Alan Steel Asset Management transitions to employee ownership following death of founder
An award-winning investment advisory firm has embraced employee ownership in accordance with the wishes of its late founder, Alan Steel.
After turning down numerous takeover offers in the years after setting up Alan Steel Asset Management (ASAM) in his home town of Linlithgow in 1975, Mr Steel planned the transfer before his death in September of the year last. He would have thought the future of the business lay in West Lothian with its 42 staff and 10 advisers – two-thirds of whom are staff from the area.
The entrepreneur discussed succession options with his long-term adviser, Iain Binnie of Geoghegans Chartered Accountants, who introduced the practice to employee ownership specialist Carole Leslie of Ownership Associates. A sale to an employee-owned trust was due to complete in October 2021 but was delayed after the founder lost a month-long battle to Covid.
Alan’s wife and ASAM’s Chief Financial Officer, Frances Steel, said: “Although this has been an incredibly difficult time for all of us, we are grateful that we were able to fulfill Alan’s dream for this business. ”
She added: “ASAM is a very tight-knit group and we have a number of working families within the company, so adopting employee ownership seemed like a logical step for the company, and Alan recognized it from the start.
“This decision not only inspires confidence in our team, but it also reassures our customers, some of whom we have built relationships with over decades, that our roots are strong in Linlithgow.”
Ms Leslie said: “My relationship with Alan has always been warm and engaging, and he understood the importance of looking after the business for the long term while protecting those at the heart. Alan’s five values were enshrined in legal documents and the company committed to adhering to Alan’s way of doing business.
“I have been told how important this transition is for Alan, and I am delighted that we can welcome ASAM to the employee ownership family.”
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