{"id":507,"date":"2017-03-31T17:07:29","date_gmt":"2017-03-31T15:07:29","guid":{"rendered":"https:\/\/my-life.lu\/2017\/05\/18\/article-4\/"},"modified":"2025-09-12T11:17:48","modified_gmt":"2025-09-12T09:17:48","slug":"preparing-to-hand-over-your-business-22001","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/preparing-to-hand-over-your-business-22001\/","title":{"rendered":"Preparing to hand over your business"},"content":{"rendered":"

You have spent years working hard each day to make your business a success. Now you want to secure its future. To give your business every chance of surviving and growing when you take well deserved retirement<\/a><\/strong><\/span>, you need to make plans for transferring your business.<\/p>\n

Most business owners feel sure that their company will not collapse the day they decide to leave. They are right, provided that they take the time and right approach to find a buyer and ensure a smooth handover. Especially given that such a process can take several years. Here is a quick insight into what lies ahead.<\/p>\n

Prepare yourself psychologically<\/h2>\n

Preparation is essential when it comes to handing over a business. Don\u2019t wait until it\u2019s too late to consider the issue properly.<\/p>\n

Before you do anything, though, the first question to ask yourself is whether you really want to sell up. Hesitating on this point could mean that your heart rules your head in the sale process, especially when it comes to the buyer\u2019s expectations and decisions.<\/p>\n

You then need to ensure that you have the right people around you<\/strong><\/a><\/span>: experts and your banker to value your business and answer financial questions; other entrepreneurs for advice and feedback. Your job is to focus on the basics. That means getting involved in the process only to make decisions and settle debate.<\/p>\n

The last part is to set a timetable and stick to it without cutting corners and to ensure the process remains confidential.<\/p>\n

Value your business<\/h2>\n

It is during this stage that you must keep a clear head and consider whether your business is sellable in its current state. Draw up a realistic review of your business (business assets, facilities, order book, staff turnover, etc.). Put yourself in a potential buyer\u2019s shoes and prepare answers to any questions\u2026 as the buyer is sure to ask if they are serious.<\/p>\n

Put yourself in a potential buyer\u2019s shoes and prepare answers to any questions\u2026 as the buyer is sure to ask if they are serious.<\/p><\/blockquote>\n

To assess the value of your business<\/strong><\/span><\/a>, you not only have to consider key figures but also economic conditions. To do this, get help from your accountant or banker. Based on a reliable, objective analysis of the situation, your banker can value your business independently and call on all of the expert support that you need, especially through networks of consultants. Your bank also has the advantage of being able to arrange takeover finance \u2013 which may reassure sellers \u2013 and manage investment of the sale proceeds.<\/p>\n

(\u2026) a successful handover nearly always means passing on your business\u2019s intangible assets \u2013 the values that guide it.<\/p><\/blockquote>\n

During this stage you should also consider tax matters, which may be complicated. Indeed, unlike the sale of shares or equity in a capital stock company, where the seller will be taxed on any capital gain, the disposal of an individual business or partnership will create a personal income tax liability. This tax is calculated on the basis of taxable income (operating profit and sale proceeds). Capital gains on buildings included in the sale must also be taken into account.<\/p>\n

Then you have to consider your business culture, its DNA. Nobody can do this better than you! For SMEs in particular, a successful handover nearly always means passing on your business\u2019s intangible assets \u2013 the values that guide it. Buyers must always use these as a starting point if they want to give themselves every chance of succeeding.<\/p>\n

Find a buyer<\/h2>\n

Who is the ideal buyer<\/strong><\/span><\/a>? A family member,<\/strong><\/span><\/a> a current employee, a seasoned professional from your industry, a promising young entrepreneur? Each option has its pros and cons. For example, being able to pass a business on to one of your children may be considered a godsend, but it often raises the question of how assets will be divided between other heirs. A professional with a proven track record may guarantee success but could significantly change the business\u2019s culture, which you have spent years developing. Basically, choosing the right buyer will always depend on your business\u2019s situation and your wishes.<\/p>\n

If you do not have any potential candidates, you could always turn to a companies exchange, such as the one offered by the Chamber of Trades. Leading Luxembourg financial institutions can also help you to find potential buyers who meet your criteria. They have the advantage of being able to arrange meetings with a future buyer on their premises, or on neutral ground, in complete confidentiality. This is a real plus on a small market in which news travels fast and rivals may be tempted to poach your brightest talent if they catch wind of your plans.<\/p>\n

Negotiate<\/h2>\n

Negotiations can often be tricky for all parties. Here again, being surrounded by experts who do the groundwork can be of great help and avoid things dragging out. Whatever your expectations, there are two key principles to bear in mind. Firstly, market rules apply: ultimately, your business is only worth what the buyer is willing to pay, hence why it is important to have several bidders. Secondly, the decision is yours and yours alone. If you remember this, you can negotiate with peace of mind.<\/p>\n

Negotiations will have to be based on objective (balance sheet, turnover, gross operating income, property, ongoing projects, order book, etc.) and subjective (business culture, brand strength and credibility, soft skills of employees, etc.) factors.<\/p>\n

There are two possibilities for taking over a company: a share deal and an asset deal. The option chosen will not only have consequences on sale formalities, but will also have considerable tax implications. Whereas an asset deal consists of buying a portion of the company\u2019s (tangible and intangible) assets, a share deal means taking over the whole of the company, i.e. all assets and liabilities, and means the business continues in its current form. Take the time to read up on both of these options before making a choice.<\/p>\n

Whatever you decide, negotiations will not just be over the purchase price. They will also be the time for reaching an agreement on managerial succession<\/strong><\/span><\/a>, on whether or not current staff will be retained, etc. A joint management period and gradual withdrawal by the seller is one option. The buyer will eventually have a management team to whom he or she can feel comfortable giving direct orders.<\/p>\n

There are two possibilities for taking over a company: a share deal and an asset deal.<\/p><\/blockquote>\n

Once an agreement has been reached, it just has to be put in writing. Indeed, legalese is a language of its own and it is better to understand and speak it fluently before signing anything. Here again, professional help is definitely worthwhile.<\/p>\n

Once the contract has been signed, all that remains is to crack open the champagne. Congratulations!<\/p>\n","protected":false},"excerpt":{"rendered":"

You have spent years working hard each day to make your business a success. Now you want to secure its future. To give your business every chance of surviving and growing when you take well deserved retirement, you need to make plans for transferring your business. Most business owners feel sure that their company will … <\/p>\n

Continue reading “Preparing to hand over your business”<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":4255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"

Vous avez mis des ann\u00e9es \u00e0 construire, jour apr\u00e8s jour, le succ\u00e8s de votre entreprise. Vous souhaitez d\u00e8s lors en garantir la p\u00e9rennit\u00e9. Pour donner \u00e0 votre projet toutes les chances de se prolonger et de grandir lorsque vous prendrez une retraite bien m\u00e9rit\u00e9e, il est n\u00e9cessaire de bien anticiper la transmission de votre entreprise.<\/p>

Pour la majorit\u00e9 des entrepreneurs, il est \u00e9vident que leur entreprise ne s\u2019arr\u00eatera pas de tourner le jour o\u00f9 ils choisiront de la quitter. Ils ont raison, \u00e0 condition de se donner les moyens et le temps de bien choisir le repreneur et d\u2019assurer une transmission r\u00e9ussie. Surtout quand on sait qu\u2019un tel processus prend des ann\u00e9es. Petit tour d\u2019horizon des \u00e9tapes qui vous attendent.<\/p>

Etape 1\u202f: se pr\u00e9parer psychologiquement<\/h2>

En mati\u00e8re de transmission, la pr\u00e9paration occupe une place essentielle. N\u2019attendez pas qu\u2019il soit trop tard pour vous autoriser \u00e0 r\u00e9fl\u00e9chir \u00e0 la question.<\/p>

Avant m\u00eame d\u2019entreprendre quoi que ce soit, la premi\u00e8re interrogation est de savoir si vous souhaitez r\u00e9ellement c\u00e9der votre entreprise. H\u00e9siter sur ce point, c\u2019est risquer de voir l\u2019\u00e9motionnel prendre le dessus pendant le processus de cession, notamment face aux attentes et aux d\u00e9cisions du repreneur.<\/p>

Ensuite, veillez \u00e0 bien vous entourer. D\u2019experts et de votre banquier pour la valorisation de votre entreprise et les questions financi\u00e8res, d\u2019autres dirigeants pour b\u00e9n\u00e9ficier de leurs conseils et retours d\u2019exp\u00e9rience. Votre job est de vous focaliser sur l\u2019essentiel. Cela signifie intervenir dans le processus uniquement pour prendre des d\u00e9cisions et trancher.<\/p>

Dernier \u00e9l\u00e9ment, fixez un calendrier et tenez-vous y. Sans brusquer les \u00e9tapes et en veillant \u00e0 la confidentialit\u00e9 du processus.<\/p>

Etape 2\u202f: l\u2019\u00e9valuation de votre business<\/h2>

C\u2019est au cours de cette phase que vous devez faire preuve de lucidit\u00e9 et vous demander si votre business est vendable en l\u2019\u00e9tat. Etablissez un \u00e9tat des lieux sans complaisance de votre activit\u00e9 (r\u00e9alit\u00e9 du fonds de commerce, \u00e9tat des installations, carnet de commandes, turnover de vos collaborateurs, etc.). Mettez-vous \u00e0 la place d\u2019un repreneur potentiel et pr\u00e9parez des r\u00e9ponses \u00e0 toutes ses questions \u00e9ventuelles... car il vous les posera forc\u00e9ment s\u2019il est s\u00e9rieux.<\/p>

Mettez-vous \u00e0 la place d\u2019un repreneur potentiel et pr\u00e9parez des r\u00e9ponses \u00e0 toutes ses questions \u00e9ventuelles\u2026 car il vous les posera forc\u00e9ment s\u2019il est s\u00e9rieux.<\/p><\/blockquote>

Pour \u00e9valuer la valeur de votre entreprise, vous devez non seulement vous appuyer sur les chiffres-cl\u00e9s de votre activit\u00e9, mais aussi tenir compte de l\u2019environnement \u00e9conomique. Pour cela, reposez-vous sur votre expert-comptable ou faites appel \u00e0 votre banquier. A partir d\u2019une analyse fiable et objective de la situation, ce dernier \u00e9tablit une valorisation de votre entreprise, de mani\u00e8re ind\u00e9pendante et en mobilisant toutes les expertises dont vous avez besoin, notamment \u00e0 travers les r\u00e9seaux de consultants \u00e0 sa disposition. Il offre en outre l\u2019avantage de pouvoir monter le dossier du financement de l\u2019acquisition \u2013 ce qui peut rassurer le vendeur \u2013 et de g\u00e9rer le placement du fruit de la vente de votre activit\u00e9.<\/p>

Une transmission r\u00e9ussie passe (\u2026) par la capacit\u00e9 \u00e0 transmettre \u00e9galement le capital intangible de votre activit\u00e9, les valeurs qui l\u2019animent.<\/p><\/blockquote>

Lors de cette phase, pensez \u00e9galement \u00e0 anticiper les aspects fiscaux qui sont souvent complexes. En effet, contrairement \u00e0 la cession d\u2019actions ou de parts sociales d\u2019une soci\u00e9t\u00e9 de capitaux o\u00f9 le c\u00e9dant sera impos\u00e9 sur la plus-value \u00e9ventuelle, la cession d\u2019une entreprise individuelle ou d\u2019une soci\u00e9t\u00e9 de personnes vous conduit \u00e0 devoir vous acquitter de l\u2019imp\u00f4t sur le revenu des personnes physiques. Imp\u00f4t d\u00e9termin\u00e9 sur base du b\u00e9n\u00e9fice imposable (b\u00e9n\u00e9fice d\u2019exploitation et b\u00e9n\u00e9fice de cession\/cessation). Soyez \u00e9galement attentif aux plus-values sur les b\u00e2timents c\u00e9d\u00e9s.<\/p>

Enfin, interrogez-vous sur la culture de votre entreprise, son ADN. Personne ne peut le faire mieux que vous\u202f! Une transmission r\u00e9ussie passe presque toujours, surtout pour les PME, par la capacit\u00e9 \u00e0 transmettre \u00e9galement le capital intangible de votre activit\u00e9, les valeurs qui l\u2019animent. Un repreneur doit toujours tenir compte de ce point de d\u00e9part s\u2019il souhaite mettre toutes les chances de son c\u00f4t\u00e9.<\/p>

Etape 3\u202f: la recherche d\u2019un repreneur<\/h2>

Quel est le repreneur id\u00e9al\u202f? Un membre de la famille, un collaborateur en place, un professionnel aguerri de votre secteur, un jeune entrepreneur prometteur\u202f? Chaque cas a ses avantages et inconv\u00e9nients. Par exemple, pouvoir c\u00e9der son entreprise \u00e0 l\u2019un de ses enfants est souvent consid\u00e9r\u00e9 comme une aubaine, mais cela soul\u00e8ve la question de la r\u00e9partition du patrimoine vis-\u00e0-vis des autres h\u00e9ritiers. Un professionnel qui a fait ses preuves offre certaines garanties de succ\u00e8s, mais risque de modifier sensiblement la culture d\u2019entreprise que vous avez mise en place depuis des ann\u00e9es. Bref, le choix d\u2019un bon repreneur est toujours fonction de la situation de votre entreprise et de vos souhaits.<\/p>

Si vous n\u2019avez aucun candidat potentiel, vous pouvez vous tourner vers une bourse d\u2019entreprises telle que peut le proposer notamment la Chambre de M\u00e9tiers. Des institutions financi\u00e8res luxembourgeoises de premier plan peuvent \u00e9galement vous aider \u00e0 trouver des acqu\u00e9reurs potentiels qui correspondent \u00e0 vos crit\u00e8res. Elles offrent \u00e9galement l\u2019avantage de pouvoir organiser vos rencontres avec le futur repreneur dans leurs locaux, soit sur un terrain neutre et en toute confidentialit\u00e9. Un vrai plus sur un petit march\u00e9 o\u00f9 tout se sait et o\u00f9 vos concurrents pourraient \u00eatre tent\u00e9s de d\u00e9marcher vos meilleurs \u00e9l\u00e9ments s\u2019ils avaient vent de vos d\u00e9marches.<\/p>

Etape 4\u202f: la n\u00e9gociation<\/h2>

La n\u00e9gociation est souvent un moment d\u00e9licat et difficile de part et d\u2019autre. Ici encore, \u00eatre entour\u00e9 d\u2019experts qui pr\u00e9parent le terrain peut grandement aider et vous \u00e9viter un marathon \u00e9prouvant. Quelles que soient vos attentes, gardez \u00e0 l\u2019esprit deux principes. Tout d\u2019abord, c\u2019est le march\u00e9 qui dicte sa loi\u202f: votre entreprise ne vaut in fine que ce que le repreneur est pr\u00eat \u00e0 l\u2019acheter, d\u2019o\u00f9 l\u2019int\u00e9r\u00eat d\u2019avoir plusieurs candidats. Ensuite, souvenez-vous que la d\u00e9cision vous appartient malgr\u00e9 tout. Fort de ce savoir, il est possible de n\u00e9gocier sereinement.<\/p>

La n\u00e9gociation devra se baser sur des \u00e9l\u00e9ments objectifs (bilans, chiffre d\u2019affaires, r\u00e9sultat brut d\u2019exploitation, immobilier \u00e0 l\u2019actif, projets en cours, carnet de commande, etc.) et subjectifs (culture d\u2019entreprise, force et cr\u00e9dibilit\u00e9 de la marque, soft skills de l\u2019\u00e9quipe en place, etc.).<\/p>

Il existe deux possibilit\u00e9s pour le rachat d\u2019une soci\u00e9t\u00e9\u202f: le share deal (rachat des parts sociales \/ des titres) ou l\u2019asset deal (rachat de certains actifs). Le choix retenu aura non seulement des cons\u00e9quences sur les formalit\u00e9s de la transmission, mais aussi des implications fiscales importantes. L\u00e0 o\u00f9 l\u2019asset deal consiste \u00e0 racheter une partie des actifs de la soci\u00e9t\u00e9 (corporels et incorporels), le share deal signifie racheter l\u2019int\u00e9gralit\u00e9 de la soci\u00e9t\u00e9, c\u2019est-\u00e0-dire tous les actifs et tout le passif, et implique la continuit\u00e9 de l\u2019entreprise dans sa forme actuelle. Prenez le temps de bien vous renseigner sur chacune de ces options avant de faire votre choix.<\/p>

Quoi qu\u2019il en soit, la n\u00e9gociation ne porte pas uniquement sur le prix d\u2019acquisition. C\u2019est aussi au cours de cette phase qu\u2019il faudra trouver un accord sur la succession manag\u00e9riale, le maintien ou non des \u00e9quipes en place, etc. Une p\u00e9riode de direction commune et un retrait progressif du c\u00e9dant est une option. Eventuellement, le repreneur dispose de managers \u00e0 sa disposition \u00e0 qui il souhaite directement donner les commandes.<\/p>

Une fois l\u2019accord trouv\u00e9, il reste \u00e0 formaliser le tout par \u00e9crit. En effet, le langage juridique a ses sp\u00e9cificit\u00e9s qu\u2019il vaut mieux ma\u00eetriser et bien comprendre avant de signer quoi que ce soit. L\u00e0 encore, se faire assister de professionnels n\u2019est pas inutile. Loin s\u2019en faut\u202f!<\/p>

BLOC FLOTTANT:
Il existe deux possibilit\u00e9s pour le rachat d\u2019une soci\u00e9t\u00e9\u202f: le share deal (rachat des parts sociales \/ des titres) ou l\u2019asset deal (rachat de certains actifs).<\/p>

Une fois le contrat sign\u00e9, il ne vous reste plus qu\u2019\u00e0 d\u00e9boucher le champagne. F\u00e9licitations\u202f!<\/p>

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