Business/succession advice
Have you made provisions for the future of your life’s work?
Making arrangements for company or asset succession is often put off because people still feel healthy and capable. However, a successful transfer requires early planning. Unresolved or incorrect succession arrangements might possibly entail legal, tax and business management risks. A fitting succession solution must satisfy both the transferring and the acquiring entrepreneur.
To secure your life’s work, you need a successor with the appropriate know-how and character. A suitable candidate cannot simply be found overnight. And if the legal succession is not in line with your own ideas, you need to make arrangements. A succession plan that takes into account all legal, tax and financial consequences for all parties involved provides security and relief. This is why Ecovis’ particular strength in the area of succession lies in its interdisciplinary consulting approach. Specialists in tax, law and business management work together with the entrepreneur and all those involved to shape your inidvidual succession plan.
Inheritance
Inheritance is another major topic that many people consider to be important, but still like to avoid. In order to prevent conflicts, it is advisable to deal with the topic of “inheritance and bequests” at an early stage and ensure that the situation is clear. This also includes making provisions for emergencies such as accidents or serious illness. Legally sound and economically optimal inheritance arrangements are particularly important for entrepreneurs who feel responsible not only for their family but also for their employees and want to safeguard one’s life’s work.
Contingency planning
Is your company capable of acting at all times – even without a boss? That is the crucial question. A prolonged illness or a sudden accident – it can happen to anyone. The head of a company can also be absent for an extended period of time. To ensure that operations can continue, powers of attorney need to be formulated in a very specific way – individually tailored to the company, its business and the sector.
The situation becomes serious if the business is entirely built around this one person. The following questions should then be clarified:
- Who is authorized to sign, for example to be able to pay invoices?
- Who is authorized to represent the company, for example to conclude contracts?
- Who is authorized to hire or terminate employees?
- Who has bank authorization and access to important documents?
To ensure that operations can continue, powers of attorney need to be formulated in a very specific way – individually tailored to the company, its business and the sector.
Procedure – in 3 steps to an emergency folder
- Without a great deal of effort, you can secure your operations in emergencies with individually created emergency documentation. Talk to an Ecovis consultant about your individual emergency documentation.
- During the consultation, details will be discussed and it will be clarified what documents, information and powers of attorney are still missing for a complete emergency folder tailored to your individual situation. We will be happy to put you in touch with an Ecovis lawyer to ensure that your documents are legally compliant.
- As a result of the consultation, you will receive your individual Ecovis emergency folder containing all the important documents.
Your benefit: security and transparency in case of an emergency
With this emergency provision, you guarantee your ability to act at all times, protect yourself and your family against existential and financial risks, protect jobs and provide transparency for decisions, for example in loan negotiations, insurance claims or legal disputes.
