Brought to you by Flynth
Business takeover in harmony: together around the table
Do you have a family business? Then there are business interests and interests of the family. You want to keep the harmony. Making formal agreements is then essential.
Suppose you want your family business to be taken over by your child(ren) in a while? What can you pay attention to then? Which agreements must be recorded? And which route is best for your company? Good planning is important, especially for capital-intensive companies. Business Advisor Angelique Nieuwenhuis is happy to take you through a number of steps.
The formation of a partnership
The first step in the direction of the company takeover is the formation of a partnership between parents and children. Together with your advisor you discuss the wishes of you and your children. You also look at the future prospects of all those involved, on a personal level and for the company. And what role do the children who do not join the partnership have? You also discuss and record what will happen if, for example, one of the partners gets married or gets divorced.
Eye for business continuity
This partnership phase is intended for parents and children to work towards a takeover. You talk about the financing structure for the company and what the parental pension looks like. Also think about less pleasant things. For example, the continuity of the company when you die? Or if you become seriously ill and can no longer decide for yourself? What does this mean for the successor, the surviving parent and the other children? Drawing up a (living) will offers a solution.
The business transfer
Then the business transfer follows. As an entrepreneur, you often only do this once in your life. Despite the agreements made, we often still see conflicts of interest between the transferor and transferee. Open dialogue with each other is then a must for a good outcome. Also discuss the tax (im)possibilities. Think of options for silently passing on income tax or not. Whether or not to apply the Business Succession Scheme (BOR) in the gift and inheritance legislation. All these laws have their own terms and conditions. So be well informed about this in good time.
Call in your advisor
With a (future) company takeover, it is important that everyone points in the same direction. Especially in a family business where you want to maintain good mutual relationships. Contact a Flynth advisor and sit down at the table in time.
