Knowing that the next generation is ready to take over the business undoubtedly gives you a good feeling. Even though it will be a few years before this happens, it's better to have it settled in advance.
But have you really settled it yet? Have you made agreements and recorded them? Has a schedule been drawn up? After all, there is a lot involved in taking over a business.
A business transfer cannot be arranged in a few days. Even if everyone is on the same page, there is still a lot to discuss, plan and arrange. Good preparation is essential when transferring a business. We can help you with this.
Roadmap
A successful business transfer depends on several factors. You can think up or plan something as well as you like, but if one of the critical success factors is not met, everything can collapse like a house of cards. That is why it is important to go through the entire process carefully.
In general, the acquisition of a business involves three steps:
Step 1: Drawing up a personal plan
Step 2: Drawing up a financial plan
Step 3: Drawing up a business plan
Step 1: The personal plan
First, it is important to realize that business acquisition is not just about the business side. The personal and emotional aspect is also important. Our advisers therefore ask you to first draw up a personal plan. In it you answer questions such as:
- What will you do after the transfer? (How do you keep a meaningful life?)
- How do you pass on the family's norms and values?
- Who is going to take over the business (And is it "yes" or "yes please" and do they know what they are getting into?).
- Does everyone have the same vision of the future?
- Will there be cooperation? (If so: how?)
Step 2: The financial plan
Of course, when preparing to take over the business, a financial plan should not be missing. This is important not only for yourself and your successor, but also for any financial partners. In it you lay down matters such as:
- What does your financial old age look like (what do you need for this?)?
- Is everything fiscally optimally pre-sorted?
- Is the financial picture right?
Step 3: The business plan
Finally, you look at the business itself. After all, the continuity of your business is what matters, so a business plan in which you think about this kind of thing is virtually indispensable. In the business plan, you lay out the following points, among others:
- What is the business worth?
- How can we further optimize the business and make it ready for transfer?
- How do we set up the business acquisition and when are we ready?
- How will we communicate to all parties involved?
- How are we going to record agreements? (Also don't forget those with the tax authorities, the notary, etc.)
