Planning a Generational Change
A generational change can be carried out in many different ways, depending on the needs of your company. In some cases, a concurrent change of ownership and management is deemed to have too much of an impact on operations.
At TVC Law Firm, we know how to tailor generational changes to the exact needs of individual companies. For example, it may be a good idea for the change of management to be implemented independently of the generational change of ownership. In other cases, it makes sense for the generational change to take place gradually over a number of years.
In connection with gradual generational changes, it is important for the requisite legal documents to be drawn up to take account of the possible scenarios that may arise in the process. It is not enough to have just a 'plan A'. Plan B and plan C must also be discussed and decided upon. Possible scenarios that need addressing include a situation in which the current owner dies unexpectedly, or where the new management does not work.
Based on a thorough analysis of the needs and wishes of clients, we prepare the relevant agreements, bringing in experts on family law and law of succession as and when relevant, for example to prepare or update a will which supports the generational change.
Our expertise in both company law and tax law also ensures coherent advice on the planning of generational changes, allowing clients to choose the best solution and ensuring compliance with the statutory legal framework.
