Birmingham based accountancy firm JW Hinks is urging business owners to make sure there are plans in place regarding the future of their business.
Building a business up from the ground is no easy task, which is why business owners should plan for the future, as circumstances can change at any moment.
Dan Morgan, a Partner at JW Hinks is emphasising the importance of ensuring that provisions are in place to limit the impact on the business, should there be an unforeseen incident that affects the running of your company.
Experts at JW Hinks have helped hundreds of multi-generation businesses through the complex process of succession planning, helping to give business owners peace of mind that they can step away from their company knowing their business is going to be looked after.
Dan said: “When planning towards the future of your business there are several important factors that have to be considered including what could happen in the short, medium and long term, as they may all require different plans.
“It is important to not to automatically assume that the next generation will want to take on the company. Instead, owners should hold an open and honest discussion with them about whether they are truly interested in one day running the company and decide the best course of action from there.
JW Hinks is also advising business owners to ensure the most qualified person for the role is found, even if this means seeking experience out of the family.
Dan added: “Too many businesses are handed over to inexperienced or underqualified family members, which is why we recommend treating a family member as any other employee. This means taking time to invest further in their training where necessary or looking outside the family, too, when considering who might be the best person to take the reins.
“If you are considering passing on your business then we recommend you contact one of our experts today to find out how we can help you.”