By making clear agreements in good time – both privately and professionally, within and outside the family – you ensure that your business can continue even then. Knowing that everything is properly arranged provides peace of mind. For you and for those close to you.
"}},{"componentType":"sectionTitle","title":"Clarity on succession and the future"},{"componentType":"paragraph","richBody":{"value":"Marcel Strating and Riemke Schut are Financial Planners at ING Private Banking and speak daily with entrepreneurs about the continuity of their businesses. According to Riemke, many DGA’s experience peace of mind once it is clear how the business will continue if something happens to them.
In practice, Marcel sees that entrepreneurs and their families often have different views on the future of the business, particularly when it comes to succession. By discussing this with one another in good time and recording the agreements, you avoid uncertainty and tension.
One commonly used instrument is the family charter. This sets out, among other things:
With a Foundation for Administration Office (STAK), you can determine who will manage the business if you are no longer able to do so yourself. Within a STAK, decision-making authority and economic ownership are separated.
You can structure the successor board in the way you consider appropriate. This could be one of your children, but also an accountant, a trusted adviser or a member of the management team. In this way, you retain control over the governance of your business, including in the long term.
"}},{"componentType":"sectionTitle","title":"3 situations where preparation matters"},{"componentType":"paragraph","richBody":{"value":"Marcel and Riemke outline three situations in which it is important to make arrangements in advance.
"}},{"componentType":"paragraph","title":"1. Death","richBody":{"value":"If you pass away, a great deal comes your way as a family. In addition to the emotional loss, important decisions need to be made: who will receive which assets and how will the business continue?
In a will, you record how your estate is distributed and who will administer it. You can also specify how the shares in your business are transferred, for example to an intended successor. This ensures that all heirs receive their share while the continuity of the business is safeguarded.
The law only provides a basic arrangement and often does not sufficiently reflect the situation of entrepreneurs. For example, nothing is arranged automatically for unmarried partners. A carefully drafted will can also help reduce tax and limit disputes between heirs as much as possible.
"}},{"componentType":"paragraph","title":"2. Incapacity","richBody":{"value":"Situations in which you are temporarily or permanently incapacitated, for example due to illness, dementia or a coma, also require clear arrangements.
In a living will, you specify who may make decisions on your behalf. These may include medical decisions, personal matters and financial or business decisions. For your business, it is important that it is clear who is authorised to manage the company and that this authority is also formally recorded, for example with the Chamber of Commerce.
You can appoint different individuals for different responsibilities, in line with their expertise and experience.
"}},{"componentType":"paragraph","title":"3. Divorce","richBody":{"value":"A divorce can also have implications for your business. Without clear agreements, an ex-partner may retain rights or influence within the company.
You can prevent this through prenuptial or postnuptial agreements, provided these align properly with existing business arrangements, such as shareholder agreements or succession planning.
"}},{"componentType":"sectionTitle","title":"Peace of mind through clear agreements"},{"componentType":"paragraph","richBody":{"value":"According to Marcel and Riemke, the question ‘what will happen to my business if something significant happens to me?’ deserves a clear answer. “Do not assume that matters will sort themselves out automatically,” they emphasise. Nor that your successors or loved ones will automatically know what you would have wanted. That can lead to unnecessary doubt and uncertainty, precisely at moments when clarity and calm are most important.
Riemke therefore advises consciously choosing a trusted person and informing them of your wishes. “That way, there is always someone who understands your intentions and the continuity of your business is not put at risk,” she says. “It is also essential that these wishes are carefully recorded.”
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