#succession-planning

#succession-planning

Many British entrepreneurs, after building successful businesses and accumulating wealth, look to minimise risk and diversify their assets. Yet in the UK's tightly regulated financial landscape, shaped by evolving tax rules, changing inheritance frameworks, and increasing regulatory scrutiny, this familiar step is only part of the journey. More than just banking solutions, today's entrepreneurs often seek something broader: a complete, compliant approach to managing their wealth - from structuring and succession planning to intergenerational transfers and sustainable investment strategies that traditional banking only partially covers.

With Berkshire beating the S&P 500 in the vast majority of its years as a publicly-traded entity, and a solid succession plan in place which will ensure the longevity of this incredible bastion of capitalism, those who own Berkshire stock may not want to consider selling before the end of the year ahead of this key transition.

The Rugby Football Union has no plans to begin talks with Steve Borthwick over extending his contract beyond 2027 for the foreseeable future despite England's 11-match winning streak and autumn clean sweep. Borthwick's contract runs until the end of 2027 but with England halfway through the current World Cup cycle and currently third in the world rankings, the RFU chief executive, Bill Sweeney, has no immediate intentions of discussing an extension in a sea change from the union's previous approach.

But, despite the indisputable significance of a founder's strong presence to provide direction and shape the culture, is it wise for a company to be unable to survive without them, even for a short time? If a short-term absence of a few weeks halts operations and makes it impossible for everyone to perform their daily tasks, then the organization is not truly thriving.

Over the next 20 years, an estimated $84 trillion will change hands in the U.S.; some call this the Great Wealth Transfer, others the Silver Tsunami. This wealth is held in cash and assets, but also in the estimated 2.9 million private U.S. businesses that are owned by those over 55. Many retiring business owners will look to sell their company to private equity or larger conglomerates, while others will pass their businesses on to their heirs.

Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.

The research centered around a model that probed the selection of 1,345 CEOs from 900 S&P 1500 firms between 1990 and 2020, and found that generally lower CEO performance versus expectations following succession correlated with higher experience among the directors who chose them. But there was a catch - this was the opposite when the CEO involuntarily left (where previous experience led to a better hire). Where the CEO voluntarily left, previous hiring experience meant weaker performance from the candidate appointed.

To nab the jaw-dropping pay package that could make Elon Musk the first trillionaire, the Tesla CEO first has to find his successor - eventually, anyway. Succession planning is rarely easy and often gets harder when it involves replacing a high-profile exec. Whoever eventually steps in to replace Musk will have a big job to do, leadership experts told Business Insider.

Michael O'Leary stated that he will not run for the 'non-job' at the Áras and reiterated the importance of implementing an 'aggressive' tax on Airbnb.

Now, I find that my greatest pleasure is helping the next generation of impassioned editors.