Should every business be thinking about succession planning? Our Senior Partner, Duncan Macintosh, shares his thoughts with Business News Wales, below.
88% of the UK’s businesses are family run enterprises, and 40% of them have expressed concerns about planning for their succession. But, planning for succession should be on every family business’ radar, particularly those with large workforces who rely on the business for their livelihood – as well as significant financial obligations. If you’re a family business owner in Wales, my advice is: Be proactive: don't wait for the issue to arrive Engage with the next generation in the business, and develop their skills as future owners Find a non-executive director who can help you help them develop these skills, encourage proper and positive thinking about the future, and support succession in a way that you – as the business owner – simply cannot. Burying your head in the sand about such an important issue is never the best approach!