Due to the death of an entrepreneur, the company’s continuity can endanger. In order to minimize this risk, it is important to pay attention to the succession of the company after your death in your will, also called the entrepreneurial testament.
An entrepreneurial test equals a normal testament with the addition of some special provisions regarding the company. In the testament, you will determine what happens to the company after your death.
By imposing these specific provisions regarding your company in the will, the heirs will not agree on the continuation of the
There may be various provisions regarding the company.
- To whom are the shares (at a BV) or the business ability (in a sole proprietorship or partnership)?
- What is the consideration for the acquisition of the company? The company can be acquired at a fixed value, but can also be obtained “free” (free).
- How should the company’s value be calculated?
- If the company is acquired by a certain value, within which time does the transferee have to pay the company’s value to the other heirs?
- Should the buyer share a possible increase in value of the company’s business with the other heirs if the company is resold within a few years after the acquisition?
In addition, you can complete the settlement of your estate, for example, with regard to the company to a specific executor. In the will, you can also determine which powers this executor is assigned to be able to fulfill his task properly, either to temporarily resume the business or to initiate a sale.
The entrepreneurial testament does not exist. A testament is always customized, depending on personal and business circumstances. So be advised about all the possibilities that are in your situation.