Planning for the Future: Succession or Sale

The final event in this year’s Business Owners and Leaders Forum series takes place at Carlisle Racecourse on November 1^st and will focus on ‘planning to let go’.

With over a quarter of the business owners who responded to our Family Business Survey declaring that they plan to exit their business within the next 5 to 10 years, we will look at the variety of options available and discuss why it’s imperative to plan ahead.

Join us as we consider exit preparation, along with the pros and cons of the varying routes available, whether you choose to pass or sell to a family member, opt for a management buyout or sell to the highest bidder.

Our panel of speakers will share their own unique experiences of ‘letting go’. Speakers announced so far include Kay Berry (former Costa Coffee Franchise partner) and Roger Smith (Managing Director of Thomas Graham & Sons).

Kay began her Costa franchise, Purple World Limited, in 2005 with one store in Freeport Village, Fleetwood. This then quickly grew to 10 stores employing over 150 people across Cumbria and North Lancashire. In 2015 Kay opted to sell her franchise business and will share with us her experience, and an owner’s perspective, of preparing for sale.

Roger Smith is the 5^th Generation of his family to head up the 126 year old steel stockholding and industrial supply firm based in Carlisle. Roger will share his knowledge of passing a business from generation to generation and the inherent challenges entailed.

Also joining Roger and Kay are sale and succession experts, Corporate lawyer, Michael Walby of Burnetts Solicitors, and Jim Meakin, Armstrong Watson Partner and Head of Tax. Michael has assisted many local businesses through change of ownership and will offer a legal viewpoint on the key factors involved in the sale and succession process. Jim will share his experience of supporting and advising businesses of varying sizes with the decision making and planning required in preparation for exit and will discuss the options available, and how to achieve the best result for you and your family.