Debate: Successful succession

Family businesses are at the heart of the Lancashire economy. We brought our panel of experts to the offices of Taylor Patterson in Preston to ask them about the vital question of succession planning – and how to meet its challenges

PRESENT: Richard Slater ~ Lancashire Business View • Paul Waite ~ Rowan Group • Nick Pickup ~ Forbes • John Daly ~ RSM • Mark Hope ~ Stonehouse Logic • Pauline Turner ~ Chorley Group • Caroline Stanworth ~ Barclays • Chris Bardin ~ Taylor Patterson • Oliver Brown ~ Crow Wood Leisure • Karen Credie ~ KMC HR

What makes family businesses different when it comes to succession planning?

Caroline Stanworth:

Oliver Brown: I worked for a large company before I joined my father’s business. I pushed myself and did an executive MBA in London. When I was on the MBA people were always talking about salary and bonuses, I kept saying that from my point of view it is always equity.

John Daly: In principle, for an enlightened owner-managed business there shouldn’t be any real difference between it and a corporate. They should really look for the best candidate in that succession. That best candidate has to really want to do it and have the skills.

A family member has to build and earn their own respect, it doesn’t just come with the name.

Pauline Turner:

My nephew is now sales director and will succeed me and, hopefully, his son, who’s ten, will come through in the future. But it doesn’t just have to be about family.

Paul Waite: The difference with a family firm starts at the top. Around the board table is where family values really come in. The difference between a family business and a corporate is that those values are always front and centre. Business for a family is continuous and if you join a family business you have got to understand that.Pauline Turner: It is about a passion for the business. As well as the skills you’ve got to have that passion and belief in building the equity and continuing to build the business.

  • This is an excerpt from the most recent edition of Lancashire Business View. Click here to buy.

Enjoyed this? Read more from Lancashire Business View

Latest news

1

Morecambe shortlisted in National Visa Awards celebrating the UK’s thriving towns David Waddington and John O'Neill

Morecambe shortlisted in National Visa Awards celebrating the UK’s thriving towns

04 Jul 2025

2

County council sets out 'areas of focus for 2025-26 in document Coun Stephen Atkinson

County council sets out 'areas of focus for 2025-26 in document

04 Jul 2025

3

Warden Construction completes project to help Preston school double pupil numbers Warden Construction completes project to help Preston school double pupil numbers

Warden Construction completes project to help Preston school double pupil numbers

04 Jul 2025

4

Grant Thornton advises RJ Power Networks on sale to Ipsum Jamie Roberts

Grant Thornton advises RJ Power Networks on sale to Ipsum

04 Jul 2025

5

College principal resigns Karen Buchanan

College principal resigns

04 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Tri-Site Survey Equipment Showcase
unnamed (2).jpg.jpg
LBV Hub Seminars
09 Jul 2025 - 09 Jul 2025

Tri-Site Survey Equipment Showcase

Crow Wood Hotel, Burnley, BB12 0RT

09:30 - 16:00

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers
Champagne-Jewellery 10 07 25_page-0001.jpg.jpg
LBV Hub Awards
10 Jul 2025 - 10 Jul 2025

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers

Blackburn Cathedral, Blackburn, BB1 5AA

18:00 - 20:30

Choose Chorley for Business - Talent Reimagined Business Breakfast
talentreimaginedbb.png.png
LBV Hub Seminars
10 Jul 2025 - 10 Jul 2025

Choose Chorley for Business - Talent Reimagined Business Breakfast

Strawberry Fields Digital Hub, Chorley, PR71PS

08:00 - 10:30

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin