EOT for copywriting/marketing agency

A Thousand Monkeys Ltd sell to Employee Ownership Trust

Website
https://www.athousandmonkeys.co.uk/

Employee Ownership Trust sale for marketing agency, A Thousand Monkeys Ltd

What does the business do?

A persuasive writing company (copywriting), helping B2B businesses and universities with compelling writing to engage their audiences. This can be through their websites, emails, printed materials, brochures, and other assets.

When did the company begin?

Richard Spencer had been freelancing as a copywriter since 2005. The company was started formally in 2012, when he began to grow a microbusiness as more and more work came in. Since then, he’s grown the business to a six-person team supporting clients across the UK.

Why was change needed at your copywriting agency?

“I’ve enjoyed building my business from being a strong freelancer to running a small business with a small team. Time has passed quickly and the business has grown.

I’d been considering my next steps before the pandemic. That delayed me making a decision as we went through that time – but we survived it!

A contact in my business community had talked about employee ownership and it appealed to me as a possible way forward.

Roll forward a few years and here we are. I’m 62 and there are other things I want to do. I love cycling and sailing so I’m planning taking part in those outdoor activities.”

Why did Employee Ownership seem right for your marketing business?

“I did consider other options however this seemed to be the best for me.

I wanted something that rewarded my team for their hard work and their commitment to the company. They are quite young and wouldn’t have lots of money to invest into the business. An EOT seemed like a good fit where we would all be rewarded.

It’s a structure that allows me to step back gradually giving me time to do things I love to do – while still being around to offer support and guidance as required. It feels like such a good fit.”

How did your copywriting team respond to this evolution of the business?

“It’s very early days – we’ve only just set up as a trust. There was some initial nervousness, however I’m still going to be around, in a ‘chairman’ type role.

My plan is to work one day a week and I’ll still run our training programmes. The team will manage the day to day and I’m on hand to guide and support when needed. I have every faith in them to take the business forward.”

What was it like working with Go EO?

“When I first thought about taking this route and explored it, it did seem very expensive for a microbusiness – around £25,000 – which is a lot of money to find. Then I found Go EO.

Chris was fantastic, he just made it so easy and his ‘no frills’ service really worked for me and for us as a team. He seems to have found that sweet spot in the market for simple transitions and he was very supportive. We also found his website was clear and answered so many questions easily and simply.”

Go EO’s comments

“Richard was a joy to work with. He had reasonable expectations from the deal, as well a motivated copywriting team with suitable leadership already in place to take the business forward.

Selling 100% to the EOT kept things clean. No mixed motivations for Richard.

A lot of marketing agencies, big and small, are transitioning to the EOT model. We’re delighted to help A Thousand Monkeys join them. Hopefully they’ll thrive for many years, if not decades, to come!”

If you are interested in finding out more about transitioning to an EOT, get in touch with us at Go EO to see how we can help.