Company Succession The Succession Process

The Succession Process

Start dealing with the question of succession well ahead of time. To help you find your way through the process, it can be broken down into five phases. 

It usually takes several years to manage a succession process. As a strategic partner for your company, we offer you the experience we have gained from many succession processes in the past. We break the process down into five phases: 

  • Entrepreneur's initial consideration of succession
  • Succession process is initiated
  • Trigger the thought process
  • Explain the phases of the succession process
  • Assemble a project team
  • Assessment of current situation (business and personal)
  • List entrepreneur's ideas/goals
  • Assess the company's current situation
  • Assess and secure the entrepreneur's personal situation (marital law, inheritance law, advance directive)

Evaluate and prioritize various options both within the family and externally

  • Point out advantages and disadvantages of possible succession options
  • Point out requirements for implementing each option
  • Contribute experience from other solutions related to succession
  • Search for potential buyers

Prepare the company, departing entrepreneur, and incoming entrepreneur for the handover

  • Structure private wealth and company's assets
  • Execute financial plan based on marital property law, inheritance law, and private financial planning
  • Support successor in drawing up a business plan and liquidity planning

Successor assumes management and ownership, both formally and symbolically

  • Conduct asset transactions
  • Obtain succession financing
  • Manage disposable portions of assets (asset allocation)
  • Provide company with ongoing assistance after handover

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