The success of transfering the business ownership to a family member is the result of six key elements:
- First and foremost for you, the owner, a written exit plan that describes how and what you should do, and when, to achieve your goals and desires for you and your business.
- The basis of your and your spouse's financial independence and any goals that have been set for you and your company before, during and after your departure.
- A good and proven successor, a company that no longer depends on your continued success, and a willing owner (you!) Who wants to delegate control, management, and ownership
- A well-communicated and written property transfer plan based on contributions from the company’s heir.
- A well-communicated plan for the final distribution of all family assets, as your parents consider fair. This plan may, but does not have to, have the full consent and approval of your children.
- Possibility to change course in case of any failure to pass on to children.
To bring all these elements together, owners and families need the help of counselors who know how to create structures that support and meet the needs of family members (often competing). Additionally, you will need experienced legal assistance to create an inheritance plan that supports your exit/transfer plan.
Successful transfer of a family business is simply too difficult for anyone to handle on their own. You are on your way to a transfer that will give you financial security and strengthen your family ties. GMTax Consultancy offers the right team of advisors to focus on the elements described here. We support you in this important task with our experience and expertise.