AFTER 90 YEARS Rickard Keen has moved from a partnership structure to incorporation.
Rickard Keen, which has become a limited company, believes the new structure will make it easier to recruit and keep the best people.
“We have found that the partnership model restricts the ability to bring in new people and develop existing team members,” said Alan Worsdale (pictured), managing director of Rickard Keen. “Promoting someone to partner, or bringing in senior team members, is difficult as most partners want a share of equity and it is difficult for existing partners to offer that to someone who they do not know well or are untested.”
The model, which sees director roles created, will enable the Essex-based firm to appoint new people in higher within the firm, at less risk.
“It allows greater access to skilled and talented accountants and tax advisors without that person needing to be able to fund an equity purchase,” said Worsdale.
The desire for future generations to be an equity partner is fading, he adds, with work/life balance becoming more important with a lessening interest in handling the “stresses or concerns” of owning and running their own business.
“We consider that a limited company structure allows more segregated leadership, the facility to reward the team with share incentives but most importantly the ability to employ the right people for the roles we have as the firm expands,” he added.
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