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Corporate succession - planning early is half the battle!

The design of an optimal corporate succession is not only emotionally, but also economically and legally very complex. Without setting the course early on, a continuation can easily fail. But what are the biggest pitfalls?

Without timely setting of the course, continuation fails due to the non-existing qualification required by law. In this case, many insurers stop paying brokerage fees.

Looking forward to the longest vacation of your life – the retirement period – this not only applies to ordinary employees, but also self-employed insurance brokers and agency workers. According to empirical research, the average age of insurance brokers and financial service providers at various insurers is about 55.

Ever-increasing legal and administrative demands on brokers make it nearly impossible for brokers of retirement age to "keep going on the side." Reason enough to deal with the topic of company succession in a timely manner. However, according to studies, more than half of entrepreneurs in financial services have not given it any thought.


Corporatesuccession: early planning is half the battle

An insurance portfolio that has been built up over decades will only become an effective and calculable part of retirement provision if a suitable and solvent successor can be located. If the portfolio is not to be sold, the process of company handover should be prepared as early as possible – regardless of whether the company is to be passed on within or outside the family. A time horizon of at least three to five years should be planned for the entire procedure. This gives one enough time to obtain comprehensive information, to plan, to examine alternatives and to make the right decisions.

The biggest pitfalls


According to estimates, almost 50 percent of senior entrepreneurs cannot find a suitable successor. Frequent reasons are a lack of qualifications or the underestimation of the challenges of the complex handover and takeover process. The following describes which points you should focus on.


Define the financial framework precisely

Get an overview of your assets and your ownpension schemeso that the financial framework conditions are precisely defined. An early inventory and company evaluation, which then forms the basis for succession planning, is helpful.

Not only does the business concept have to be mastered, but also the legal and tax optimization of the business transfer, for example partnership agreements and other restructuring options.


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