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Newry businesses are being urged to take part in a new research survey examining how prepared local companies are for changes in ownership and leadership, amid wider concerns that many firms lack any formal succession plan.
Employee Ownership Ireland has launched the survey to build a clearer picture of succession readiness among businesses in Northern Ireland. The organisation has already engaged with local universities and is working alongside business organisations to develop a regional and sectoral overview of the issue.
Research across the UK* suggests that as many as two-thirds of family-owned businesses do not have a documented plan in place for who will own or lead the company in the future. For Newry, where small and medium-sized businesses make up a large share of the private sector workforce and form the backbone of the local economy, the consequences of poor planning can extend well beyond individual owners.
Karen Maguire, Chair of Employee Ownership Ireland, said: "Every business owner eventually faces the same question - what happens to the company when they step back? Many businesses in Newry have taken years, sometimes decades, to build. They support local employment, supply chains and communities, yet succession planning is often left until very late."
The survey acknowledges that for many owners, succession is a question that is delayed while day-to-day demands take priority. However, without preparation, viable companies can be forced into rushed sales, closures, or ownership transfers that do not reflect the wishes of owners, employees, or the communities they support.
Maguire continued: "Without a clear plan, businesses can find themselves forced into decisions that are rushed or that do not reflect the long-term future the owner had hoped for. Understanding how prepared businesses are across Northern Ireland, including those in the Newry area is an important step in making sure valuable companies are not lost simply because the question of succession was never properly addressed."
The survey is open to all business owners and senior leaders in the greater Newry area and takes only a few minutes to complete. Findings will be used to inform future discussions around the range of options available to owners, including family succession, management buyouts, trade sales and employee ownership.
Employee Ownership Ireland will host a roadshow event at the MAC in Belfast on 24 March, with advisers and business leaders on hand to discuss practical approaches to succession planning, with remote joining also available.
Newry business owners wishing to take part in the survey or register for the roadshow can check out employeeownershipireland.com
Take part in the survey at docs.google.com
* Research reference: Carried out by STEP in 2024- they are a professional body that focus on family businesses. (https://www.step.org/press-office/family-businesses-risk-increased-taxes-family-and-business-breakdown-due-lack)
