Handing over the company to the next generation
Start planning the generational change in good time, preferably some years before the change, and it will most likely be successful. Regarding tax, it is usually it is cheapest to donate or transfer your business to your successor little by little as advance on inheritance.
Make sure that your business operations always are profitable. In that way, carrying on with the business will seem more attractive to your heirs and the possible need for external funding will be easier to arrange.
Things to consider in change of generation
• with what shares of ownership the work till continue,
• how the financing will be arranged,
• what are the consequences regarding taxes,
• and when and how will the change be informed about to customers and other interest groups.
In the case of generational change the successor is considered to be a new entrepreneur, just as in any other form of new entrepreneurship. The Enterprise Agencies provide you with counseling and sparring free of charge, and on the website of our network member VASEK you can download extensive guides both for the person selling and the person buying. Also commercial services, such as Yrityskaupat can be of your assistance.
Change of ownership in a family business often bring up strong feelings. When you reserve enough time for the generational change, both you and the future successor will have enough time together with other counterparts to adjust yourselves to the situation as well as possible.