Succession planning

Succession planning for an enterprise can require decisions on some of the most important questions that a business owner and manager might face. Careful consideration of key issues is required irrespec-tive of how succession will occur - whether by transfer within the family, sale to employees or through external sale.

Succession is a natural and necessary part of owning a business. It is essential that successions are well prepared to ensure that the value created is optimised, regardless of whether the enterprise is a corpo-rate body or personally owned. Kromann Reumert can help you, your family and your business achieve the best results out of a succession.

Get started - in time

Succession planning should be a long process. The current Danish legislation on succession contemplates that succession planning will take place over several years. Therefore, the basis for a successful process is getting started in time. Many business owners realise this too late, which has consequences for them-selves and their financial position after the sale, as well as for the future of the business.

Preparing for succession planning involves different considerations, such as:

• Can the enterprise be transferred? If so, who should take it over?
• Will it be necessary to make managerial changes?
• Which succession model is the right for my business?
• How will the succession be funded?

Draw on our experience

Kromann Reumert has experience in preparing, optimising and implementing successions. We assist with competent and focused advice during the entire process irrespective of whether how far into the future any transfer of ownership will occur and whether you want the successor to be a family member or a third party.

Our succession planning group brings together a broad range of relevant skills. We focus on you, your family and your business to help you find the best solution for your unique situation.

We specialise in the following:

• Direct and indirect taxes
• Inheritance and gifts
• Pension
• Foundations
• Financing
• Restructuring
• Measurement
• Real estate
• Business transfers (read more about our  assistance within business transfers here)