Succession in the Latin American Family Business, challenges from Cuba. – Radio 26 – Matanzas, Cuba

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It is also important to address some concepts regarding succession. We must start from the fact that succession is nothing more than the transmission of patrimony from one subject to another, which may proceed inter vivos or mortis causa. By patrimony we mean the set of goods, rights and obligations belonging to a person.

It is also important to address some concepts regarding succession. We must start from the fact that succession is nothing more than the transmission from one subject to another of patrimony; which may proceed inter vivos or mortis causa. By patrimony we mean the set of goods, rights and obligations belonging to a person.

From these concepts outlined in a very simple way, it can be deduced that when we refer to the succession of the family business, we designate the process through which the goods, rights and obligations that the person of the founder owns with respect to the company will be transmitted to an heir who, generally, is also required to be of the family with the objective of guaranteeing the continuity of the family business.

How is family business succession dealt with in the world, specifically in Latin America?

For the succession in this type of company, it is essential, even if it is not a legal aspect, the previous preparation that must be given to the successor.

«…being a family business implies being a business like any other, but with a series of characteristics that make it different, in some cases more resistant to the circumstances that every business must face, but, unfortunately, in other cases much more vulnerable».

The problem of the continuity of the family business in Latin America and part of the world is influenced by several factors; one of them is undoubtedly the high divorce rate, depending on the matrimonial property regime chosen, this can be a real problem for the continuity of the family business.

One of the measures taken in those countries whose legislation allows the agreement of different matrimonial property regimes, is to formalize the marriage under the separation of property regime, or to establish rules in this respect through the marriage contracts, in which, in spite of establishing the community property regime, when one of the contracting parties belongs to a family business, the patrimony of the same is left separate. This is why one of the instruments used to guarantee the succession of the Family Business is precisely the marriage contracts, with the objective that the shares of the company maintain their privative character.

By: MS.c. Isel Guirola Rodríguez. Assistant Professor, University of Matanzas.

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Succession in the Latin American Family Business, challenges from Cuba. – Radio 26 – Matanzas, Cuba

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