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Businesses in Newry, Mourne and Down are among the most engaged in Northern Ireland when it comes to succession planning, according to new research by Employee Ownership Ireland. A survey of businesses throughout Northern Ireland found that 68% of respondents in the Newry, Mourne and Down council area had considered succession planning, slightly above the Northern Ireland average of 67% and ahead of Belfast, which recorded 63%. Mid Ulster recorded the highest proportion among the larger council areas surveyed, with 76%.
Despite this encouraging level of awareness, the wider survey found that only 8% of businesses in Northern Ireland have a formal written succession plan in place, highlighting a significant gap between recognising the importance of succession planning and taking practical action.
Karen Maguire, Chair of Employee Ownership Ireland spoke of the strong track record of locally owned businesses. "Newry, Mourne & Down has a proud tradition of successful locally owned and family-owned businesses, many of which have been at the heart of the local economy for generations. S&W Wholesale, a major employer in Newry is one of NI's largest employed owned businesses.
"It is encouraging to see that succession planning is already on the agenda for many business owners across the district. However, our research shows there is still a significant opportunity to help businesses move from simply thinking about succession to developing a formal plan.
"Starting those conversations early gives owners more time to consider all of the options available to them, including employee ownership where appropriate. Planning ahead helps protect businesses, safeguard jobs and preserve the wealth and expertise built up over many years."
The research explored how businesses in Northern Ireland are approaching succession planning and their awareness of employee ownership as a business succession option. Employee Ownership Ireland, supported by the Department for the Economy, is encouraging business owners to start planning well in advance of retirement or ownership transition and to seek professional advice early, helping to ensure they have the time and flexibility to choose the succession route that best suits their business.
