When preparing a succession plan, often in cooperation with tax advisors, we pay attention primarily to the issues of safe withdrawal of a given person or people from running a business, with the parallel protection of the company and the family.
Many new opportunities for entrepreneurs running a sole proprietorship are provided by the Act of 5 July 2018 on the succession management of a natural person’s enterprise. However, it still does not meet all the needs of our clients related to the topic of succession.
We are aware of how delicate this can be. MKK Law Firm has many family businesses in its portfolio. We are aware of the importance of the issue of succession. There can be many forms of succession, its scope and ideas for it. We respond to the needs of our clients, and by providing legal assistance in the field of succession, we act or recommend such actions as to lead to the most secure transfer of property, power and knowledge in the company between generations.
Matters often require above-average commitment. Failure to understand the specifics of the industry, the client’s needs and his family relationships, may result in unnecessary family conflicts that can be avoided. An important aspect of the succession process is the process of communication, explanation and discussion with interested family members on all aspects relevant to the development of an individual, optimal family business succession plan. We always emphasise that succession in family businesses is often a long, multi-stage and multi-faceted process, often going beyond the framework of legal services.
As part of legal services for company succession, we provide the following services in particular:
- we help to choose a strategy for the planned succession process and prepare the company and family members participating in the transformation to the planned changes,
- we implement the adopted concepts in consultation with tax and financial advisors,
- we transform, divide and merge companies,
- we negotiate and amend company agreements and investment agreements,
- we negotiate, analyse and prepare comprehensive documentation related to succession, i. contracts of sale, donation, power of attorney, agreements of partners and current and potential heirs, wills of family members and contracts of inheritance;
- conducting all judicial and extrajudicial activities related to succession.