Securing the Future of the Company and Family Harmony

For an entrepreneur, the company represents not just an economic asset, but the fruit of a lifetime of work and sacrifice. One of the most deeply felt concerns relates to the moment of generational transfer: how to ensure that the business continues to prosper in the hands of the most suitable children, without triggering painful family feuds or decision-making blockages? It is in this delicate context that the figure of the lawyer specializing in successions comes into play, whose role is fundamental in planning the future ownership structure.

Many entrepreneurs fear that, after their passing, inheritance dynamics could fragment ownership or force heirs to liquidate the company to satisfy their legal share. The Italian legislator has introduced a specific tool to resolve this critical issue: the family pact. As an expert lawyer in successions in Milan, Avv. Marco Bianucci guides clients in understanding and stipulating this contract, which is essential for protecting business assets and ensuring family relationships remain serene.

What is a Family Pact and How Does It Work

The family pact, governed by articles 768-bis et seq. of the Civil Code, is a contract by which the entrepreneur transfers, in whole or in part, the company or corporate shares to one or more descendants. The revolutionary characteristic of this institution lies in its ability to derogate from the prohibition of succession pacts, offering a stability that simple donation or a will cannot absolutely guarantee.

For the pact to be valid, the participation not only of the entrepreneur (disponent) and the beneficiary (assignee) is required, but also of all those who would be entitled to a legal share (spouse and other children) if the succession were to open at that moment. The mechanism provides that the beneficiaries of the company must compensate the other participants by paying a sum corresponding to the value of their legal share, unless the latter waive it in whole or in part. This arrangement makes the transfer definitive and not subject to future reduction or collation actions, effectively securing corporate governance.

The Bianucci Law Firm's Approach to Generational Transfer

Stipulating a family pact is not a mere notarial act, but the culmination of careful strategic analysis. The approach of Avv. Marco Bianucci, an expert lawyer in successions in Milan, is distinguished by the meticulousness with which the overall asset and family situation is evaluated. Every family and every business has unique dynamics that require tailor-made solutions.

The Bianucci Law Firm works closely with the entrepreneur to identify continuity objectives and to mediate between the needs of those who will take over management and the rights of other family members. The added value offered by the firm lies in its ability to prevent conflicts: a correct valuation of the company and transparent management of the compensation due to other heirs are key to avoiding future recriminations. The goal is to build a solid, unassailable, and shared agreement that allows the entrepreneur to look to the future of their creation with peace of mind.

Frequently Asked Questions

Can a family pact be challenged by other heirs after the entrepreneur's death?

If the family pact has been correctly stipulated, with the participation of all legal heirs existing at the time of signing, it is stable and not subject to reduction or collation actions. This means that heirs who participated in the contract and received compensation (or waived it) cannot make subsequent claims on the transferred asset, thus ensuring the security of the generational transfer.

Is it mandatory for all children to participate in the family pact?

Yes, the law requires the participation in the contract of the spouse and all those who would be legal heirs if the entrepreneur's succession were to open at that moment. The non-participation of a legal heir nullifies the pact or, in some interpretative cases, makes the pact unenforceable against the excluded legal heir, effectively nullifying the agreement's purpose of stability.

What are the tax advantages of a family pact?

The legislator has provided favorable tax treatment to incentivize the generational transfer of businesses. In the presence of certain legal requirements (such as the beneficiaries' commitment to continue the business or maintain control for a minimum period of five years), the transfer of the company or shares through a family pact can be exempt from gift and inheritance taxes. Avv. Marco Bianucci always verifies the existence of these requirements in the specific case.

What happens if the entrepreneur wants to leave the company to one child but doesn't have liquidity for the others?

It is the beneficiary of the company (the child receiving it) who must compensate the other legal heirs, not necessarily the entrepreneur. However, it is often the entrepreneur themselves who provides the funds or disposes of other assets to be allocated to the other children to compensate for the value of the company. The firm analyzes the overall assets to find the most balanced and sustainable compensation formula.

Request a Strategic Consultation for Your Business

Planning the future of your company is an act of responsibility towards your family and your life's work. Do not let the fate of your business be decided by unforeseen events or legal disputes. Contact Avv. Marco Bianucci for an in-depth assessment of your situation. Through a confidential meeting at the Milan office, you can examine the feasibility of a family pact and build the best strategy for a secure and serene generational transfer.