One of the most difficult decisions to make in business life often relates to succession processes. As owners/managers of the relevant business, you want to make the right decisions both for your business and your family. Accordingly, you need to do your planning well ahead of actual handing-over to ensure an uncomplicated transition. By actively participating in decision processes and preparing a timeline for the transition, you can avoid conflicts and foster the internal and external support and acceptance required by your successor.
KPMG can assist you in handling the sensitive topics accompanying a succession process and render confidential advisory services with regard to the possible implications of the decisions made by your family. When time comes, we can also help your successor with taking on his new role.
In the cases where there are no next-generation family members ready, willing or able to take over the business, you will need an exit strategy and not a succession process. A business sale often takes place once in your lifetime, and you have thereby only one possibility to make it right. Many aspects must be taken into account when leaving your family business. Our family-business experts can help you look into the different approaches and assist with the transaction itself.
Reach out to your local KPMG partner below to learn more.