Financial planning firm Boosst has transitioned to an employee ownership trust (EOT) in order to ensure its long-term independence and commitment to its clients and employees.
Owners Keith and Linda Butten, and managing director Josh Butten, have transferred 100% of their shares to the EOT and have avoided imposing any third-party debt on the business. The new independent trustee is Steve Hardy, a client of Keith’s 35 years ago, who shares an understanding of the business and its family values.
Keith will remain actively involved as a financial planner and trustee to ensure continuity and stability, while Josh will continue in his role and take on additional responsibilities. He will also be issued share options to symbolise his long-term commitment to the organisation.
By becoming employee-owned, Boosst wanted to ensure that its values and client-focused approach are maintained indefinitely, which is part of its infinite thinking business philosophy that emphasizes long-term resilience over short-term gains.
Keith Butten said: “Although it has become the industry norm, selling our team and our clients to an external entity would never sit right for the family. This transition to a trust allows us to stay true to our values and our commitment to our clients. Boosst was already in a strong position when it comes to longevity.
“This change to employee ownership shows our commitment to our employees and our clients that Boosst truly exists for their benefit. Becoming employee owned is the best possible news for clients as they will be dealing with the same people, ethos and values, and now know that their favourite Boosst team members have a confirmed stake in Boosst’s future success.”
Josh Butten added: “This decision secures our independence and makes Boosst an infinite entity. The client families we support don’t have an expiry date, and now we don’t either. Boosst has consistently demonstrated a dedication to doing the right thing for the right people, a value that will be perpetuated through this significant change.”
