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Succession Planning

HjulmandKaptain frequently advises business clients in connection with the preparation and implementation of succession planning. We define the term “succession” very broadly so as to comprise all aspects, i.e. from the transfer of business within a family, over management buy outs (MBO) to the other extreme, where external investors take over a going concern.

Succession planning is a relevant subject to any business form, irrespective of its size, type of activities, organisation (company, personally owned), etc.

The overall issue at all times is to consider the possibilities and make preparations early and in due time.

Simplistically, a succession process may be divided into three stages: Recognition, decision and action. The first step is to recognize the relevance of the succession idea; the next step is to decide how to deal with the succession planning; and, finally, action must be taken for the purpose of implementing and completing the succession.

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