Succession planning

Business succession is a complex process, which results in a transfer of power over the company. This transfer entails a change in leadership, but also has a number of other important effects, including non-legal ones. Due to the complexity of the issue, succession planning is, especially for family businesses, a necessity to ensure the effectiveness of the process.

The main actors of succession are the doyen - transferring the full rights and responsibilities of his or her position, and the successor, i.e. the person taking over the reins of the company.

A common misconception among entrepreneurs is the belief that succession after the death of the doyen is quick and easy. Unfortunately, it is not enough to register a new business under an existing name, and such cases are encountered in practice. Such an act is a breach of many tax and administrative regulations, which gives rise to repercussions from tax offices and administration.

Business succession requires a structured and long-term approach. Ignorance of the procedures, regulations and methodology of the process risks serious consequences. Possibly even the bankruptcy of the company, caused by the inability to maintain continuity of management, division of assets or succession disputes, blocking the possibility of continuing the business legally.

Succession process covers not only the business sphere, related to the company's activity, but also the sphere of personal assets and the family situation. This requires knowledge of various branches of law, the provisions of which, often ambiguous, make succession a complex and multidimensional activity.

Our law firm provides comprehensive assistance by developing and helping to implement a detailed succession plan.
Thanks to our experience of providing tax advice to many family businesses and our in-depth knowledge of tax, inheritance and company law, we have been able to develop a flexible succession planning model that takes into account legal, estate, family and administrative aspects.

Succession planning It also means determining how the business will continue to operate. We prepare the legal and administrative basis for the rapid handover of the company to the successor - even in the event of unforeseen events (the so-called succession contingency plan).

We are not limited to succession planning, which has a narrower scope of meaning and involves only the transfer of property titles.

In preparing the succession timetable, we use familiarity:

Development of a succession plan We always start by analysing the situation of the business and the related structure of the family's personal assets. In particular, we pay attention to:

In the course of family succession, it is important to take a holistic view and approach, taking into account, firstly, the different areas of law and, secondly, the links between the family's and the company's asset situation.

Office of Economic and Tax Law Marek K.
Wynimko develops a long-term and complete succession plan for your company, so that the takeover of business management runs smoothly even in the event of emergencies, ensuring business continuity and protecting you from financial loss or bankruptcy.