More than half of Scottish business owners will stay involved after taking a step back
Some 54 per cent of Scottish business leaders plan to stay at the helm and hand over only the day-to-day running of their business, either to a candidate from the wider sector (32%) or to an employee already working in the business. company (22% cent), according to the Rathbone Investment Management study.
Just under a third (29%) have a family member in mind to take over when they resign.
During that time, about one in ten (12 percent) will make a clean break in retirement, with a plan to sell and exit the business.
Angus Kerr, Head of Scotland at Rathbones, said: “It is encouraging to note that only 3% of Scottish business owners do not have an exit plan for their business.
“Succession planning is rarely urgent, but it is always important, and planning for continuity and emergencies is particularly critical as markets remain changeable and skills shortages emerge.
“The last thing a successful leader wants to see is that all their efforts are in vain, and by mentoring individuals and strengthening structures and working methods this risk can be greatly mitigated. “
Reinvestment is one of the top priorities for retiring business owners, as about 42 percent will invest the money they earn from any stock market sale and 35 percent will look to invest in real estate. . Just under a third (31%) plan to donate a portion of their profits to charity.