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Company Succession – Appropriate Planning
|What is the right moment to hand over your own company to a successor after tirelessly building it up for several decades? This is a question which business owners often ask themselves. The ideal moment has less to do with the age of the company holder; instead, it has more to do with the economic situation of the company. |
The following rule applies: the earlier succession is discussed, the better. Finding the right solution can, indeed, take more than a few years.
At axanta AG, we have a record of success in supervising holders wishing to hand over their companies to a successor. Our priority is to secure the assets of the previous holder and his family as well as ensuring a sustained livelihood of the successor.
Clearly defined principles facilitate the process as a whole, so that all parties are well informed at each stage of the process, and negotiations can be concluded successfully.
If the chosen successor is a family member, then the assessment and supervision by an external advisor has numerous advantages. In addition to the specialist expertise, a certain degree of sensitivity is required to protect harmonious relations within the family during and after the handover.
Succession Planning Phases: From Sensitisation right through to Security
0. Structure of the Process
2. Legal Preparatory Work
3. Economic Preparatory Work
4. Selection Period
5. Transfer Period
6. Securing Period
Successful successor planning exists to prepare and execute company succession in such a way so that the company can provide the successor with a sustainable livelihood, and secure the assets of the previous holder with the family being secured in the best possible way