There is a need to distinguish the role of management from that of the board. This can be difficult in situations where the principal management comprises the owner/s of the business with perhaps some key staff who have certain operational responsibilities. There may be an insufficient number of directors to have an effective board carrying out the various commercial and legal responsibilities that are the preserve of the board.
Having one or more experienced non-executive directors is one way of beginning the process of bringing objectivity, accountability and governance to a company. There should be a separation of what goes on at management meetings and what goes on at board meetings. They are not the same. The drive for such change will often come from those who are not close to the company but who have been brought on to the board because of their experience of best practice in other companies and sectors.
Throughout his professional life Gerry McInerney has helped many individual business owners and their business partners achieve business succession. For the existing owner, utilising the full array of tax incentives, planning for tax efficient income to meet expected needs in retirement, advising on wealth management and Wills (to pass on wealth to the next generation) are all important parts of the process. Putting in place appropriate governance in the form of management structures, competent boards, shareholder agreements and family charters are vital for those taking over in a family business succession.
Our experience equips us to help you plan and execute a workable succession strategy that takes account of your needs and those of all relevant parties.