Generationsskifte af familieejede selskaber

Morten Kert├ęsz

Student thesis: Master thesis

Abstract

This thesis is the end of my study MSc in Business Economics and Auditing at Copenhagen Business School. The thesis is based on an example with a group where the father wishes to make a generational change. Through a review of theory and models, the dissertation will come up with a solution on how the generational change should be made. To answer the main issue, answering some sub-questions is needed. Then the boundary of the dissertation, the methodology and the target audience will be elucidated. After this, the case on which the thesis is built on will be described so that the framework for the thesis is set. The third section is dealing with the theory. Here, the methods of valuation, restructuring models and generation models will be described. The valuation methods are described in such a manner, that the decision is based on the correct fundament. The valuation is especially important in the assessment of a company's value as too low assessment will have serious consequences for the entire generational change. In addition, in Section 3 there will be reviewed options for implementation of restructuring taxable as tax including with and without permission, as it will allow a better assessment of the final decision, which is being made in the end. Knowing the theory can lead to a generational change, that can be made as smoothly as possible. Gift taxes and the possibility of subrogating to a family member or a close associate, will be described with the opportunities these possibilities offer. Particularly in situations where the buyer does not have limitless finances which can be used to get into a company or a group. This section of the thesis deals with the generational shift itself, where the theory from Section 3 is used on the case so there is made a valuation of the companies where these values is underlying the transaction between the father and his sons. In addition, the economic aspects will be touched, so that the generational change is implemented but also, to ensure both the father and his sons have the best terms after the generational change. The last section of the thesis is the conclusion, where the main issue will be answered through the knowledge obtained through the thesis. Furthermore the results of the generational change will be described.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2014
Number of pages91