With two thirds of UK businesses failing because they don’t have a succession plan in place, it’s hardly surprising that the transition of ownership and leadership weighs heavy on most business leaders’ minds.
Here, Jo Draper, Director of QuoLuxTM, sponsors of the Family Business of the Year category in the BristolLive & Bristol Post Business Awards 2019, discusses the value of succession planning – particularly for family businesses:
Succession planning for a family business is no less complex than for a non-family company. It’s about taking the longer-term view, in the widest possible way; including considering the next generation, growing and developing talent, as well as having a contingency plan in place. It should sit right at the heart of any family-run business organisation’s objectives.
Good leadership is of course key – and this has been evidenced through our feature series over the last few weeks. Third-generation family business Arthur David clearly demonstrated its leadership team’s aptitude for successful succession planning in claiming the BristolLive & Bristol Post Family Business of the Year Award last month.
We’ve seen first-hand, through our leadership development programme LEADTM, fifth-generation family business Hobbs House Bakery, third-generation H Sweet and second-generation Bowland Stone, make smooth succession journeys too, helping to ensure that their family businesses can continue to flourish for years.
Succession planning involves supporting middle management too, helping them to prepare for leadership roles in the future. That’s why we created LEADlight. It’s designed for middle leaders of businesses from any sector, size or type of organisation. Its aim is to help these individuals to develop their skills and awareness, to improve their performance and get better results from their teams and to prepare themselves for senior management responsibilities. By doing so, it also helps provide options for succession, while the ripple effects of effective leadership are amplified throughout the organisation.
To find out more about LEADTM and LEADlight, how they could support your succession plans and how you can use the apprenticeship levy to help develop your next generation of leaders visit www.quolux.co.uk
This post was first published in the Bristol Post, 10th July 2019.