Planning for succession is one of the biggest challenges a business owner will face, and despite the fact that giving the topic early consideration can mean better results for the employer, the employees and the business, many delay. Instead of viewing succession planning as a daunting task, Scottish Enterprise is encouraging businesses to see the potential for change as an opportunity to secure their business’ future and improve its performance.
As a succession solution which can bring a host of benefits, employee buyouts are becoming increasingly popular in Scotland. Becoming employee-owned gives staff a meaningful stake in the business, boosting productivity and performance, whilst ensuring the company is anchored in the local area, retaining jobs and skills.
For luxury Arran resort Auchrannie, which was sold to the employees by the family owners last year, selecting the right succession option was vital to maintain the values upon which the company was founded.
Commenting on the decision, founder Linda Johnston said: “Many exit options were considered over the years but none protected the ethos of the company, the existing team or the community use of Auchrannie’s facilities for future generations like employee ownership did.”
To help business owners decide whether an employee buyout could work for their business, Scottish Enterprise will be hosting a series of four ‘Selling your Business’ workshops over the coming months, exploring succession options including employee ownership.
If you are a business owner considering an exit from your company, these workshops are an excellent opportunity to hear from succession and employee ownership specialists, as well as employee-owned companies themselves.
Glasgow, 27 June 2018: Land remediation specialist ERS and audio-visual solutions company Mediascape share their experiences of becoming employee-owned whilst law firm Anderson Strathern offers expert advice on succession.
Edinburgh, 27 September 2018: Hear why campervan specialist Jerba Campervans and healthcare association management company Fitwise sold to their employees, and get expert advice on the EO model from Co-ownership Solutions.
Dundee, 23 October 2018: Oil and gas engineering consultancy Merlin ERD and aerospace engineering company STAR Dundee explain why they chose an employee buyout, while law firm Blackadders gives guidance for business owners looking for an exit strategy.
Glasgow, 20 February 2018: Discover why luxury resort Auchrannie and design and digital agency P4P sold to their employees and get expert advice from Co-ownership Solutions.
Whether you’re looking to exit your business imminently or in the more distant future, it’s never too early to start exploring your options. For more information about succession and the support available from Scottish Enterprise, visit: