Over half of UK SME leaders do not have a succession plan in place

Research conducted on behalf of Aldermore has found that three fifths (62%) of UK SME leaders do not have an exit strategy despite 45% of UK SME decision makers believing the departure of senior executives is the biggest threat to their business.

Surprisingly the younger generation of UK SME leaders (18-34-year olds) are planning more than older generations with over half (56%) having a succession plan already in place.

Of those who have a plan in place, the most popular exit is liquidation (29%) followed by handing over to other senior colleagues (25%) and is likely to happen in the next two to five years.

Regarding those who haven’t planned their exit, a third (33%) say this is because they don’t ever plan to leave the business while a quarter (25%) feel their departure was too far away in the future to plan.

Find out more here.