Business succession requires detailed planning and reliable implementation. This is a long-term process, sometimes it may take up to several years. Since we specialise in rendering services to family businesses, we devote a lot of time to such matters. Our team of qualified specialists guarantees that the process of transferring enterprise to successors is seamless. Preparation of legal basis and the choice of a solution which is most appropriate in terms of company strategy and the owners’ family situation are of utmost importance in the process of business succession.
Business succession – preparation
Watching children grow up, every entrepreneur wonders whether they will follow in their footsteps, whether they will run their company, when they will want to retire. Company succession should be planned and prepared well in advance. Why? Because the biggest problem seniors are faced with is the reluctance on the part of the young generation to take over the business. This stems from various reasons – perhaps the successor is ambitious and wants to prove that they can create something of their own from scratch. Or perhaps they just don’t feel like being the CEO. There are many such reasons. As lawyers who go beyond the traditional framework of legal services, we are able to prepare both younger and older generations to go through the process of succession. Not only formally, but also in personal terms.
Formalising business succession
Business succession which is conducted in a formalised and structured way from start to finish guarantees better results. An action plan should be drafted as soon as possible so that the company can thrive even in the event of any acts of God, which are beyond anyone’s control. The process is very intricate and a lot of elements, such as taxes, need to be taken into consideration. Our lawyers and counsellors will draw up all necessary documents and will instruct the parties on the opportunities and threats involved. This is how all the elements of business succession will be in place and the process itself will run smoothly and without any surprises.
Planning and consulting during succession
There is no doubt that succession must be planned in detail and well in advance. Many families face the problem of planning succession too late. It is a complex and long-term procedure. While implementing the plan, the occurrence of unexpected events should be borne in mind. We are able to provide continuous support in succession so that the process is implemented properly, smoothly and efficiently. The entrepreneur can look into the future of his company, children and property without fear. We also have solutions whose implementation guarantees business continuity also if the owner does not have any relatives who he would like to transfer their company to.
Securing property in terms of inheritance law and corporate law
Entrepreneurs are often so attached to their businesses that they want to manage it as long as they are able to do so. If this is the case, it is of key importance to secure property, both private and company assets, upon death. We can help with that. Experts in inheritance law and corporate law will deal with all required formalities. They will also propose solutions to facilitate the performance of the succession – also in terms of tax matters.
Planning activity after business succession
An entrepreneur is a doer. This is why it is so important to plan activities which will follow the transfer of the enterprise to the younger generation. Our specialists will advise both the senior and the successor on what stimulating solutions to use. For instance, the senior may support his successors as an advisor or consultant in matters of key importance to the company. This will enable them to continue participating in the company’s life while empowering the successors to run the company. There are many opportunities and we will help select the ones that are the most appropriate in a particular company
Read our article on succession in family businesses: Article