Business succession is often the elephant in the board room, however poor planning can leave a previously successful business very vulnerable. In reality,
Business succession is often the elephant in the board room, however poor planning can leave a previously successful business very vulnerable. In reality, it’s never too early to start thinking about your succession options.
Edinburgh-based Computer Application Services (CAS) took the route to employee ownership when a trade sale didn’t materialise. The chief executive and chairman invested a proportion of shares with the remainder going to an employee trust or bought by individual employees. The company has since sought external funding to enable growth plans and is thriving.
Elsewhere in Edinburgh, Mike Stoane wanted to exit his company in a way that meant minimal disruption to the great team he had built up. He sold the majority of his shareholding in his firm, Mike Stoane Lighting, to an employee trust. Majority trust ownership allows firms to pay bonuses exempt from income tax subject to certain conditions being met.
Aimed at business owners who might be considering an exit from their company, this session will give attendees the opportunity to hear CAS and Mike Stoane Lighting explain what factors they considered in choosing employee ownership for their businesses, what concerns they had and how things have worked.
Further insight on the benefits of employee ownership as a succession option will be provided by Bruce Farquhar, Partner at Anderson Strathern, who supported both firms through the process. Bruce will talk through the succession options open to business owners, managing the transaction and how to ensure the exit is a smooth process for the vendor and the company.
Book your place on the Scottish Enterprise website: http://bit.ly/2o0fKmR
(Wednesday) 9:30 am - 12:00 pm
Edinburgh, EH3 8EY