What we mean by succession is the handing down of a business from generation to generation with maintaining the continuity of its management. Owners of well-established family businesses usually see only one option for the future of their enterprise: to hand down all the property into the good hands of another family member. And this is perfectly fine, if the family members know the business and are involved in it and its development. But what if they do not have sufficient knowledge, do not want to or cannot engage in the business?
WHO NEEDS SUCCESSION
If you own a business – no matter how big or old – you should think about its future in advance. Expect the unexpected – including the unpleasant – therefore as a sole owner you need a "Plan B" in case your business is left without an owner and your family have to deal with all the acquisition issues on their own. Dramatic circumstances usually occur unexpectedly, therefore it is extremely important to secure your family, your achievements, your company's clients, suppliers and employees.
WHERE TO BEGIN?
Start with a good plan. Succession may take years as it is a long and complicated process in terms of legal, financial and fiscal aspects. To feel safe and to secure your family, you need a contingency plan which is not easy to make, especially for a busy businessperson.
SUCCESSFUL SUCCESSION - THE RIGHT WAY IN THE RIGHT DIRECTION
One should think about the future, but not worry about it. Owners of family businesses contemplate what will happen to their assets, fruits of the hard labour of previous generations every day - we know this because we are one of them.
It is not an easy task to create a multi-generation succession plan, therefore RSM Poland supports both elder owners and successors to plan succession in advance, navigating them all the way through the entire process.
TAILORED SOLUTIONS - OTHER OPTIONS
Increased focus on passing the business on to the successor may not be the best solution or may even bring harm to the family and key employees, thus leading to the fall of the company. Often, the owner simply cannot leave his business to the family. Should that be the case, you should consider other options of securing the future of the business and its owner. Our experts take your objectives and requirements into account and will help you choose, develop and implement the best strategy for leaving the business - offering a comprehensive and reliable service.
THERE IS ALWAYS A WAY
Your best way tailored to your needs and circumstances is easy to find if you have RSM Poland experts' support.
- We will identify the problems you have to deal with in your business.
- We will plan and take effective actions.
- We will show you the best alternative solution to the succession and implement it (including the sale, support of an investment fund, finance or strategic partner).
A family business is so much more than just a source of revenues. It is a fruit of the hard work of generations and no businessperson would want to squander it. We know this very well, that is why we offer support and guidance as to what you should do to ensure the best future for your business and your family. At RSM Poland, by local and global actions, we promote family businesses and we want to expand public knowledge about family businesses as they are one of the most essential links in our economy, build their strategy based on tradition and good values.
If you need support with respect to succession or alternative options please contact our expert, Bartosz Miłaszewski:
tel. +48 61 8515 766
fax +48 61 8515 786