“I've got four of my own children and a stepdaughter,” he said. “I do view the company as my kind of sixth child. Or maybe it's even my first child, actually, if I'm honest about it.”
Guy recounts working very hard, sacrificing a lot, and pouring enormous amounts of effort into the company over decades. Like many business owners, his attachment is deep. “And to sell it as a sort of chattel, as if it's just an objective thing, I think, is emotionally dishonest.”
That was a major driver for Guy when he decided to sell to his employees and not an outside buyer. He wanted to protect the company and its values, and benefit the employees that had worked alongside him. But while he was ready to make a transition, he wasn’t ready to abandon the company or leave it completely to its own decisions.
In his first transaction, Guy sold 74% of the company to the EOT: “I kept 26%, which gives you, under [UK] corporate law, a few vetoes and stuff.” He did negotiate several vetoes into the shareholder’s agreement, allowing him to maintain some control over the direction of the company while his loan was being paid out. Those vetoes remained in place until Guy’s loan was paid, and he sold the last of his shares to the EOT in 2023.
Vetoes in the shareholder’s agreement were not Guy’s only influence in the company. Despite having sold a majority of his shares to the EOT, he retained a seat on the Board and a seat as a Trustee of the EOT. He no longer has unilateral control over the company, but his voice and advice are present and valued in its governance.
While Guy no longer owns any shares, he continues to represent the company publicly. The employees of Riverford Organic Farms are now the sole owners of the company, but it’s clear they still appreciate his wisdom and support. Says Guy: “I continue to be the sort of public face of the business. So I spend a lot of time writing and talking to journalists and giving talks and that sort of thing. I'll continue doing that for, I don't know, five or 10 years or something. I've made it very clear that when they've had enough of me, they just need to say and I won’t be hanging around.”
