sold by non-clinician employees (practice managers, dental nurses, etc), and to be honest I\u2019ve never heard of a successful franchise model in the dental industry nor an EOT ownership.\u201d<\/p>\n\n\n\n<p>Palmer says the real challenge with selling to non-clinical staff is the financing.&nbsp; While Dr O\u2019Malley claims she has been well supported by loan and finance company Medfin, Palmer says this isn\u2019t always the case\u2014particularly for those who are not doctors.&nbsp;<\/p>\n\n\n\n<p>He says experience has taught him that banks are \u201cfar less enthusiastic\u201d about lending money to non-dentists for the purposes of buying a dental practice because its success is usually dependent upon the presence of a dentist.&nbsp;<\/p>\n\n\n\n<p>\u201cThe reliability and retention of a dentist over a long time period is far less without ownership. Depending upon the location that the practice is in, the&nbsp;replacement of an unreliable or exiting dentist can be difficult.&nbsp;Dentist business owners are tied financially to the practice so ongoing trading is more assured.\u201d<\/p>\n\n\n\n<p>While Dr O\u2019Malley\u2019s own experience has been positive, she&nbsp;concedes \u201cthis model will not suit everyone. You must be prepared to institute massive culture change and you as the business leader must drive that change. You need to be prepared to let people go who are not in alignment. If you are content to simply \u2018just turn up and do your job\u2019 and that\u2019s it, this is not the model for you.\u201d &nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the age of private equity takeovers, a Victorian dentist is bucking the trend by choosing to share ownership of her practice with her employees. By Tracey Porter It took falling into a pit of despair to force Dr Monica O\u2019Malley to make some tough decisions. Having spent three decades in dentistry, during which she [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":14640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7170,691],"tags":[25578,25577,684],"class_list":{"0":"post-37795","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-your-business","9":"tag-business-models","10":"tag-employee-ownership","11":"tag-featured"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.9 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Employee Ownership Trusts: an alternative business model - Bite Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bitemagazine.com.au\/employee-ownership-trusts-an-alternative-business-model\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Employee Ownership Trusts: an alternative business model\" \/>\n<meta property=\"og:description\" content=\"In the age of private equity takeovers, a Victorian dentist is bucking the trend by choosing to share ownership of her practice with her employees. 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