Succession planning and EO – how to fast-track your understanding
Succession planning. Two words, so many options – depending on the size and set-up of the company you own.
So if you’re the founder/owner of an SME or family business who’s considering employee ownership (EO) for your exit strategy, what do you need to know?
And how can you gain the practical knowledge to make an informed decision in a way that is time- and cost-effective, from people with first-hand experience of what it means to be EO?
Accelerating company owners’ understanding of EO
It was these questions that prompted JGA to develop the new fast-track EO Accelerator programme in partnership with the Employee Ownership Association, working alongside experienced legal and financial advisors Triodos and TLT.
‘With the challenges company owners face today, having a programme which accelerates their understanding of whether EO is the right path and – if it is – how to successfully transition their business couldn’t feel more timely,’ says our MD Jeremy Gadd.
He and Associate Garry Davis will be leading the first EO Accelerator. So what is the EO Accelerator and why is it different?
Jeremy Gadd
Creating an opportunity to network with others
The EO Accelerator is an immersive EO learning programme that fast-tracks a business owner’s exploration of EO as a succession option, ultimately accelerating their decision-making.
Its focused content and design offer particularly good value for founder/owners by providing a confidential space for insightful discussion, alongside opportunities to reflect and apply learning.
A key strength is the chance it brings to network with expert advisors and former founder/owners who have already transitioned their companies to EO.
‘We want to ensure that each delegate has the opportunity not just to understand the EO transition process and its impact on themselves as leaders and their business – but that they are also able to build a supportive network which will continue to add value beyond the two days,’ Jeremy explains.
‘I’m looking forward to seeing the culmination of the work that so many have invested in making the EO Accelerator a rich, immersive and inclusive experience. Not forgetting that after more than a few virtual sessions, it will be great to meet up and deliver this programme face to face!’
Supporting informed succession planning
Garry agrees.
Having played a pivotal role in the programme’s design, he’s looking forward to engaging, informing and inspiring founder/owners who are considering EO and are presently ‘looking up at what can seem a pretty daunting route into the unknown’.
As he explains: ‘It’s exciting to be involved in developing and facilitating a programme that gives a much-needed holistic view of EO, what it is and what it isn’t.
‘The issues around succession, what’s the best next step for your business and how you equip and engage those who work in it, can feel immense – and, of course, they won’t go away or become any less important,’ he adds. ‘In this context, taking two days to explore and reflect on the wide range of topics covered in the EO Accelerator seems like a wise investment indeed.’
Philippa Meaden
Sharing first-hand experience of EO
Lisa Fryer, JGA’s Operations Manager and Associate, is equally excited that booking for the first EO Accelerator is now open.
‘With this programme, we're pulling on JGA’s experience of supporting more than 90 clients at different stages of their EO journey, not just transition,’ she reveals. ‘So although it is focused on preparing to become EO, we’re able to reference and anticipate the issues that organisations might face further down the line.
‘This gives delegates a better chance of getting things in place with communications and employee engagement from an early stage. JGA’s position of not providing specialist regulated advice services (legal and financial) enables us to bring a fresh perspective to the whole transition journey.’
Lisa also highlights the benefits of working in partnership with the EOA to deliver the EO Accelerator, including access to a wide range of the EOA’s resources. ‘That access helps to cut through to key considerations for those seriously exploring the EO model and transition planning,’ she explains.
A fast-track EO learning programme delivered with the EOA
JGA’s Lead Associate Philippa Meaden is looking forward to seeing many months of labour come together at the first EO Accelerator.
She has been involved with evolving the programme’s content and guiding collaboration since May 2022.
‘It’s been an interesting evolution of a project,’ she confirms. ‘I love working with founder/owners at the early stage of the transition process so to be able to pick this up, work with fabulous stakeholders and see it all come together has been very exciting.
‘When you’re looking at the future of a business you’ve grown there’s always a personal attachment – understanding how to leave a legacy is a challenge. There’s no one size fits all and the EO Accelerator gives founder/owners the opportunity to be fully immersed in learning about EO to support their thinking and provide a better grounding for any decision they then take.
‘Recognising where JGA’s own strengths lie, we’ve developed a programme that enables other expert advisors to input and gives delegates a level of service not offered anywhere else.’
‘With the EO Accelerator programme, we’re pulling on JGA’s experience of supporting more than 90 clients at different stages of their EO journey, not just transition… so we’re able to anticipate the issues that organisations might face down the line’
Lisa Fryer, JGA Operations Manager and Associate
Garry Davis
Building clarity and confidence for the next step
But the last word goes to Garry.
‘Having worked with a wide range of businesses, owners, founders and leaders over the years, we know there isn’t a ‘one size fits all’ version of EO,’ he concludes, ‘and the EO Accelerator programme reflects that.
‘In addition to hearing from experienced practitioners there needs to be the space to discuss, reflect and apply to our own circumstances, challenges and opportunities. We want attendees to leave the EO Accelerator with a greater sense of confidence about their next steps.’