Frazer Ansell
We know firsthand just how important sharing our experiences among the EO community is, that’s why in addition to our events we have created the EO Community Catalyst (EOCC) Spotlight series! We believe that the best way to manage the rewarding, but sometimes complex, world of Employee Ownership is by learning from those who are walking the path.
We are thrilled to feature Frazer Ansell from Zachary Daniels, a specialist recruitment consultancy that made the leap to become an Employee Ownership Trust (EOT) in January 2022.
Currently in the thick of their transition and repayment period, Frazer is one of the founding members of our EOCC north west meetups. We caught up with him to discuss where Zachary Daniels is on their EO journey, the benefits of the EOT model, and his biggest takeaways from connecting with the wider EO community.
Our very own Mercedes Frampton from I-COM spoke with Frazer to get the inside scoop. Here is what he shared with us.
Part 1: The EO Journey & Current Reality
Where is your business currently at on its EO journey?
We became an EOB in January 2022. We are in the thick of the transition and have a target date for achieving financial freedom.
What has been the most surprising part of the transition to employee ownership for your team so far?
How some people really get behind it and adopt that owner mindset, thinking about doing things bigger and better to generate revenue, or curbing certain spends to ensure we remain profitable.
During this transition/repayment period, how are you balancing the need to pay off the shares with the need to invest back into the business or the team?
To be confirmed – this is something we are actively figuring out as we progress!
What’s the biggest challenge you face right now when it comes to keeping your team motivated and connected to the EO vision?
Being four years in, the end goal can seem far away, almost like “what do we get from this?” However, we have set a (FFD) deadline to keep us on track and aligned on expectations, and we communicate any changes clearly.
Part 2: Event Takeaways & Community Insights
Based on the conversations with other EO businesses and the insights from the panel at the recent event, what is the most valuable lesson you've learned from someone else's journey?
I think it’s important to communicate to the team exactly where all the money goes. It’s easy to understand salary and bonus, but what about HMRC or investing in the future?
I also think there’s a need to understand that even once you are “financially free [from the repayment loan]”, there are still operating costs to account for. There could be a false expectation that people will receive a profit share every year, but that may not be the outcome depending on revenue, performance, and profit.
Did the panel change your perspective at all on what 'Financial Freedom Day' should look like for your business?
Somewhat. It made me reconsider using the term “Debt Free,” as that sounds misleading.
Was there a specific challenge answered or piece of advice shared at the event that you plan to take back to your team?
Mainly around communications. We’ve had a lot of new starters in the last six months, so before we do our end-of-year wrap-up and talk about the EOT, we want to ensure we sit down with them and explain exactly what it is.
What would you find useful as something to be discussed at future EO NW Meetup events?
Using the EOT as a resource to attract talent or potential customers. For example, as an EOT, we would do business development, and one of our USPs is that we genuinely have an interest in the roles getting filled, so we do what we can to fill our clients’ positions. Similarly, in attracting talent, if there’s a great candidate considering multiple options, having “skin in the game” as an EOT could help us stand out.
Finally, if you could give one piece of advice to a business that is just starting their repayment period today, what would it be?
Talk about the numbers and what is being paid as much as possible - monthly, quarterly, and yearly.
Join the Conversation
A huge thank you to Frazer for sharing his honest insights. As Zachary Daniels' journey highlights, becoming an EOT requires ongoing communication, expectation management, and a cultural shift where employees truly "act like they own it."
Are you currently navigating your own Employee Ownership journey? Or perhaps you are a founder exploring the EOT model for the first time?
Register your interest today on our events page to join our growing network, get notified about future EO Community Catalyst events, and learn firsthand from businesses like Zachary Daniels. Let's shape the future of employee ownership, together!
