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Employee Ownership Ireland (EOI) is inviting business owners across Northern Ireland to take part in a new piece of primary research to help build a clearer picture of succession planning preparedness across the region.
Following a review of the current evidence base, EOI found there is very limited primary research available on how business owners in Northern Ireland are planning for succession. The organisation has engaged with local universities and is now working with business organisations to help build a stronger regional and sectoral understanding of the issue.
EOI is concerned that, without proper planning, valuable businesses could be lost or pushed into transactions that are not right for the owner, the workforce or the long-term future of the business, simply because owners are not aware of the full range of succession options available to them.
Take part in the survey
EOI is asking businesses across Northern Ireland to complete a short survey. The aim is to gather responses from a range of business sizes, sectors and locations to better understand how prepared owners are for the future.
As a thank you for taking part, respondents will also be entered into a prize draw to win a £200 voucher for Killeavy Castle Estate.
“Succession is an issue many Northern Ireland businesses will face in the coming years. The challenge is that too many owners are making decisions without a clear plan or without access to the full range of options.
“This research is a practical step. It will help us understand how prepared businesses are across different sectors and regions. It will also help identify where owners and advisers need clearer information and support.
“If you run a business in Northern Ireland, we would strongly encourage you to take a few minutes to take part. Your input will help ensure the findings reflect the reality on the ground.”
Karen Maguire, Chair of Employee Ownership Ireland
Employee Ownership Ireland is also keen to understand current levels of awareness and understanding of employee ownership trusts as a succession option.
In recent years, large indigenous businesses such as Gilbert Ash, S&W Wholesale and People 1st have become employee owned, alongside companies including White Ink Architects in Belfast, Relinea in Crumlin and engineering consultancy SCC in Holywood.
Employee ownership is a succession model where some or all of a company’s shares are transferred to a trust on behalf of its employees. This allows the business to continue operating while ownership transitions over time.
EOI is encouraging business owners from across Northern Ireland to take part and help shape a clearer picture of business succession planning in the region.
