Business owners in the West Midlands are putting their firms at risk because they have no plans for succession, Business Link warns.

The advisers said that an estimated 38,000 business in the region were in danger of closure because no consideration had been given to a successor.

"Often people are just so busy dealing with the day-to-day issues of their business that they really don't have the time to look up and see the horizon," Business Link adviser Mike Sansom said.

"But if all 38,000 firms were to close because of succession failure, 750,000 to one million employees could potentially lose their jobs,"

Mr Sansom said there were a number solutions, but that owners needed to plan ahead.

To address the issue Business Link is teaming up with finance expert, Charles Wright of Heathcote and Coleman, and PR adviser Sue Haswell of Haswell Holden to highlight the issue.

Called Your Business Future - Windfall or Wind-up?, the full-day seminar gives business owners the chance to learn how they can maximise the returns from their business future and also tap into current Business Link funding for succession planning.

There will be a full morning of talks and workshops, and a full afternoon of one-to-one clinics where people can speak directly to experts.

Charles Wright form Heathcote & Coleman said: "I come into contact with hundreds of businesses, and I am very concerned that owners tend not to consider the succession issues of their business adequately.

"Often the rewards that come from selling or passing on your business can be far greater than the rewards that are generated by running the business. However to maximise this potential wind-fall, it is essential that directors start to prepare early. This can mean putting a plan together years before exit, but really the sooner the better."

The seminar will take place on November 23.