Case Study
You are a very successful entrepreneur who has spent years building up a "flagship company" with a great deal of sacrifice and has diversified your assets. You have passionately built up a large art collection and have purchased several properties as a provision for your children. Liquidity was deliberately kept low. During the time of the company's expansion, you were unable to devote much time to your family, your three children and your wife. Your son was taught the values of a family business by his mother, but he did not develop a love for the company.
Now the time to hand over the business to the next generation is approaching and the question arises as to whether the management of the company should remain in the hands of the family or be outsourced. One of your two daughters is married to a manager of the Group, the other is more musically gifted and would like to pursue an artistic career. Your wife is very involved in social issues and devotes energy and money to these initiatives. Due to cancer, you suddenly have to make decisions. What happens to the company? What will happen to your other assets? What role can your children play in this and how can they best develop?
The family can be helped very well through targeted discussions, the involvement of suitable institutions and the consideration of relevant real estate and art expertise. The goal of avoiding emotional imbalances and preparing a stable future for the family members and the family assets is thus within reach. Such situations offer scope for several scenarios and it is important to proceed with prudence and caution. An outside view of the overall constellation is essential. Is it worthwhile getting your son interested in the company through management training after all? What is the best way to divide the assets between the children? Is it worth liquidating the art collection, or can it find a place in the company or in a child's professional career? How can the children be prepared for the transfer of assets and how can they be supported in this process? How can they be sensitized to social issues?
