Simon Wager

Student thesis: Master thesis


I have been contacted by Bent – the owner of the company Rejsebureauet. He is facing a generational change to either his son or to a third party. He would like me to make an analysis of the company and via the rules of generational change I should give him an overview and a recommendation of the different options existing for him. Bent also need an estimation of the fiscal consequences for each option. Bent is additionally asking for guidance how he and his family can finance such a generational change in case it is his son who will take over the company. Finally he needs guidance concerning his pension, his final will and inheritance. The analysis will be divided in the following different subjects and points: • Description of the company and family • Value fixing • Generational change models • Financing • Inheritance and final will My recommendation to Bent and his family was ready after evaluating each of above subjects. Since Bent does not yet know who will take over the company the best fiscal solution it to make a tax-free company change. This will create the biggest tax saving of a future company sale and at the same time the flexibility within the generational change will be maintained. With this option his son can take over the company with succession or alternatively sell it to third party. Both these opportunities can be exploited with low tax or postponement of the tax. The financing of the generational change can be carried out via an instrument of debt to his son. However, in order to guarantee enough money for the pension and free capital for the estimated private consumption the instrument of debt can only be partly repaid via presents from the parents. With regards to the situation of the will and inheritance the recommendation is that they make a reciprocity will. Besides this the situation is tenable.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2009
Number of pages109