As managing director for your firm, it is inevitable that at a certain point in time you need to start paying serious attention to business succession. Business succession is an important - and often emotional - moment. Both for you and for your successor. And especially when it concerns a family business. Partly for this reason, it is important to take enough time for the entire business succession process. So that the next generation can take over the company well and you can hand over the company with a good feeling.
When do I start business succession?
Business succession is an emotional process. For example, is there a suitable successor? How long do you want to be active and are you ready for it yourself? Especially with a family business it can be difficult to transfer the company. Keep in mind that the business succession can take several years from start to finish. Start your preparation in time to avoid surprises and take advantage of opportunities.
In addition, it is important to have insight into whether your company structure is 'business succession proof'. This may be the case for a fiscally favorable business succession.
Business succession within the family
Is your child the business successor? Then assess whether it is possible to appeal to the business succession scheme. Via the business succession scheme, you can, for example, donate the company or the shares that are in your Ltd. The business succession schemes ensure that your family business transfers (almost) without income tax or gift tax. Therefore, check whether the business succession you envision can meet the requirements.
Grant Thornton can assist you in:
- Searching for a suitable business successor;
- the guidance of business transfer;
- making your company 'business succession proof';
- the valuation of your company;
- coordinating the tax consequences of your business transfer with the tax authorities.
Do you have questions about business succession? Don't hesitate to call us!