Tax / Family businesses and succession
The transfer of authority, knowledge and ownership is a process just as unavoidable as complex and long-lasting. Importantly, it must be well thought over and appropriately planned. There always comes the time when decisions must be made about the future of one’s business. Incidentally, succession affects not only the heirs and their successors, but also affluent persons having a complex family situation, who might have children from various relationships, undivided property from the previous marriage, or no nuptial agreement in the current marriage. In this situation, it is crucial to take an informed approach to the transfer of property and business. This approach consists in acknowledgment that succession does not only mean correct preparation of the last will, but that it is a process which involves both economic, legal, tax, and psychological aspects. A failure to accommodate any of these areas is the reason why some family businesses do not last long once transferred to inheritors.
Preparation of a business transfer strategy is always of importance. A succession method planned appropriately by the entity owner materially mitigates the risk of succession obstacles arising, and also eliminates the likelihood of the entity’s deterioration as a result of changed managers.
A succession plan prepared appropriately in advance enables designation of the future successor, and indication of the time when the knowledge and the property is transferred to him/her. In addition, the succession plan defines the role of the Senior Founder of the business in the family future, once his/her business career ends. Such plan also contains accurate guidance about the usage of family property and the business future in case the designated successor passes away. In order for the plan to be meaningful, it should be updated as appropriate for the current situation, also bearing in mind family business’ developmental stages.
Our team comprises experienced lawyers licensed to practise as tax advisors, attorneys-at-law, advocates and/or accountants. We feature a tailored approach both to your business and to your doubts arising from intergenerational succession.
We ensure the comfort of professional services run by one dedicated team of experts which will give you appropriate support based on their comprehensive knowledge of your personal and business situation and of the objectives you wish to achieve. Being aware of the fact that succession entails not only legal or tax issues, but also – or maybe even first of all – emotions, we co-operate with reputable business psychologists.
Based on our experience in the provision of tax and legal services to business entities (including family businesses), we offer you comprehensive intergenerational succession services involving e.g.:
We co-operate with institutions the purpose of which is integrating and strengthening family businesses and supporting their growth. As such, we actively participate in organising and holding conferences and workshops concerning succession issues.
Please do not hesitate to contact us.
Managing Partner, President
+ 48 22 480 81 00