Expert tips on succession planning for your business
By Andrew Merrell | 6th September 2019
According to research, nearly six out of 10 family businesses in the UK don't have a succession plan in place.
Just like making a will, it's often one of those tasks which is shelved for 'some other time', sometimes until it's too late.
However, should a key director retire, or crucial personnel suddenly depart, how would your organisation cope?
That is the question lawyers from Willans LLP will be asking when they host a business breakfast talking succession planning for businesses, from family-run and SMEs to national organisations, at National Star College, Ullenwood.
Matthew Clayton, partner and head of the firm's Legal 500-rated employment law division, said: "It's hard to overestimate the importance of having a good succession plan in place, and it's surprising how many businesses do not already have one (particularly family-run operations and SMEs).
"Having a succession plan in place is key to achieving a well-managed ownership transition - benefiting the employees, shareholders and all who rely upon the smooth running of the business."
Mr Clayton will be joined at the business breakfast by Willans' corporate and commercial associate Sophie Martyn and wills, trusts and probate associate, Rachel Sugden, who will take delegates through the primary legal issues.
They will reveal how you can safeguard the continued smooth running of your business should there be a change of personnel or ownership, whether planned or unexpected.
They will be covering topics such as the legal issues around retirement, preparing junior staff for taking on more responsibility, different ways for introducing equity stakes for existing staff, bringing in new investors, owners or management team and passing on business shares and assets in your will.
The seminar is aimed at business owners, managing directors, CEOs, human resource and finance directors, and there will be opportunities for networking with fellow delegates before and after the session.
The workshop is due to run from 7.30am to 9am on Wednesday, October 2. Tickets cost £18.50 and include a light breakfast.
Willans LLP is a legal adviser to businesses, individuals, charities and not-for-profit organisations based locally, nationally and internationally, and employ around 80 people at their offices at Imperial Square, Cheltenham.
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