The beginning of the first Lithuanian business dynasties: heirs take over the management of companies founded 20–30 years ago

Article in 15min on business transfer and succession including comments by Gediminas Laucius, Head of Tax and Legal Services at “Noewe”.

According to Gediminas, it is important not only to properly prepare the heir but also to arrange fuses that would ensure that the business is managed successfully as generations change and the number of family members increases. In Western countries, a set of family rules is used – the so-called family constitution, which defines many important processes in family relations, information sharing, succession training, dividend policy, employment in business.

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