{"id":2625,"date":"2024-02-02T11:00:38","date_gmt":"2024-02-02T10:00:38","guid":{"rendered":"https:\/\/qt-warken.indermache.de\/ablauf-einer-unternehmensnachfolge\/"},"modified":"2026-10-15T18:18:13","modified_gmt":"2026-10-15T16:18:13","slug":"the-process-of-business-succession","status":"publish","type":"post","link":"https:\/\/www.heribert-warken.de\/en\/the-process-of-business-succession\/","title":{"rendered":"The Process of Business Succession"},"content":{"rendered":"<div  id=\"internationalessteuerrecht\"  class='flex_column av-5k2bmv-852a7fa95b75ff1934af90765b366500 av_one_fifth  avia-builder-el-0  el_before_av_three_fifth  avia-builder-el-first  first flex_column_div  '     ><\/div>\n<div  id=\"UNTERNEHMENSNACHFOLGE_02\"  class='flex_column av-4okpg7-f3c4790c85b6f35d02ae96bfab1b7ad2 av_three_fifth  avia-builder-el-1  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div  '     ><section  class='av_textblock_section av-llxqx2hp-328b4ab67e25c93a39ef96517a2a0b83 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h4>The Process of Business Succession<\/h4>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-llxqxr2m-b2f945cc22f6fe9b9cbdc821b1317ebb '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>by Dr. Heribert Warken<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-llxqy6g7-1749d72ec06e9bc7f59474a32e143122\">\n.avia-image-container.av-llxqy6g7-1749d72ec06e9bc7f59474a32e143122 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-llxqy6g7-1749d72ec06e9bc7f59474a32e143122 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-llxqy6g7-1749d72ec06e9bc7f59474a32e143122 av-styling- avia-align-center  avia-builder-el-4  el_after_av_textblock  el_before_av_hr '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" class='wp-image-2620 avia-img-lazy-loading-not-2620 avia_image ' src=\"https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge.jpg\" alt='' title='Business Succession'  height=\"650\" width=\"2000\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge.jpg 2000w, https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge-300x98.jpg 300w, https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge-1030x335.jpg 1030w, https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge-768x250.jpg 768w, https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge-1536x499.jpg 1536w, https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge-1500x488.jpg 1500w, https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge-705x229.jpg 705w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lopke4yi-4376c242d235fbc824f03bc87044354f\">\n#top .hr.hr-invisible.av-lopke4yi-4376c242d235fbc824f03bc87044354f{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lopke4yi-4376c242d235fbc824f03bc87044354f hr-invisible  avia-builder-el-5  el_after_av_image  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-llxr05e5-898d3ae270d7b4848e78495d8f70921b '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock av_inherit_color'  itemprop=\"text\" ><p>A successful entrepreneurial career is crowned by a successful business transfer. According to a study by the IfM Bonn, approximately 190,000 businesses are expected to be transferred between 2022 and 2026; most of these will be in Bavaria, Baden-W\u00fcrttemberg, and North Rhine-Westphalia. When attempting to structure business transfers, there are essentially only three options.<\/p>\n<p>Either the company will be transferred to<br \/>\na) descendants, or<br \/>\nb) employees who already work in the company, or<br \/>\nc) An \u201cEXIT\u201d is made; i.e. the company is either sold or the business activities are discontinued.<\/p>\n<p>But how do I actually begin such a succession process? What is the logical sequence of steps and timeline? What must a person consider when he or she wants to embark on this process?<\/p>\n<h2>A succession process usually goes through four phases:<\/h2>\n<h4>1. Phase: Assessment of the current situation<\/h4>\n<h1><\/h1>\n<h1>Family law assessment<\/h1>\n<p>In the first phase, an initial assessment must be conducted. The first step in this process is a \u201cfamily law assessment\u201d. This assessment focuses on powers of attorney and directives. One issue that is often overlooked in practice is the \u201cpower of attorney for the role of shareholder\u201d. Generally, there are powers of attorney for the day-to-day operations of the business, but powers of attorney specifically for the role of shareholder are extremely rare. In certain cases, this can have very unpleasant practical consequences if, for example, a shareholder is temporarily unable to make declarations of intent due to an accident.<\/p>\n<p>This area also covers the topics of durable power of attorney and advance healthcare directives, and, last but not least, last wills and testaments. I know that the topic of dealing with one\u2019s own death makes most people uncomfortable; however, it puts your business and family at risk if you, as an entrepreneur, fail to address it.<\/p>\n<h1>Creating an emergency file<\/h1>\n<p>There are many important documents needed in an emergency, but where are they? Typically, important documents are scattered across different locations in various folders. It\u2019s also very common for only the business owner to have a complete overview of the important documents and where they can be found.<\/p>\n<p>However, if this information isn\u2019t available in an emergency, it can be difficult for third parties. An emergency folder \u2013 where all important and essential information is compiled \u2013 can help here.<\/p>\n<p>You can find a sample table of contents here, which can be customized to fit your specific circumstances.<\/p>\n<p>This emergency folder enables a knowledgeable third party to gain an overview of all important matters within a reasonable amount of time, thereby saving a great deal of time and hassle. In addition, you\u2019ll often make your spouse happy, as this provides them with a sense of security they typically didn\u2019t have before.<\/p>\n<h1>Asset inventory<\/h1>\n<p>The emergency folder can now also be used as a guide for conducting an inventory of assets and liabilities. This asset inventory also plays an important role in your own estate planning considerations. Who should receive what, when, and how? Often, people are no longer fully aware of certain asset or debt positions or don\u2019t even know their current status. The asset inventory serves to provide you with a clear overview and will likely be needed again in the not-too-distant future as part of a potential estate tax assessment anyway.<\/p>\n<h1>Business Valuation<\/h1>\n<p>The business is generally the most valuable asset involved in succession planning. Therefore, the first thing you need to know is: How much is my business actually worth? While you might be able to get a rough estimate by doing some research online, you\u2019ll need a professional business valuation anyway when transferring ownership \u2013 including for tax reasons \u2013 so you should seek qualified expert assistance.<\/p>\n<h4>2. Phase: Family strategy<\/h4>\n<p>Once the factual assessment has been completed, the most important part begins: the emotional aspect of succession. Who is able and willing to take over the business? How can and should the remaining assets be divided? These are questions that need to be addressed.<\/p>\n<p>It\u2019s also important to involve family members in these discussions. I\u2019ve often seen entrepreneurs make succession decisions from their \u201civory tower\u201d \u2013 decisions that were understandable from a practical standpoint but unfortunately didn\u2019t work out because they didn\u2019t take the other person\u2019s wishes into account. And as a business owner, please always keep in mind when making decisions that your children perceive you and your statements first and foremost as coming from Dad or Mom, and not as those of the business owner. Often, many things go unsaid because the children don\u2019t want to appear ungrateful, even though they may have a different opinion or their own plans.<\/p>\n<p>It is important here to foster a culture of open communication, both in one-on-one conversations with each child and within the family as a whole.<\/p>\n<p>In my experience, the agreements and arrangements resulting from this phase are significantly more binding for the next generation than any last will and testament, and they also help resolve \u201cquestions of interpretation\u201d, since the parents\u2019 intentions were discussed collectively.<\/p>\n<p>If the succession involves multiple children in the business, guidelines for corporate governance should also be developed jointly at an early stage.<\/p>\n<h4>3. Phase: Preliminary restructuring<\/h4>\n<p>It is often necessary to carry out tax restructuring in advance of a succession. And this is precisely where it is important to build in a time buffer. This may involve obtaining a binding ruling from the tax office to ensure legal certainty. It also involves necessary registrations or transfers of ownership for real estate or companies. Notaries are often required. Appointments with multiple specialists must be coordinated. This isn\u2019t possible if you\u2019re under time pressure and need to have everything settled by tomorrow.<\/p>\n<p>That\u2019s why you should start early enough! Depending on its complexity, the transfer of a medium-sized business typically takes between 6 months and 2 years. And if you start too late, life will punish you for it.<\/p>\n<h4>4. Phase: Implementation and fine-tuning<\/h4>\n<p>Once the necessary preliminary structuring has been completed, the business can now be transferred in a legally and fiscally sound manner, and the matters discussed within the family can be implemented accordingly.<\/p>\n<p>However, recent years in particular have taught us that even a fundamentally well-thought-out plan may need to be reconsidered and adjusted in light of new external factors. Here, too, you must remain open-minded and discuss matters with all stakeholders.<\/p>\n<h4>And always remember:<\/h4>\n<h1>Nothing is certain, except death and taxes (Benjamin Franklin)<\/h1>\n<\/div><\/section><\/p><\/div><div  class='flex_column av-2ozjo7-55f6aba0fee85c3d131dd7920e4cb664 av_one_fifth  avia-builder-el-7  el_after_av_three_fifth  avia-builder-el-last  flex_column_div  '     ><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A successful entrepreneurial career is crowned by a successful business transfer. According to a study by the IfM Bonn, approximately 190,000 businesses are expected to be transferred between 2022 and 2026; most of these will be in Bavaria, Baden-W\u00fcrttemberg, and North Rhine-Westphalia. When attempting to structure business transfers, there are essentially only three options.  <\/p>\n","protected":false},"author":2,"featured_media":2620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[],"class_list":["post-2625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-succession"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Process of Business Succession - heribert-warken<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.heribert-warken.de\/en\/the-process-of-business-succession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Process of Business Succession - heribert-warken\" \/>\n<meta property=\"og:description\" content=\"A successful entrepreneurial career is crowned by a successful business transfer. According to a study by the IfM Bonn, approximately 190,000 businesses are expected to be transferred between 2022 and 2026; most of these will be in Bavaria, Baden-W\u00fcrttemberg, and North Rhine-Westphalia. When attempting to structure business transfers, there are essentially only three options.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.heribert-warken.de\/en\/the-process-of-business-succession\/\" \/>\n<meta property=\"og:site_name\" content=\"heribert-warken\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-02T10:00:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-15T16:18:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.heribert-warken.de\/wp-content\/uploads\/2024\/02\/Unternehmensnachfolge.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"650\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dr. Heribert Warken\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dr. Heribert Warken\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/the-process-of-business-succession\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/the-process-of-business-succession\\\/\"},\"author\":{\"name\":\"Dr. Heribert Warken\",\"@id\":\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/#\\\/schema\\\/person\\\/4611e883593d52f2f1bc5868e44b70f3\"},\"headline\":\"The Process of Business Succession\",\"datePublished\":\"2024-02-02T10:00:38+00:00\",\"dateModified\":\"2026-10-15T16:18:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/the-process-of-business-succession\\\/\"},\"wordCount\":2603,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/the-process-of-business-succession\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.heribert-warken.de\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Unternehmensnachfolge.jpg\",\"articleSection\":[\"Company succession\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/the-process-of-business-succession\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/the-process-of-business-succession\\\/\",\"url\":\"https:\\\/\\\/www.heribert-warken.de\\\/en\\\/the-process-of-business-succession\\\/\",\"name\":\"The Process of Business Succession - 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According to a study by the IfM Bonn, approximately 190,000 businesses are expected to be transferred between 2022 and 2026; most of these will be in Bavaria, Baden-W\u00fcrttemberg, and North Rhine-Westphalia. 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