John Goodwin Limited

Retail is a fast-moving and sometimes fickle industry and it is a credit to David Jessey and his two sons, Daniel and Alexander that John Goodwin Ltd continues to thrive. In today’s often anonymous retail environment excellent customer service is a key differentiator.

Many successful businesses are family owned and run. Such businesses enjoy a unique culture and often greater loyalty and motivation, brought about by the family ties. As new generations come on-board they bring new ideas and energy, and their contribution can often be much greater if they have obtained business experience elsewhere before joining the family business. However, family businesses do present interesting and unique challenges, not least planning for succession.

David has already delayed his retirement by two years as he wishes to see a number of projects through to their conclusion. The global recession and resulting slow down in business is also likely to have been a key factor in that decision. It is now important that a clear path to succession is established; a path that clearly defines roles for David, Daniel and Alexander and a timeframe for David’s departure. This will allow David to gradually handover control.

It is often helpful to have an independent third party assist in this role, helping structure the process and acting as a sounding board providing strategic input through this crucial stage in the business life-cycle, as well as helping to ensure that succession is handled in a tax-efficient manner.

Alan Poole, Director, James Cowper LLP
0118 9590261 or email apoole@jamescowper.co.uk

April 2011