The agreement aims to provide integrated support across finance, legal services and tax matters. The three organizations said they will work together to address issues that arise during succession and to jointly design practical, executable succession strategies, going beyond simple advice.
As founders of small and midsize companies age rapidly, business succession is increasingly seen as a key issue affecting corporate survival and employment, not just a family inheritance matter. If succession is not handled smoothly, companies can face abrupt sales or closures, increasing the need for specialized support.
Under the MOU, the partners will provide legal and tax advice on succession, jointly run education programs and seminars for companies, and share research and information to help develop related systems and the market.
They also plan to support structures tailored to each company, reflecting a shift from child-centered succession to broader options such as third-party sales, including mergers and acquisitions, and to assist through execution.
"Business succession is not simply a transfer of shares, but a process of designing a company's future," Woori Bank CEO Jeong Jin-wan said. He said the partnership will help companies transition more steadily to the next generation through a model that combines financial, legal and tax support.
* This article has been translated by AI.
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