March 2025
Generational change
- Do you want your company to stay in family hands?
As an owner-manager, you have put your heart and soul into your business, and when the time comes to pass the baton to the next generation, it's important that the process happens in harmony with your values.
Successful succession requires more than just legal and financial considerations - it's also about ensuring consistency, stability and well-being for both the family and the business.
To create a smooth transition, we recommend that you consider a number of things during the succession process.
Read more below.
If you need legal advice or have any questions, please contact us.
Considerations for succession planning
Start early
Planning should start well in advance so you can make the right decisions at your leisure and ensure that both your family and business are ready.Find the right transfer form
Should the business be transferred as a gift, inheritance or sale? The right solution depends on the needs of both the family and the business.Think about tax and finances
Tax issues can have a big impact on both you and your successors. A thorough review can ensure that the succession is done in the most favourable way.
Get a handle on the legalities
All agreements must be clear and documented, including ownership, company structure, future roles and succession issues.Create a good dialogue in the family
Succession affects you, your family members and employees. Transparency and clear expectations can make the transition easier for everyone.Prepare for the emotional aspect
Letting go of something you've built can be a major upheaval. It's important to address both your own feelings and the role of your successors in the business.