A look behind the scenes, two years on
In October 2022, YesTax transitioned to employee ownership through an Employee Ownership Trust (EOT). The decision was taken as a best route to protect its people, culture and the foundations on which the business was built. By aligning the goals of stakeholders and employees, EOTs encourage employee retention and engagement while also ensuring the fruits of successful financial performance are shared equally amongst those who contribute to the business.
Just over two years in we reflect on how it’s going, what the team has to say, and looking to the future.
Certainly, the EOT has driven some notable role changes. Rachael Hart, R&D Tax Manager, quickly embraced her promotion to Director and played a pivotal role in leading the team through a fast paced, turbulent R&D environment. Rachael has been a vital figurehead in bringing stability and energy to the team when it was needed the most and, without doubt, the EOT transition could not have been facilitated without her.
Holly Young, one of our Senior Consultants, and following the arrival of her little girl, took her well-earned place as a Trustee of the Employee Ownership Trust which now owns the company. Holly has been an invaluable member of the team since 2019. She is an exceptional consultant and constantly strives to achieve. She is loved by her clients and colleagues alike and is exceptionally well placed for this role. Holly’s responsibilities mean that staff are well represented, and acts as a key conduit ensuring critical contributions are brought to the trustee board.
Chris Norris, Senior Consultant, distributes our monthly KPIs, ensuring key mentions, notable milestones, and celebrations of individuals throughout the team. His input is unparalleled and his ability to round-up the weeks gone-by is second to none. We can’t thank Chris enough for his contributions to the business, his clients and colleagues – he will be sorely missed as we soon support him in his move to spend 12 months with the RAF.
Prior to YesTax, many staff had previously worked at an advisory firm which had been acquired by a large multinational and one of the key reasons for joining YesTax was the small, independent nature of the business. A sale to a third party went against the very reasons YesTax had been established and so an EOT was very much in tune with YesTax’s culture.
To mark the two-year anniversary, we asked the team how they felt it was going:
Holly Young
"It’s been a crazy couple of years since we transitioned to an EOT due to all the changes in the R&D tax relief sector. The pace of change and the challenges that came with it have been intense, but on a personal note, my life has also changed dramatically with the arrival of my little baby girl. Despite all the changes, I’m incredibly thankful that YesTax has remained such a great place to work. We’re still a happy, supportive team, and that’s what makes all the difference.”
James Smith
“Since October 2022, we have seen so much change in the R&D industry which could easily have pushed people into other areas of tax. However, the fantastic culture we have here at YesTax has only been made stronger by the EOT process and the togetherness which has enabled us to navigate the rocky waters. The collective goals will always outweigh the individual targets at YesTax, as we know we are working towards a team benefit rather than individual rewards or praise. The aspect I am most looking forward to is the role changes and seeing my colleagues and I take on more responsibility in the business to drive our plans forward, ensuring we keep the business for good ethos at the core of everything we do”.
Rachael Hart
“Not long after the completion of the EOT I was promoted to Operations Director – this was a huge promotion for me, which I wasn’t expecting to happen so soon in the transition period. However, while my new role can be challenging (and a little bit stressful), especially given the current R&D landscape – I really enjoy my job, and relish the responsibility it brings.
Personally, I think the completion of the EOT came at a particularly difficult time for the R&D sector and as such, at times it has felt difficult. However, we have a great work culture that was embedded within the company before the EOT and has only strengthened since, as the team work together to build a successful company that we can all benefit from”.
Chris Norris
“We are now two years into the EOT transition, and overall, it’s been a positive experience from a general employee perspective. Over this period, we’ve gained greater insight into the company’s operations, including budgets and strategic planning.
While my day-to-day role and responsibilities at YesTax haven’t changed, there is now a stronger sense of collective purpose. This shared direction supports our progress toward becoming a fully employee-owned firm by late 2027, setting us up for long term success.
The EOT announcement day was definitely a highlight for me – and nothing to do with the post work beers that followed - knowing that one day we’ll all share in the company’s success. Although we haven’t fully transitioned yet, it would be difficult to pinpoint any negatives in the process so far”.
Our staff are the heartbeat of this business. We work closely and support one another in everything that we do. We aspire to ensure everyone feels valued and rewarded, and we expect the EOT puts us in the best position to deliver on this ambition.
The overall opinion suggests that the EOT has provided an excellent framework to reward the staff who contribute to a business’s success. Continuity is also a key benefit. In many ways, YesTax has been able to conduct business as usual. There has been no major cultural shift, our commitment to give 2.5% of revenue to charity remains and our culture of rewarding staff for their efforts has been strengthened. These cultural ‘non-negotiables’ could not be guaranteed under a third-party sale. Of course, over time, changes will continue, but a change in which everyone has a part to play can only build for a more positive future.
YesTax. Positively Better.