The discussion around business succession and succession planning remains relatively uncommon in Lithuania; however, there is a growing interest in the topic. This is not unexpected, given that Lithuanian businesses have reached a level of maturity where the focus extends beyond mere survival to establishing business continuity that spans multiple family generations. This is especially important for business owners who initiated their ventures at the onset of Lithuanian independence. Many are now contemplating how to step back from active business management, allocating their time to other pursuits or securing their family’s well-being by carefully transferring the wealth and assets accumulated over the years.

Despite the tendency of entrepreneurs to postpone addressing this matter, it is advisable to proactively plan decisions regarding asset transfer at the earliest opportunity. An effective business transfer plan should encompass legal, financial, and tax considerations tailored to the unique circumstances of the individual, the business, and the owned assets. Commencing the process of business transfer planning sooner rather than later increases the likelihood of developing a successful plan that facilitates a seamless generational transition without leaving any ambiguities.

We extend an invitation to Triniti Jurex’s Business Breakfast on “Generational Change in Business: Strategies for a Successful Business Transfer.” Join us, along with our partner, attorney-at-law Artūras Vaišvila and tax lawyer, attorney-at-law Lukas Pultaražinskas, as we guide you through the intricacies of transitioning your family business.