BUSINESS owners spend most of their life building up their companies - and almost no time at all working out what to do with them when they wish to retire, or move on to something different, or even to pass something on to other family members.

A succession planning strategy can save time, money and angst, and there is evidence that many businesses ultimately fail because a proper succession plan has not been developed, or one has been put together too late to be really effective.

Now some assistance is available to help bosses safeguard their company's future.

Many businesses in Herefordshire and Worcestershire will be able to take advantage of a scheme that is funded by the regional development agency, Advantage West Midlands, and is delivered by Business Link West Mercia.

Advice can be given on how to go about establishing a succession plan, and in addition businesses could have access to some matched funding support, which might be up to as much as £5,000, to implement the development programme involved.

"One of the problems with succession planning is getting people to confront the issue now," said David Shelton, one of the succession planning business advisers operating in conjunction with Business Link West Mercia. It's like pensions - because it's something that's in the future people keep putting it off - so that's an issue we want

to address.

We can help business owners start the thinking process to appreciate what they should be doing and when to do it."

He said a succession planning strategy would benefit the business, reduce risk and achieve both personal and business goals.

For more information contact Business Link West Mercia

on enquiries@blwm.com or

0800 104010.

Business Link services are delivered in the two counties by the Chamber of Commerce Herefordshire and Worcestershire.