Chris caught up with funeral director Andrew Hickson, 18 months after Kingfisher Independent Funeral Services became employee owned, to hear how the transition unfolded, and how the business has faired.
Initial exit plans didn’t go to plan
I knew deep down that maintaining our independence was crucial for our staff.
When Andrew Hickson first considered his exit from the business he’d built, he followed what seemed like the obvious route: a sale to a corporate funeral chain.
“I’d got quite a long way with one,” he recalls. “Then they pulled out suddenly, with no explanation at all, as is their prerogative. But it left me with a huge legal bill and a sour taste.”
That experience crystallised something for him. “I knew deep down that maintaining our independence was crucial for our staff,” he says. “Several of them had come to us after their original employers sold out, and I didn’t want to repeat that story.”
When his financial adviser mentioned employee ownership trusts (EOTs), Andrew began to explore the idea. “I didn’t know anything about them. Like most business owners, I assumed selling to a corporate was the only option. But the more I learned, the more sense it made. It meant securing my exit and protecting what made Kingfisher special.”
A smooth transition to employee ownership
Andrew had expected the legal process involved in an EOT sale to be costly and complex, but his experience with Go EO was the opposite.
“I’d spoken to a few companies, and they all said it would be expensive and difficult. Then I spoke to Chris at Go EO, and it was a huge surprise. It felt so simple, and it didn’t break the bank.”
Eighteen months later, Andrew has no regrets. “I was almost worried it was too affordable,” he laughs. “But no, it’s been seamless.”
Building trust and understanding
Kingfisher’s team is small with just five full-time and six part-time staff, so communication was key.
“I sat down with the two key employees and told them I was looking for a way to exit the business. I think they expected me to say I’d sold to a corporate and they had a new boss. When I explained that I wanted to hand the business to them, the relief was huge.”
There were, inevitably, questions. “It took a few goes for everyone to grasp what an EOT really was. We had to talk through things like shareholders, trustees, and pensions; concepts most of them had never dealt with. But once it clicked, they were excited. They felt valued.”
How employee ownership boosted engagement and retention
It’s been 100 percent positive, I can’t think of a single downside.
Eighteen months on, Kingfisher is thriving. “It’s been 100 percent positive,” Andrew says. “I can’t think of a single downside.”
The business has seen real-world results: zero staff turnover, increased engagement, and even a new generation joining the team.
“We’d had a few unsettled years before. But since becoming an EOT, no-one has left. And a young man who joined us for work experience came back full-time as a trainee funeral director. He’s only 18, and he’s brilliant.”
Decision making has evolved too. “The buck doesn’t stop with me anymore,” says Andrew. “Phil, our new director, handles day-to-day operations. I’m still involved with finances, but now we have clear systems and shared accountability.”
That shared power even means Andrew sometimes gets outvoted. “I suggested recording calls for training, and they said no. In the past I’d have insisted. Now I just smile. That’s how employee ownership should work.”
A phased exit
Employee ownership has changed how Andrew sees succession.
“I’m reducing my hours to three days a week and hope to step back completely by 60. But it’s not about walking away - it’s about leaving the business in capable hands.”
Trustees meet regularly with the directors, keeping oversight light but effective. “We’ve only needed their formal input once, when we bought the new car.”
For Andrew, that collaborative governance gives peace of mind. “Funeral directing is deeply personal work. Families come to us because we’re flexible and independent. Employee ownership guarantees we’ll stay that way.”
Why the EOT model fits the funeral sector
The real value isn’t just financial, it’s knowing your business and its people are protected.
Andrew believes employee ownership is the ideal structure for small, values-led firms.
“There must be hundreds of independent funeral directors in the same position I was. Every time one sells to a corporate, that’s one fewer independent voice and one more for the chains. Employee ownership lets you protect what matters.”
His advice to others is pragmatic but upbeat. “Research it. Look at how an EOT works and talk to people who’ve done it. The valuation figure might initially seem lower than a corporate offer, but when you factor in Capital Gains Tax relief, the flexibility of the deal, and the satisfaction of securing your team’s future, it’s a win-win. The real value isn’t just financial, it’s knowing your business and its people are protected.”