Planning to hand over the keys of the kingdom, so to speak is a difficult process and one that should be planned and executed with the utmost care to ensure a smooth changeover to the next generation.
Creating a clear and defined path of what is to be achieved through succession helps avoid dispute and opposition to the long-term objectives of the business and it’s successors. External support in devising and facilitating this process is essential to maintain objectivity & neutrality, while mitigating conflict and underscoring financial well-being and fairness for all involved.
At VCO we understand the importance of maintaining and sustaining what has been laboured in the past to reap the fruits for the future. We consider interminable options, scenarios and characteristics to assist in developing an effective path in changing of the guard.
A few of many details that we present to clients and must be considered throughout the process:
- Setting realistic timelines and quantifiable milestones around when and how you propose to retire.
- Suitable and effective successors in considering the longevity and sustainability of the business.
- Comprehension of age, experience, skill set and mindset of each family member.
- Fair and reasonable allocation of Assets.
- Capital gains and transfer costs associated with succession.
- Family dynamics and consequences of proposed scenarios.
- Selection of lawyer critical to the preparation of the legal documentation.