Peter Rayney shares the start of a recent succession planning project.
During an oppressively hot July afternoon, Violet Buckle was ‘hiding’ in her air-conditioned office and thinking about the future of ‘her’ large fashion and fabrics business. The company was currently worth some £8m. Violet, known to her friends as Vi, was 64 years old and she owned 100% of Buckles Fashions and Fabrics Ltd (BFAF). She had a life-partner of some 15 years – Fred – but he did not work for the company.
Violet looked after the operational side of the firm. She also had a son, Reggie, now 30 years old, from her earlier marriage. Reggie headed up the
