EO Roundtable - key takeaways for established Employee-Owned businesses
Steven Tebbutt · Posted on: February 18th 2026 · read
On 28 January 2026, MHA welcomed a small group of established Employee-Owned businesses to our London office for an EO Roundtable, in collaboration with Telos, and Geldards. The discussion was held under Chatham House rules, enabling an honest, practical exchange of experiences and “what we wish we’d known” insights.
While every EO journey is unique, the conversation returned repeatedly to a few shared themes, particularly as organisations approach, reach, or move beyond Financial Freedom Day.
Financial Freedom Day: a milestone that changes the conversation
A standout theme was that Financial Freedom Day is more than a date in the diary, it’s a shift in mindset. As businesses pay down the vendor loan and move into a “new era”, the advisers in the room described the importance of preparing for what comes next, not just celebrating what’s been achieved.
Attendees discussed how the period leading up to financial freedom can be influenced by external conditions (including tougher market dynamics), and how process, expectations, and attitudes can either smooth the journey or amplify frustration.
A practical takeaway was the need to plan early for the “post-freedom” chapter, especially around how the business balances rewarding employee owners with reinvesting for long-term resilience (for example, investment in machinery, training, or capability).
The role of trustees: strategic oversight, strong questions, light-touch support
A recurring message was that effective trusteeship often comes down to asking the right questions, providing parameters and guidance that help leadership teams make better decisions, rather than directing operations.
Several attendees emphasised the benefits of:
keeping trustees well-informed on strategy,
adopting regular reporting rhythms (e.g., quarterly updates and key takeaways),
and ensuring there is a structure that people across the organisation can understand and trust.
There was also discussion about the trustees’ role in relation to appointing directors to the trading company. Participants noted that trustees will not usually seek to make appointments themselves, but will want assurance that a robust, well-designed process is in place. This includes understanding how candidates have been assessed against the needs of the business, and, in some cases, testing alignment and “chemistry” by asking questions, to ensure proposed appointments are likely to work effectively with the existing leadership team and within the EO governance framework.
There was further discussion about when an independent or professional trustee can add value, particularly in helping the business stay focused on long-term outcomes, maintaining discipline around process, and preserving a consistent governance “shape” as the organisation evolves.
Independence, succession, and leadership transition
Many EO businesses experience a leadership shift post-transaction, such as a founder or CEO stepping back, or planning for retirement and appointing new directors. Attendees shared that these transitions can be energising, but also require planning to avoid uncertainty or unintended dependency.
One theme that resonated strongly was the need to keep asking: “What served us well in the past, does it still serve us now?” Reviewing and revitalising plans was seen as essential to maintaining momentum and ensuring governance and leadership structures remain fit for the organisation’s next stage of growth.
Employee voice, engagement, and financial understanding
The roundtable also returned repeatedly to the “people side” of EO, especially building a culture where employees feel informed, safe to ask questions, and equipped to act as responsible employee owners.
Several practical ideas surfaced:
explaining how EO bonuses are calculated (and why they vary), to strengthen trust and morale,
balancing transparency with the risk that a narrow focus on bonuses can drive unhelpful behaviours,
and improving financial education and communication (for different audiences, at different levels of understanding).
Participants highlighted that increased transparency, done consistently, enables more mature conversations and stronger engagement over time, but it doesn’t happen overnight.
Operational realities: capacity, demand and staying competitive
Finally, attendees spoke about practical operational pressures, quiet months affecting turnover, and the challenge of scaling capacity when demand returns. The group compared approaches including building internal capability, recruiting “new blood,” and using subcontractors to smooth short-term spikes without losing competitiveness.
The shared message was the importance of having honest, open conversations early, before capacity constraints become forced decisions.
What’s next
The session reinforced how valuable it can be to hear peer stories, particularly as organisations approach pivotal moments like Financial Freedom Day. Despite differences in size and sector, the themes were strikingly consistent: clarity of governance, purposeful trustee oversight, succession planning, transparent communication, and practical workforce planning.
We plan to continue these roundtables on a regular basis. If you’d like to attend a future EO Roundtable, please get in touch.
