Helen Davies
Welcome to the latest Employee Ownership Community Catalyst (EOCC) Spotlight! In this series, we speak with businesses across our network to share real-world experiences, challenges, and triumphs of transitioning to and thriving within an employee-owned model.
Today, we are thrilled to feature Helen Davies at Oliver & Co Solicitors. Having transitioned to employee ownership in October 2022, the firm is currently navigating the repayment phase. Helen has kindly shared her fantastic insights into managing mindset shifts, balancing investments with repayments, and the power of peer-to-peer learning within the EO community.
Whether you are just beginning your EO journey or are well past the initial transition, Helen’s honest reflections offer incredibly valuable takeaways.
Mercedes Frampton at I-COM sat down with Helen to get the inside scoop on their transition. Here is what she had to share
Part 1: The EO Journey & Current Reality
Where is your business currently at on its EO journey?
Welcome to the latest Employee Ownership Community Catalyst (EOCC) Spotlight! In this series, we speak with businesses across our network to share real-world experiences, challenges, and triumphs of transitioning to and thriving within an employee-owned model.
Today, we are thrilled to feature Helen Davies at Oliver & Co Solicitors. Having transitioned to employee ownership in October 2022, the firm is currently navigating the repayment phase. Helen has kindly shared her fantastic insights into managing mindset shifts, balancing investments with repayments, and the power of peer-to-peer learning within the EO community.
Whether you are just beginning your EO journey or are well past the initial transition, Helen’s honest reflections offer incredibly valuable takeaways.
What has been the most surprising part of the transition to employee ownership for your team so far?
The most surprising aspect has been the shift in mindset across the business, both the challenges and the opportunities that come with that. Initially, there were some misconceptions about what employee ownership meant in practice. For example, some people interpreted it as complete equality in all respects, questioning things like hierarchy or practical limitations such as parking spaces. There was a perception in some areas that “ownership” removed structure, which of course isn’t sustainable in a functioning business. However, the positive side of that mindset shift has been far more impactful. We’ve seen individuals really step up, taking ownership in a meaningful way - suggesting process improvements, identifying cost efficiencies, and proactively looking for ways to strengthen collaboration across the firm. Initiatives such as cross-team referrals and departmental shadowing have come directly from employees. These ideas have added real value, and it’s unlikely they would have emerged in the same way without the sense of shared ownership.
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?
While I’m not directly involved in the financial decision-making, my experience is that the board takes a very considered and balanced approach. There is a clear commitment to ensuring employees benefit from profit share where possible, particularly in the context of rising living costs, while also meeting repayment obligations and maintaining sufficient reserves for growth and investment. We have faced some challenges this year in striking a balance between retaining sufficient money within the business for various requirements and opportunities, but also keeping the momentum of and enthusiasm for the employee ownership model. Profit shares were lower this year than last and careful consideration had to be given to the internal communication on this. We have been lucky to be in a position that our founders have agreed to renegotiate their loan repayments to a degree, in terms of timing of payments, to allow us more flexibility in this regard, but this has certainly been something on the agenda this year – the balance between repaying the loan and investing in all the other things the business requires whilst also retaining motivation with a profit share payment. One of the ongoing challenges is helping the wider team understand the financial realities behind those decisions. It can sometimes be difficult when the business has performed well, but that doesn’t immediately translate into higher distributions due to cash flow requirements and the need to reinvest. To address this, we are planning additional financial education sessions, led by an external accountant, to improve understanding of cash flow, reserves, and long-term sustainability. The aim is to create greater transparency and ensure that when decisions are made, employees feel informed and engaged rather than uncertain.
What’s the biggest challenge you face right now when it comes to keeping your team motivated and connected to the EO vision?
Time is probably the biggest challenge. As a busy legal practice, our teams are focused on delivering for clients, and finding the space for employee ownership initiatives alongside day-to-day responsibilities can be difficult. At times, EO-related meetings or activities can feel like an additional demand rather than an opportunity. That said, we are fortunate to have a strong group of employee ownership champions whose enthusiasm helps maintain momentum and encourages wider engagement across the firm. We also recognise that not everyone will want to be actively involved beyond their core role, and that’s okay. Our focus is on enabling those who are interested to contribute, while ensuring everyone still feels included in the overall vision. Since becoming employee owned, we’ve increased the number of social and cross-team events, which has helped strengthen relationships across departments. These moments of connection are particularly valuable in a firm where teams may not naturally interact in their day-to-day work. One challenge has been demonstrating that the EO vision is not just limited to the short term profit share, but is getting everyone onboard the EO bus to ensure the long-term sustainability and profitability of the company as an EO entity. Whilst this is not limited by age demographic, there is certainly a feeling that for some they are prepared to look longer term and know the real benefits could be further down the line, but this is more difficult for others at different stages of their lives and careers.
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?
One of the most valuable takeaways for me is the perspective it gives. It’s easy to focus on the challenges within your own organisation, but speaking to other businesses at different stages of their EO journey really highlights how far you’ve come. Those conversations reinforce that challenges are a normal part of the process, not a sign that something is going wrong. It’s incredibly valuable to hear how others have approached similar issues and the solutions they’ve implemented. For me, these events are a reminder to balance reflection with recognition, acknowledging progress as well as identifying areas to improve.
Did the panel change your perspective at all on what 'Financial Freedom Day' should look like for your business?
Yes, it definitely did. Prior to the discussion, I hadn’t fully considered how the term “Financial Freedom Day” might be interpreted across the business. The panel highlighted how language can shape expectations, and for us, the phrase could unintentionally suggest that there will be a significant financial windfall after that point - which isn’t necessarily the reality. As a result, we are now reconsidering how we approach and communicate this milestone. It’s important that whatever we call it reflects the reality of the business and manages expectations appropriately, while still recognising the significance of reaching that stage.
Was there a specific challenge answered or piece of advice shared at the event that you plan to take back to your team?
Yes, particularly around language and communication. The distinction between referring to payments as a “profit share” rather than a “bonus” is something we will be reinforcing internally. That shift in terminology is important, as it better reflects the nature of employee ownership and helps set clearer expectations about how and why distributions are made.
What would you find useful as something to be discussed at future EO NW Meetup events?
It would be really valuable to explore the role of founders post-repayment - particularly the different options available and what ongoing involvement can look like in practice. For example, whether founders remain in executive roles, transition to non-executive or board positions, step back entirely, or take on ambassadorial roles within the business. Alongside that, a deeper dive into governance structures as businesses mature in their EO journey would be incredibly useful. As organisations evolve, ensuring that governance remains clear, effective and fit for purpose becomes increasingly important. Hearing real-life examples from businesses that have taken different approaches - both in terms of founder involvement and governance - would provide helpful insight into the impact on culture, decision-making and overall performance.
Finally, if you could give one piece of advice to a business that is just starting their repayment period today, what would it be?
Ensure that the communication about EO covers everything, not just the ability to benefit from a profit share, but the ability to be part of a company that is sustainable with a clear succession plan, open and transparent and one where each employee can make a real contribution, and all the other positive elements that might be associated with becoming EO. Manage expectations around profit share from the very beginning. We’ve seen first-hand how quickly assumptions can develop - for example, employees delaying personal plans in anticipation of a profit share announcement, or morale being impacted when expectations aren’t met. Even well-intentioned gestures, such as additional payments at certain times of year, can unintentionally set precedents that are difficult to sustain. My advice would be to establish a clear, consistent approach early on, ideally reviewing profit share once a year, and to communicate openly in the lead-up to any decisions. Setting realistic expectations from the outset helps avoid disappointment and supports a more sustainable, long-term approach to employee ownership.
Join the Conversation
A huge thank you to Helen Davies and the team at Oliver & Co Solicitors for their transparency and willingness to share these vital learnings. Stories like these remind us that no matter what stage of the EO journey you are on, the challenges you face are shared by many, and learning from one another is key to collective success.
Are you navigating your own transition to employee ownership, or looking to connect with a community of likeminded businesses to share insights and best practices?
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