As business founders and owners we focus on responsible conduct of business, looking for the opportunities of expansion and constant readiness to acclimatize to the changing economic and market environment. But business vitality unfortunately does not grant eternal life.
Are we taking care of securing the integrity, proper control and continuous access and operation ability of the corporate assets? This stands for both regular operation and preparation for generation exchange at any point in time. If we are individual owners, critical life event estate planning is crucial. Examples are a will for death, prenuptial agreement particularly for occasional divorce, or as the case may be establishing trusts. But there are many possible more sophisticated options to prevent the interruption of the operation of a well-established, long term family business. When one plans a family constitution these also need to be carved in stone as principles.
András Szecskay and Judit Budai shared practical ideas on these questions at the Generation Exchange chat panel above the skyline of Budapest at the recent wine and culinary tasting of MAPI Klub (Magyarok a Piacon/Hungarians on the Market), the club of exceptionally performing Hungarian family businesses.