Succession Planning and its importance

At the meeting on Friday 15th July we had a very informative talk from the knowledgeable Charles Fraser on this topic. It is relevant to businesses and perhaps more than people think – why not get thinking about this before it becomes an issue!

Please note that this article is written on the very briefest of information from Charles – if you would like infomaed details please contact him directly.

So what’s it about?

Well if something happens to the owners of a business – it may be just an injury that takes them out the business for a while, long term issues or even an unforeseen death. There are three main people groups that have issues with succession planning:-

  1. The Sole Trader
  2. A Partnership
  3. A Limited company
  1. Sole traders – often an executive can access the account but this may not be the case. From the moment something happens to the sole trader there are issues to be dealt with from the simple paying of bills to sorting out longer term issues.
  2. Partnerships – should have a written agreement as an informal one does not help in the event of one partner wanting to walk away – it may mean the business has to be liquidated!
  3. Limited companies – these can easily carry on after an issue because there may be shareholders but key contacts need to be in a file and not in just one persons head because oftern the really important information is just held by one main person.

So plan ahead and feel free to contact Charles for detailed information .

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