Bulgaria: Succession planning

Taxes in Bulgaria

Financial & Management Consulting

Financial effectiveness involves the measurement of cost against benefits and the permanent generating, monitoring, and distribution of financial resources. ACC workes closely with Lawyers and Controllers providing innovative advice, independent ideas and support in optimising their finance operations to meet the requirements of their businesses in Bulgaria.

Succession Planning

The combination of family and money within any family-owned business provides fertile ground for conflict. Conflict can be productive, but it can also lead to decision-making paralysis and damaged relationships. ACC has assisted many businesses in successfully transferring management and ownership from one generation to the next. We apply a structure to support small and large businesses through this process.

Succession plans are developed in three phases.

1. Readiness analysis

Is the business ready financially and organizationally for the transition? Includes historical financial analysis and personal interviews with each stakeholder.

2. Plan development

Development of family code of conduct and guiding principles;
Review and update of communication platforms;
Development of senior generation transition plan including position profiles;
Development of action items and a timeline.

3. Plan implementation

Coordination with your CPA, legal counsel and other professionals to develop specific entities, funding strategies, risk management plans and other items to cap off the transition plan.
Periodic meetings to review progress against the plan.

ACC also can assist existing businesses review their governance structure and develop step-by-step plans for internal conflict resolution. You are never too young to consider your business succession strategy.