Businesses advised to start succession planning well in advance of retirement or ownership transition
Businesses in Mid Ulster are leading the way when it comes to succession planning, according to new research by Employee Ownership Ireland.
A survey of businesses across Northern Ireland found that 76% of respondents in the Mid Ulster council area had considered succession planning. This is well above the Northern Ireland average of 67% and the highest proportion among the larger council areas surveyed.
However, the research also highlights that there is still work to do. Across Northern Ireland, only 8% of businesses have a formal written succession plan in place, suggesting that many business owners are thinking about the future but have yet to put a documented plan in place.
Karen Maguire, Chair of Employee Ownership Ireland, said “Mid Ulster has a strong entrepreneurial tradition, with many successful family-owned and indigenous businesses contributing to the local economy.
"It is encouraging to see so many business owners already thinking about succession. That puts them in a strong position, but there is still an opportunity to turn those conversations into clear plans.
“Succession planning is about protecting everything that has been built over many years. Starting early gives business owners the time to explore all of the options available to them, including employee ownership where appropriate. It also helps safeguard businesses, protect jobs and retain valuable skills within the local economy.”
The research explored how businesses across Northern Ireland are approaching succession planning and their awareness of employee ownership as a business succession option.
Employee Ownership Ireland, supported by Department for the Economy is encouraging business owners to start succession planning well in advance of retirement or ownership transition and to seek professional advice early.