Over two thirds of SMEs have no succession plan

Victorious Festival on Southsea Common

‘Please don’t drive to Victorious’

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MORE than two thirds of small and medium-sized businesses across the south east have no succession plan.

Figures revealed by the Aldemore Future Attitudes reveal that 67 per cent of businesses across the region have no clear plan in place to ensure that their businesses do not suffer when key staff leave.

Despite this, a survey of over a thousand senior business decision-makers from across the region found that one in 10 believe the biggest threat to their business is the departure of a senior executive.

When asked about their succession plans, less than one in 10 of those surveyed felt that they could survive on the basis that none of their staff members were indispensable or would be difficult to replace.

Carl D’Ammassa, group managing director of business finance at Aldermore said: ‘It is concerning to read that the majority of SMEs in the south-east do not have any succession plans in place despite being conscious of the adverse consequences that may result should crucial employees leave the business.’