Estate planning
At Codex Advokater, we have extensive experience of advising small, medium-sized and large companies on all aspects of a generational change. Our objective is to provide holistic advice that covers the entire process – from planning and organisation to practical implementation.
A process over time
A change of generation is often a lengthy process, and we have learned that successful generational change requires focus on several areas, including:
- Family relationships
- Business considerations
- Taxation matters
The optimal time for a generational change can rarely be determined in advance. Instead, it depends on several factors, such as:
- Economy
- Age
- Pension wishes
- Securing the company’s future operating potential
Both the older and the younger generation must be ready for the change, and it may also be appropriate to involve senior employees in the process.
Legal aspects
Generational change involves many areas of law, including:
- Company law
- Family and inheritance law
- Taxation law
At Codex Advokater, we work as a team to ensure that tasks are solved by employees with the right skills. We also work closely with accountants, banks, credit unions and other advisors, whom we can involve in the process when necessary.
Professional board
As part of the planning, it may be appropriate to introduce a professional board. A board of directors can help to ensure that the company is able to continue successfully even after the original founders and enthusiasts step down. Codex Advokater have a wide network, and we can help you find the right people for the board.
Taxes and duties
Good planning can help to:
- Defer or reduce the tax consequences of a change of generation
- Prevent demands for payment of large amounts in taxes and duties, which in the worst case can threaten the company’s liquidity and existence
This is particularly important when the change of generation is made within the family.
Mergers and acquisitions
If the generational change involves a sale to an external buyer, we at Codex Advokater have extensive experience of advising on mergers and acquisitions. We have assisted both sellers and buyers, and are therefore well equipped to ensure that the transfer goes as smoothly as possible.
