What happens when two founders decide not to sell out, but to hand their 30-year architecture practice to the people who helped build it?
Matt Whittingham sits down with Malcolm, co-founder of Form Studios, for a candid look at the employee ownership trust route and why it may be the smartest succession plan many business owners never consider.
Malcolm shares how a business he and Jeremy have run since the late 90s evolved into a team-led studio, and why stepping back has felt less like loss and more like a new chapter.
From the first spark of interest in EOTs to the real-world process of valuations, HMRC clearance, vendor loans, and legal paperwork, he breaks down what the transition actually looks like for a small professional practice.
- Why a sale to another firm was never the right fit for a founder who wanted to keep the culture intact
- How an employee ownership trust works in practice, including the tax advantages for sellers and staff
- What it takes to fund the deal through vendor loans and quarterly repayments
- How Form Studios is bringing in new leaders while protecting the collaborative culture that made it successful
- Why giving Paul, their long-time director, a meaningful stake was central to the plan
Malcolm also opens up about the emotional side of letting go, how leadership changes when founders shift into a lighter mentoring role, and why the business still feels energetic rather than diminished.
If you’re a business owner thinking about succession, a partner wondering how to extract value without sacrificing what you’ve built, or an architect curious about the EOT model, this conversation is packed with practical insight.
Perfect for founders, architects, and anyone planning the future of a business they care deeply about.
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