New report warns that delayed ownership planning could threaten jobs, local supply chains and the future of established family firms

THOUSANDS of locally owned businesses, jobs and years of accumulated community wealth could be put at risk because too few Welsh business owners are planning for their eventual retirement or departure, a new report has warned.

The study by Economic Intelligence Wales says succession planning remains significantly underdeveloped among small and medium-sized businesses and calls for a single, clearly visible national support service to help owners prepare for changes in ownership.

The report, Small Business Ownership Succession Planning Strategies, was produced by Mark Lang, Max Munday, Annette Roberts and Neil Roche of the Welsh Economy Research Unit at Cardiff Business School.

It examined the challenges facing Welsh business owners who are approaching retirement or considering transferring their companies to family members, managers, employees or outside buyers.

Researchers warned that many owners remain focused on the everyday demands of running their businesses and do not begin planning until a sale or transfer becomes urgent.

This can make it more difficult to find suitable buyers, obtain finance or complete a successful transition, potentially resulting in otherwise viable businesses closing.

Previous research cited in the report found that only 16% of Welsh SMEs had considered succession planning over the longer term, while 47% of family-owned Welsh SMEs had no formal succession plan.

The problem extends across the UK. A 2025 study by Hymans Robertson Personal Wealth found that only 34% of family business owners had a formal succession plan.

Separate analysis by ExitRadar estimated that more than 800,000 UK companies had directors aged over 60 but no succession arrangements in place. It also found that more than 90% of smaller businesses placed on the market did not complete a sale.

The Economic Intelligence Wales report recommends creating a more coordinated system of support in Wales, giving owners a clear route to specialist advice, finance and information about the different ways a business can be transferred.

Options can include a sale to another company, a family succession, a management buyout or a transfer into employee ownership.

Adam Price, Cabinet Minister for Enterprise, Connectivity and Energy, said early planning could be critical to protecting employment and securing the long-term future of Welsh businesses.

He said: “Too often, succession planning is seen as something to consider later, when in reality early planning can be critical to securing jobs, investment and long-term business success.

“We want to create a simpler and more visible business support system that helps enterprises at every stage of their journey.

“That includes providing clearer pathways to advice, finance and specialist support for business owners considering succession, management buyouts, employee ownership or other transition options.

“By bringing support together and making it easier to navigate, we can help more Welsh businesses remain locally rooted, safeguard quality jobs and continue contributing to the growth and prosperity of communities across Wales.”

Professor Max Munday, of the Welsh Economy Research Unit, said many owners risked leaving succession planning until the last minute.

He said: “Too many business owners, busy with the day-to-day challenges of running their businesses, risk leaving succession planning until the last minute, putting years of their hard work and their critical economic value at risk.

“Many owners assume they will simply sell when the time comes, but the reality is that most businesses brought to market never complete a sale.

“This report demonstrates the importance of ensuring that business owners have access to the advice, support and funding they need to plan for the future.”

The Development Bank of Wales said it had supported 379 succession deals with investments totalling £157 million since it was launched in 2017.

These have included management buyouts, employee ownership trusts and other arrangements designed to preserve Welsh ownership and protect jobs.

Among the businesses supported was Merthyr Tydfil-based Design & Supply, where investment helped the existing management team take control of the company.

The bank also supported the transfer of logistics company Lloyd & Gravell into employee ownership.

A further £5 million investment package helped fund the management buyout of Tredegar-based Dragon Recycling Solutions Ltd.

Giles Thorley, Chief Executive of the Development Bank of Wales, said ownership transitions required careful preparation and could not be expected to happen automatically.

He said: “Wales has thousands of successful locally owned businesses that are central to jobs, supply chains and communities, but too many are approaching ownership transition without a clear plan.

“Successful transitions do not happen by accident. They require early planning, good advice and access to appropriate finance.

“Unless support is simple to find and easy to navigate, otherwise strong businesses can struggle to realise their value or secure their future.

“We have seen first-hand how succession funding can protect jobs, preserve local ownership and create the platform for future growth.”

He said a single national support service, backed by practical advice and greater awareness, would help more business owners prepare before they were forced to make urgent decisions.

Economic Intelligence Wales is a partnership involving Cardiff Business School, Bangor Business School, the Enterprise Research Centre, the Office for National Statistics and the Development Bank of Wales.

PEMBROKESHIRE County Council is on the lookout for a new senior officer with a salary, including allowances, that could top £150,000 a year.

In an advertisement posted on its own social media page, the council is seeking a new Deputy Chief Executive and Director of Place.

It says: “Are you an experienced leader with a passion for place, regeneration and economic growth? Pembrokeshire County Council is seeking a Deputy Chief Executive and Director of Place to help shape the county’s future.

“This influential role will lead on regeneration, economic development, planning, transport, environmental services, climate change and major capital projects, supporting ambitious investment opportunities including the Celtic Freeport.

“Based in Haverfordwest/agile, Pembrokeshire: £132,063 – £145,050 plus £9,576 lease car allowance and relocation package.

“If you have a strong track record of delivering growth and transformation in complex environments, we’d love to hear from you.”

A linked page quotes Chief Executive Will Bramble, which also features a video of him promoting the county as a place to work: “Pembrokeshire is a great place to learn, live and grow. With some of the finest natural assets in the whole of Wales, we are immensely proud of our county and everything it has to offer.

“Since I joined Pembrokeshire as Chief Executive in 2021, I have been hugely impressed by the passion and dedication of our officers and members, and their shared commitment to delivering the best possible outcomes for our residents.

“As part of our journey towards being an even better organisation, we are looking to recruit for this critical post.”

A RETROSPECTIVE call for amendments to a previously granted building and slurry lagoon at a 700-herd Pembrokeshire dairy farm has been given the go-ahead by county planners.

In an application to Pembrokeshire County Council, Bill Ridge of Vaynor Farm Ltd, Bethesda sought retrospective permission for a replacement agricultural building for cattle housing, the retention of a slurry lagoon as built and associated works at Talybont Farm, Llawhaden.

A supporting statement through agent Cynllunio RW Planning Ltd said: “Bill Ridge farms at Vaynor Farm, trading as Vaynor Farm Ltd. The farm is a 645-acre farm compromising of owned and rented land, this supports a dairy herd of circa 700 cows. The dairy system is an extensive grass-based spring calving system.

“The application is made following receipt of a letter from the local authority planning enforcement department stating that the replacement agricultural building which had recently been erected required planning permission and that the lagoon also recently built seemed not to be in line with the approved plans of [the 2022 application] recently approved on site for the lagoon.

“Therefore, this application seeks retrospective planning permission for the retention of the building as built and the lagoon as built.”

It said the 22.72 by 13.33-metre agricultural building “will house the farm’s dairy replacement heifers as a replacement to the previous building on site,” and the lagoon is of a similar size, depth and capacity to the previously approved one, other than slight changes in positioning and orientation, providing 4,500square metres of slurry storage, which in combination with the existing store of 6,900cubic meters at Vaynor will provide over 170 days’ storage.

It went on to say: “All development is reasonably required for the purpose of agriculture. The applicant does not intend to increase the farm’s stocking rate as a result of this development.”

An officer report recommending approval said the application had been amended since being submitted to improve the proposed green infrastructure, adding: “Information has been provided during the course of the application that proposal is not intended to result in, or support, an increase in the herd numbers of the agricultural enterprise.”

It concluded: “Based upon the information provided within the application, it is considered that the development would be reasonably necessary for the purpose of agriculture.”

The application was conditionally approved.