Abbreviations from Text

Hi,

Having one column with long name - between one to 5 words.

Wishin to create abbreaviations = Max 12 char based on long name.

I should be able to count number of Spaces or number of words in order to adapt formula.
=SAMMENKÆDNING((VENSTRE(P10;3));MIDT(P10;FIND(" ";P10;1)+1;3);MIDT(P10;FIND(" ";P10;FIND(" ";P10;1)+1)+1;3))

Gives an error when only 1 or 2 words..

Can you also ignore an "&" in the text?

Thanks :-)