With a family business, there is an overlap between business, family and property. This overlap is eminently apparent in business succession. The business owner should not only consider who will become his successor, but he also has to consider if and which family member will get ownership and control over the company and in which way the surveillance over the family business should be arranged. Another important issue is how the succession should be designed (sale, or gift / inheritance). Also the valuation and financing of the succession play an important role. Not only do these topics have corporate, civil and tax law law dimensions, but emotions are involved as well. Therefore, an integral vision and approach is required to achieve a successful business succession.
All of the above-mentioned aspects will be addressed with help of a case study.
Way of Education
The various issues will be addressed on the basis of case studies taken from practice. First, theories will be discussed. After that, theory will translated into practice or vice versa. The students will be divided into groups in which each particular discipline will be represented as adequately as possible. With respect to the group assignments, an integral approach is paramount. As in practice, students must work together to achieve a good result.
The final assignment consists of writing a paper. In this paper, a business succession scenario has to be written for a specific business succession issue within a family business. In addition to a theoretical consideration, an opinion must be written to the family. The results of the research conducted will be presented through an oral presentation. In this light, entrepreneurs who have succeeded others, or entrepreneurs who have been succeeded by others, will tell their stories.
Designed for: LLM Fiscaal Recht (Tax Law), Msc Fiscale Economie (Tax and Economics), Msc Ondernemingsrecht (Business Law), Msc Finance, Msc Accountancy and LLm Rechtsgeleerdheid (Law).
Possibly interesting for: Master Human Resource Studies and Master Organization Studies and Strategic Management
Instruction language: Dutch
External teachers: mr. drs. C.C.C. de Nooijer and dr. J.H.M. Nieuwenhuizen (both related to TiFB).
Required prior knowledge:
This subject is multidisciplinary and therefore suitable for several fields of study. As a consequence, you will be confronted with aspects that not have been – or to a lesser degree – have been discussed within your own field of study. This “disadvantage” will eliminated in two ways:
a)The composition of the groups is designed so that at least one student per group is represented in each field of study, and
b)An introductory lecture will be provided, which will outline the important issues in the field of tax law, civil law, business law and inheritance law. As a result, you will be able to fully participate within the lectures.