If you have worked hard for years on making your family business profitable, then you will naturally want the company to remain in family hands. Unfortunately, it cannot be said that all family businesses enjoy a fruitful succession or are adopted by the next generation. Meijburg can help you with your business succession.
Family business succession
Do you want to ensure that your family business passes down successfully to the next generation? Then it is important that you start thinking about how to ensure a smooth business succession, and the tax and legal aspects involved. That is because, in particular, an effective family business succession also depends on the amount of tax you pay. For example, it obviously makes a difference whether you pay 40% or 3.4% tax!
A fruitful succession, without frustration
Is your successor ready to take over the family business, but is it necessary to postpone the takeover until certain tax matters have been properly resolved? This can be frustrating for the successor, and also bad for your family business. Meijburg’s advisors ensure that the succession is well-prepared and optimal in terms of tax. But they would also be glad to exchange thoughts with you on the non-tax aspects involved in any effective succession.
Developing a succession strategy
An effective business succession demands a sound succession strategy. This involves giving due consideration to who might be suitable to succeed you in the family business, and when. However, there are also other important questions which you may want to ask yourself when preparing a good succession strategy. For example, what would be necessary to provide the right support for your successor? And: is there a business network on which your successor can fall back once he/she has taken over at the helm?
Tax legal advice for family businesses
The questions that must be addressed in ensuring an effective succession strategy do not only concern the person who is set to succeed you in the family business. The means by which your successors are to receive your family business’s shares, for example, is more of a tax and legal issue. The answers to this and other relevant questions may be part of an effective succession strategy for your family business.
Need tax advice to ensure a fruitful business succession?
Do you require assistance in ensuring an effective succession for your business and in drawing up a succession plan? Meijburg’s advisors can advise you on the tax and legal aspects involved, and help with a sound succession strategy. The sooner we can bring our vast experience to bear on your situation, the less chance you’ll be caught off guard.
