Yonsei University to Launch First Executive Course on Business Succession

Yonsei University’s Future Education Institute will launch its first executive course on business succession on the 30th of next month, bringing founding and successor generations together to design companies’ future strategies.

The 15-week program will cover four modules. They include valuation of unlisted shares, inheritance, gift and transfer tax structures, the family-business inheritance deduction, conversion to a holding-company structure, procedures for selling a company, and asset management after succession.

The curriculum also incorporates key elements of the government’s recently announced tax reform plan. These include extending the post-management period for the family-business inheritance deduction to 10 years and tax-reduction benefits for succession to a third party.

The need for succession planning is acute among small and medium-sized businesses. The Ministry of SMEs and Startups says 28.6% of domestic SME managers aged 60 or older have not found a suitable successor. A Capital Market Research Institute survey also found that 46.5% of non-metropolitan manufacturing companies without successors lacked a clear path for transferring management control.

Tax adviser Cho Nam-chul, who advises the course, said that organizing employment records and shareholdings takes years, although the supplied article cuts off before completing his statement.

“

Organizing employment records and shareholdings is work that takes several years.