Should every business be thinking about succession planning? Our Senior Partner, Duncan Macintosh, shared his thoughts with Business News Wales, below.
88% of the UK’s businesses are family run enterprises, and 40% of them, it is said, 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:
Burying your head in the sand about such an important issue is never the best approach!