Brighton-based Expand Executive Search is changing its corporate structure to reflect the vital contribution made by its people to the success of the business.
The specialist recruitment company has introduced a limited liability partnership (LLP) structure under guidance from Carpenter Box chartered accountants and tax advisors, and has appointed a number of its senior management team to membership of the partnership.
Stuart Noakes, Head of Tax Services Group at Carpenter Box in Worthing comments: “The LLP structure can be perfectly suited to professional services firms seeking to align the interests of both the business and the key individuals working in the business. Membership of an LLP is a clear recognition of the standing that senior individuals have in a business. It also gives an opportunity to share in the profits and equity of a business, and the way in which members of an LLP are subject to tax on their earnings can be advantageous to the corporate entity and to the stakeholders.”
This framework works particularly well for professional services businesses, where a partnership ethos exists, and the members share the responsibilities of running the LLP, decision making and ultimately the profits that it makes.
“This is a very exciting development that demonstrates a genuine belief in our people” Samantha Maxwell-Reed, Senior Partner and MD of Expand (pictured) told TSN. “All too often businesses pay lip service to the value of their people. Retaining talent and creating highly engaged and effective teams are critical to success – we believe the appointment of our members is the ultimate recognition of their contribution and creates a unique opportunity for others.”
Aidan Walker, Richard Edwards, Robin Somerville and Lee Walker have been appointed members of the Expand partnership. They will continue to build their specialist teams, whilst enjoying greater opportunity to influence strategy and benefit directly in the business’ success. In this spirit of the partnership, the members have already implemented changes which benefit the whole team, including the introduction of flexible working and a peer nominated profit share award.