Posted on 25.8.16
Corporate & Commercial Law Partner, Christian Mancier at Gorvins Solicitors, was quoted in a Natwest Family Business article about the classic mistakes made by UK family businesses and how to avoid making them. Christian commented:
“Vital business knowledge is often stored in the head of the most senior family member. If anything untoward were to happen to that individual, that knowledge, which could be technical, operational or concerning vital relationships with key customers, suppliers or employees, is lost forever.
“A well thought out and well-documented succession plan will not only address structural issues such as who takes on what role in the future, and who inherits shares, and so on, but also helps transition vital business knowledge from one generation to the next by simple procedures such as formally documenting knowledge, introducing key customers and suppliers to the next generation at an early stage and encouraging the sharing of vital business knowledge.”