1st October, 2018, Alex Salmon
For the last few months I have been talking non-stop about myself, so I thought it might be an opportune time to talk about my own father.
He has recently gone through a massive change in his life, having retired from a career in the oil industry.
He thought this would mean new hobbies and countless long holidays.
How wrong he was.
After taking the family away abroad to celebrate my birthday he kindly offered to help with my two children, aged three and one, when my partner and I are at work.
He thought he would ease himself in gently with a nice trip to Nicholas Everitt Park in Oulton Broad with my son.
My father envisaged a little kick about with a football and an ice cream.
The reality wasn’t quite the same.
My son thought Grandad would find it hilarious to fish the football out of the water, which he repeatedly threw over the railings.
Several times later the football was confiscated and my son had a paddy.
The paddy escalated when he liked the look of another child’s dolls pram and couldn’t understand why he wasn’t allowed to take it home.
My son that is, not my dad.
Needless to say by the time I returned home Dad was contemplating a U-turn on the retirement.
Dad was lucky to have an attractive pension and as an employee he didn’t need to worry about the future of any business he was leaving behind.
But for people who own a business and want to make sure it is secure for anyone who takes it over, succession planning is the key.
At my accountancy firm Stephenson Smart, we specialise in helping business owners to achieve the highest value for their business. We aim to minimise any tax, so they can keep more of the proceeds.
We advise people to plan at least two years in advance and we can help define which roles are critical, possible successors and provide business advice when new managers take over.
I am now my dad’s successor in park duty. The football isn’t coming.