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Business succession planning, business acquisitions

A lack of or inadequate business succession planning can quickly lead to a crisis, for example, if the previous owner unexpectedly and suddenly becomes incapacitated. This often affects numerous jobs. Therefore, the primary goals of any succession planning are usually to preserve the business and ensure its continued operation, as well as to provide for the departing or retiring owner and his or her family. In this context, it is crucial to select suitable successors for management and ownership as early as possible and, if possible, to integrate them into the business while the departing owner is still active.

However, the entrepreneur should not only focus on the planned business succession. The possibility of a sudden death should also be considered. Especially in such a case, the lack of a sensible succession plan can bring about the end of a thriving young company.

Overall, it is strongly recommended not to attempt to make your own succession plan, for example, with a handwritten will, without legal and competent advice. In many cases, for example, a complex coordination of inheritance law provisions with the provisions of the partnership agreement is necessary.

Therefore, it is an important and essential task of the notary to provide comprehensive advice to those involved, especially in connection with a business succession, and to assist them in reaching a balanced testamentary or contractual arrangement.

The economic environment in which companies operate is changing at an ever-increasing pace. Against this backdrop, business measures such as conversion to a different legal form, mergers, and acquisitions are becoming increasingly necessary, even for small and medium-sized enterprises. Common examples of such changes in connection with an existing business are the acquisition of stakes in other companies, the conversion of existing companies, or the so-called business split.

These are often complex and difficult legal transactions. In most cases, the law therefore requires consultation and certification by a notary public.