Every business starts with a dream – a vision that is realized through determination, strategy, and courage. Business is not just a company; it is the legacy of the founder’s goals and the result of hard work. However, there comes a time when the created prosperity is desired to be passed on to trusted hands, ensuring the successful continuity of the business.
Although talking about business transfer and inheritance planning is not yet common in Lithuania, this topic is rapidly gaining interest. This should not be surprising, as Lithuanian business has reached a certain maturity stage where the focus is not only on survival but also on ensuring prosperity for several family generations.
This issue is particularly relevant for business owners who started their activities at the beginning of independence. Many of them are currently considering how they could step back from active business management and dedicate their time to other activities or simply take care of their family’s well-being by thoughtfully passing on the prosperity and accumulated wealth over many years.
Although practice shows that entrepreneurs still tend to postpone this decision to tomorrow, planning decisions about the inherited property should be done as early as possible. A good business transfer plan should encompass legal, financial, and tax aspects and be specific to the individual, the business they manage, and the circumstances of their assets. The earlier you start caring about business transfer, the greater the likelihood that you will have a successful plan that ensures a smooth generational transition in business, leaving no “gray” areas.
The digital guide prepared by “Triniti Jurex” introduces the most important aspects of succession planning:
- Family well-being: From wills to spouses – what to consider to secure your family’s future.
- Asset inheritance: How to sustainably manage accumulated personal wealth.
- Business management – transferring responsibilities to ensure continuity.
You can access the entire content of the digital guide at this link.
