Tony-Jackson

Tony Jackson. Having a succession plan is important when seeking bank lending

Succession will be one of the “people, planet and profit” themes discussed at Forecourt Trader’s industry Summit this month, with tips on how petrol station owners secure their business for the future, including recruiting talent from outside the industry.

Tony Jackson, chief commercial officer at Penny On the Move, will talk about his experience of joining the Top 50 Indie last year, after a career as a head teacher, and before that in banking. 

He will be one of five speakers on the ‘People’ panel, which will also discuss the importance of training, motivating, and rewarding staff – with advice from representatives from leading forecourts Sewell On The Go, and Spar Parkfoot.

Jackson says that while appointments from within the sector are often the “safest and most obvious”, employers should prioritise giving senior positions to people with leadership, breadth of knowledge and character, rather than the industry they are from.

“When I was headmaster, I almost always appointed those teachers who had experience other than teaching, and almost certainly always appointed those individuals who lit up my room with personality and character,” he says.

“David Penny has not got to where he has got to by following the conventional norm. He had senior leaders with in-depth knowledge of the sector, but was looking for something different. Someone who had already reached a certain level in another sector, but who could come in with the freshest of fresh eyes, and to ask questions with sufficient emotional intelligence as to not ruffle feathers. I hope he would think it has been a bold decision that is being repaid!”

Succession is not only important for peace of mind for the owners and staff, Jackson argues. It is also key when a business is seeking outside investment. “When I worked as a banker before heading into education, and we completed SWOT analyses on businesses, the one question any credit team wanted to know before lending significant amounts of money, was what the succession planning was like in the business.

“It would either sit at the top of the ‘Strength’ pile, or top of the ‘Weakness’ pile, and where it lay had a disproportionate influence on how comfortable the bank was with ultimately releasing funds. It is relatively simple; it is less risky to lend to a business with clear and strong succession planning,” he says.

“So reassurance is a key driver to why this is important, both in terms of external calm, but also internally, as colleagues feel a sense of security if there is strong leadership above. People enjoy working in stable and secure environments, which is why family businesses tend to have long serving employees, as they see a clear line of succession and sense of continuity, and cultural preservation. This itself leads to higher morale and retention.”

James Mabey, partner at law firm Winckworth Sherwood, who will also be on the ‘People’ panel, says that company owners need to take time to prepare for when they are no longer able to run their business.

“Assumptions about what might happen – both to directorships and shareholdings – are common and often wrong,” says Mabey.

“It’s therefore essential to put in place a carefully drafted will and also lasting powers of attorney to cover every eventuality – effectively an insurance policy for the future. The consequences of not doing so can be bleak – large tax bills, missed opportunities for tax planning, different family members inheriting shares to the ones we hoped would inherit, not to mention paralysis in the running of the business – are all possibilities. The good news is that we are empowered to control this during our lifetimes, but only if we put in place a carefully considered succession plan,” he adds.

Other speakers on the ‘People’ panel will include Alex Mortimer, finance director for Sewell On The Go, who will be talking about how the Top 50 Indie was named one of the best places to work in 2024 by The Sunday Times. Allwyn’s senior enablement manager Jo Wonham, will discuss the importance of staff training. And David Charman, managing director of Spar Parkfoot, which won last year’s Forecourt Trader’s customer service award, will share how he motivates staff.

To book your ticket for the day Summit conference, on Tuesday February 25,  at The Belfry in Sutton Coldfield, visit: https://forecourttradersummit.com/live/en/page/home