Dagens industri: Expert's Exit Strategies & Generational Transfers

Successfully navigating a business exit or generational transfer requires early and comprehensive planning that addresses both financial and personal considerations. Julia Hassel, a financial planner and tax lawyer at Ålandsbanken Private Banking, emphasizes that proactive ownership planning is crucial for managing the process effectively and mitigating potential conflicts. Hassel highlights that an ownership transition constitutes a significant personal and economic decision where the sale price represents only one element. She stresses the equal importance of selecting the appropriate successor and considering the impact on the family, as different buyers can substantially influence the company's future trajectory. Comprehensive ownership planning should encompass the owner's financial requirements, potential tax implications, the decision to sell, and the selection of a suitable buyer. According to Hassel, initiating the planning process early empowers owners to exercise greater control over the outcome and circumvent common pitfalls. She advises establishing a clear vision while maintaining flexibility, given the potential for evolving circumstances. Owners may also consider remaining as senior advisors post-sale to facilitate a seamless transition. Hassel underscores that the decision to sell need not be deferred until the owner experiences burnout. The process extends beyond purely financial considerations, encompassing family dynamics where emotions and expectations can generate conflict. Common challenges include scenarios where children are unwilling to assume control of the family business or disagreements arise when only one sibling expresses interest. Hassel asserts that an accurate valuation of the company is a fundamental prerequisite for any planned exit strategy.