Many entrepreneurs realize late in the day that if they do not start planning in good time who will take over from them at the head of their business, they are jeopardizing the value of something that often represents the fruit of their whole life’s work. For example, the urgent sale or liquidation of a company for health reasons regularly leads to significant financial losses.
Succession planning is a process that requires time and the involvement of various other important stakeholders – for example, family members (heirs), business partners and banks financing the company. An attorney guiding this process must be able to take into account the regulations pertaining to different fields of law such as company law, the law of succession (wills, contracts of succession), family law (marriage contracts), commercial law, pension law, fiscal law and property law. Solid experience in commercial matters (company valuations, the sale of companies) is as vital as mediating skills, particularly when sometimes opposing interests need to be satisfied. An attorney to whom an entrepreneur entrusts the succession planning for his or her business oversees the coordination of the various steps and can thus ensure that the process takes place in good time and according to the entrepreneur’s wishes.
Avocats concernés :- Michel Chavanne