Succession Planning

Successful succession planning requires proper preparation

At Focus Advokater, we are experts in implementing succession planning in small as well as large companies.

Specialists in succession planning

Make the decision based on the correct information

Our experience enables us to guide you correctly from the start.

Succesful succession planning requires proper preparation

Many people postpone the decision to transfer ownership to the next generation until the last minute. However, experience shows that thorough preparation yields the best results. There are many legal issues, which need to be addressed in connection with succession planning, including tax and duty issues. In-depth knowledge of these rules is therefore essential.

A successful succession planning also takes the next generation’s ability to obtain financing and the future corporate structure into account. As a result, it is often a good idea to start discussions at least 5-6 years before the actual transfer of the business.

Determined in all phases of succession planning

Among other things, we provide advice on

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Inheritance

Financing models

Options for succession planning

Corporate law advice

Advice on taxation

Wills/gifts

Company form / structural adjustments

Prenuptial agreements

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Tailor-made succession planning

Our specialists offer individually tailored succession planning

Even if the rules and regulations are the same, succession planning does not have to be. Every business and family is unique. We always take into account the family and the business, which is now passing on to the next generation. It is important to us that a succession planning process is cost-effective and respectful of the business and the family.

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Succession planning in relation to:

Inheritance and estate administration

Succession planning can occur during a person’s lifetime, but it can also occur in connection with death. In the latter case, it is important to be familiar with the rules governing estate administration, inheritance, property taxes and taxation of estates.

Financing

You may feel insecure when you are about to let go of your company. There are many legal aspects to take into acount, e.g. taxation, the next generation’s opportunities for obtaining financing, and future corporate structure. Here, advice is vital – and we provide it through professional and attentive collaboration.

Company law and shareholder relations

Sometimes succession planning is implemented through transfer of smaller shares over several rounds. Consequently, there will be a period of time during which both the current generation and the next generation jointly own the business. Regardless of whether the next generation is a senior employee or a family member, consideration should be given to whether or not to draw up an ‘ownership agreement’.

Taxation

Succession planning requires in-depth knowledge of the relevant tax rules in order to find the most optimal model for planning and implementation. Our experts have in-depth knowledge of the relevant tax aspects and provide advise on the various options available in order to ensure an optimal process – and according to the wishes and needs that apply in each individual case.

Prenuptial agreement and division of assets

Prenuptial agreements can help ensure that you can keep your business in the event of divorce or separation. This helps ensure a future succession planning. However, prenuptial agreements can also be used as a tool for implementing a succession planning, whereby you as spouses can reduce a possible future taxation.

Securing the next generation

Succession planning is more than just an agreement

We understand that succession planning is not just numbers on a piece of paper. It can be a lifetime’s work. Empathetic and competent advice is essential. That is what you get at Focus Advokater.

Succession Planning