Northern Ireland Businesses Urged to Plan for Ownership Succession

Northern Ireland is facing a growing challenge around business succession planning, with limited data available on how prepared owners are for the future of their companies. Employee Ownership Ireland (EOI) is inviting businesses across the region to take part in new research designed to build a clearer picture of succession planning preparedness.

Employee Ownership Ireland works with business owners, advisers and employee-owned companies across Northern Ireland to support succession planning and ownership transitions. The organisation has engaged with local universities and is now working with business organisations to build a regional and sectoral view.

EOI is concerned that many successful businesses are approaching a point where founders and long-standing owners are beginning to consider retirement or ownership transition. 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 do not know all the options available.

They are inviting businesses across Northern Ireland to take part in a short survey to get a sample, across different business sizes, sectors ,and locations as to how prepared they are for the future.

Karen Maguire, Chair of Employee Ownership Ireland, said:

“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.”

Employee Ownership Ireland is also keen to gauge the level of knowledge and understanding around employee ownership trusts as an option to succession. In recent years well known local businesses businesses including Gilbert Ash, S&W Wholesale and People 1^st 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.

If you would like to find out more about employee ownership in light of the Budget changes announced last autumn, EOI is hosting a Roadshow in the MAC in Belfast on Tuesday 24^th March from 9.30am until 12 noon.

To access the survey or to sign up to attend the roadshow , simply search Employee Ownership Ireland online or on socials.