Weather Icon 8.9°C Mostly Cloudy
Listen Planning your successor seminar
Wednesday 18th November 2015 @ 17:10 by Adam Higgins
Audio Business

DAVIS Blank Furniss Solicitors have joined forces with Glossop-based accountancy firm Lomas and Company to hold a free seminar for business owners to start thinking about planning their exit.

The presentation called ‘Succession Planning’ takes place on Thursday, November 19, at Lomas and Company’s office on Market Street and is aimed at small or medium enterprise and owner-managed businesses who don’t have a succession plan in place.

Andy McNish, a business lawyer and corporate partner in Davis Blank Furniss for 25 years, explained the concept of the event.

He told the Reporter and Chronicle: “For business people it’s like personally making a will – it’s something we know we should do but few of us get round to doing it.

“If you’re a business owner you don’t get a lot of time to sit down, think five years into the future or how you plan to get out at the end of it.

“You spend a lot of time dealing with what crops up day to day and keeping your head above water.

“The problem is you can get to the end of your career and not get the reward you deserve for all your hard work because you haven’t lined up a successor or worked out how someone is going to pay to take over your business – so that’s what the seminar is getting business people to think about.”

Paul Lomas, the principal of Lomas and Company chartered accountants firm, explained why succession planning is considered a daunting prospect in a business handover.

“I don’t think people pay enough attention to planning succession. A major part of a business individual’s wealth is tied up in their business affairs.

“They should plan for unlocking that wealth in relation to their personal objectives during their lifetime.

“The reason people bury their hands in the sand is because they have never done it before. It can be a complicated and stressful process and they can approach it as a mountain in the distance but it’s important to know the mechanics behind it.”

For more information or to access an online version of the presentation, you can contact Andy on 01457 860606 or Paul on 01457 860285.

Click here to hear more from Andy and Paul on Succession Planning

By Adam Higgins