Coutts to hold free SME succession seminar

FAMILY firms with an annual turnover of £1m or more are being invited to attend a special seminar by bank Coutts & Co.

The Leeds office is holding the ‘Making a success of succession’ on March 31, at Rudding Park in Harrogate from 11.30am to 2.30pm.

The free event – the first of its series to be held in the country – will enable family enteprises to discuss and explore the challenges facing their business and consider solutions designed to keep them strong and united.

It will also give family run businesses the opportunity to network with like-minded family business owners, network, share ideas, experiences and examples of best practice from other family businesses throughout the difficult economic climate.

Speakers include Christopher Oughtred, shareholder and former chairman of William Jackson & Son – a family business established in 1851 – who will share his insights on keeping the business in family ownership across five generations.
Mr Oughtred will explain the steps the family have taken preparing for succession, which included aligning the vision of the family, next generation development, regular family meetings, and the creation of a amily constitution and family council.

Juliette Johnson, senior family business adviser at Coutts, said: “Succession isn’t easy. In fact research has shown that only 13% of family businesses successfully manage to pass down to the third generation.

“We have found that families learn best from hearing the experiences of other families who have been through succession and come out stronger the other side. In these challenging economic times that we are in, any practical ideas about how to ensure smooth succession and avoid some of the common pitfalls will prove to be invaluable.”