The role of the fiduciary in business succession
Introduction
Business succession is a complex process that requires the involvement of several experts. Among them, the fiduciary occupies a particular place. Present from the first reflections on valuation through to the finalisation of the transaction, they provide essential financial and tax expertise for the success of the project.
In Switzerland, the fiduciary (or Treuhand in German) is much more than a simple accountant. In the context of business succession, they become a strategic partner who knows the financial health of the SME intimately, its strengths and weaknesses. This in-depth knowledge enables them to intervene at each key stage of the succession process.
Yet their role often remains poorly understood. What are their concrete missions? How do they position themselves in relation to brokers, lawyers or M&A experts? When should you call upon them? This practical guide answers these questions and helps you understand the added value of a fiduciary in a business sale.
Whether you are a seller, buyer or advisory partner, you will discover how the fiduciary contributes to securing the transaction and optimising the tax aspects of the succession.
📌 Summary (TL;DR)
The fiduciary is a key player in business succession in Switzerland. They intervene on financial valuation, preparation of accounting documentation, tax optimisation and support during due diligence. Unlike the broker who searches for buyers or the lawyer who legally secures the transaction, the fiduciary provides technical expertise on financial and tax aspects. Their involvement from the beginning of the process maximises the value of the business and secures the transaction.
📚 Table of contents
- What is a fiduciary and what is their general role?
- The concrete missions of the fiduciary in a succession
- Fiduciary vs other stakeholders: who does what?
- When to call upon a fiduciary in your succession?
- How to choose the right fiduciary for your succession?
- How much does fiduciary support cost?
- The fiduciary and Leez: an efficient collaboration
What is a fiduciary and what is their general role?
In Switzerland, the fiduciary (Treuhand in German) is a trusted accountant and adviser for SMEs. They manage accounting, tax declarations, salaries and advise on financial management.
Most Swiss entrepreneurs have worked with a fiduciary for years. This relationship of trust naturally extends during a business succession, a moment when financial and tax expertise becomes crucial.
The fiduciary knows the company from the inside: its strengths, weaknesses, real profitability. This in-depth knowledge makes them a key player in the succession process.
The concrete missions of the fiduciary in a succession
The business succession fiduciary intervenes at several levels throughout the sale process. Their missions cover financial, tax and administrative aspects.
Here are the four main missions of a fiduciary during a succession:
- Financial valuation and business valuation
- Preparation and optimisation of financial documentation
- Tax advice and transaction structuring
- Support during negotiation and due diligence
Each mission requires specific expertise that we detail below.
Financial valuation and business valuation
The fiduciary analyses historical accounts and calculates the normalised EBITDA by restating exceptional items (owners' salaries, personal expenses, depreciation).
They then apply recognised valuation methods: Swiss practitioners' method, sectoral EBITDA multiples, or DCF for complex cases. This fiduciary valuation is based on reliable and verifiable data.
Need an initial estimate? Use our free valuation tool or consult our guide on business valuation in Switzerland.
Preparation and optimisation of financial documentation
The fiduciary puts the accounts of the last 3 to 5 years in order and prepares a clear financial dossier for potential buyers.
They clean up accounting entries, identify necessary restatements and explain significant variations. This documentation includes balance sheets, income statements, cash flow statements and profitability analyses.
A well-prepared financial dossier accelerates negotiations and strengthens the seller's credibility. Buyers appreciate the transparency and quality of the data presented.
Tax advice and transaction structuring
The fiduciary SME adviser provides support on the tax aspects of the sale: capital gains tax, tax optimisation, choice between share sale or asset sale.
Each structure has different tax consequences for the seller and the buyer. The fiduciary models the scenarios and recommends the optimal solution according to your situation.
For complex cases, they collaborate with tax lawyers. The ideal approach? Plan this optimisation 5 years before the sale to maximise net gain.
Support during negotiation and due diligence
During the negotiation phase, the fiduciary answers buyers' financial questions and provides support during due diligence.
They verify the requested figures, clarify accounting entries and provide the necessary supporting documents. Their presence reassures both parties and accelerates the process.
The fiduciary remains neutral and factual: they present the data without embellishment. This transparency facilitates trust and reduces the risks of post-acquisition disputes.
Fiduciary vs other stakeholders: who does what?
A business succession involves several professionals with complementary roles. Understanding who does what avoids duplication and optimises costs.
The fiduciary role focuses on financial and tax aspects. Other stakeholders intervene on commercial, legal or strategic matters.
Here is a clarification of the main roles to properly position your fiduciary in the succession team.
Fiduciary vs succession broker
The succession broker searches for buyers, negotiates the price and takes a commission (5-10% of the sale price). The fiduciary, on the other hand, focuses on valuation, taxation and financial documentation.
With Leez, you do not need a broker: the platform ensures visibility and secure connection for 490 CHF, with no commission on the sale.
Your fiduciary prepares the financial dossier, Leez finds qualified buyers. An efficient and economical combination.
Fiduciary vs lawyer
The fiduciary handles financial and tax matters, the lawyer handles legal matters: drafting sale contracts, legal due diligence, legal structure of the transaction, protection of parties.
The two often collaborate together on complex cases. The fiduciary provides the financial data, the lawyer translates them into contractual clauses.
Our partner network includes lawyers specialising in business succession. You freely choose your experts according to your needs.
Fiduciary vs M&A expert
The M&A expert manages the entire strategic succession process: buyer search, negotiation, coordination of stakeholders. They mainly intervene for large transactions (>5 million CHF).
The fiduciary provides accounting and tax expertise, often sufficient for modest-sized SMEs. With a platform like Leez, you have the visibility and tools necessary without an expensive M&A expert.
For small and medium-sized successions, the fiduciary + Leez combination is generally optimal.
When to call upon a fiduciary in your succession?
The ideal time to involve your fiduciary: as soon as you consider a succession, ideally 2 to 3 years before the planned sale.
This anticipation allows you to optimise taxation, clean up accounts, improve profitability and maximise valuation. The earlier you start, the more optimisation levers you have.
Signs that it is time to consult: approaching retirement, absence of family succession, acquisition opportunity, declining motivation. Your fiduciary will help you structure the optimal timeline.
How to choose the right fiduciary for your succession?
Not all fiduciaries master business succession. Look for specific experience in sales, not just in routine accounting.
Selection criteria:
- Verifiable references in business succession
- Knowledge of your sector of activity
- Transparency on fees and the process
- Ability to work with other experts (lawyers, platforms)
Our network of fiduciary partners brings together verified experts experienced in succession.
How much does fiduciary support cost?
In Switzerland, fiduciaries generally charge between 150 and 300 CHF per hour depending on experience and complexity. Some offer packages for succession missions (5,000 to 20,000 CHF).
Factors influencing the cost: company size, case complexity, scope of mission, state of accounting. A well-prepared dossier reduces the hours required.
Unlike brokers, the fiduciary takes no commission on the sale. For a complete overview of costs, consult our article on succession costs.
The fiduciary and Leez: an efficient collaboration
Leez and fiduciaries have complementary roles: the Swiss Treuhand prepares the financial and tax aspects, Leez ensures visibility and secure connection with qualified buyers.
Your fiduciary establishes the valuation and financial dossier. You then publish your business on Leez to reach hundreds of potential buyers. The platform manages confidentiality (NDA), identity verification and secure exchanges.
Our fiduciary partners benefit from dedicated tools to support their clients. A winning collaboration to succeed in your succession.
The fiduciary plays a central role in business succession: financial valuation, tax optimisation, documentation preparation and support during due diligence. Their accounting and tax expertise secures the transaction and maximises your chances of success.
But the fiduciary does not act alone. A successful succession often involves several experts: lawyer for legal aspects, M&A expert for strategy, and a platform like Leez for visibility and connection with qualified buyers.
On Leez, you access a network of fiduciaries and experts specialising in business succession. They intervene according to your needs, without obligation. You keep control of your project whilst benefiting from professional support.
Ready to start your succession? Estimate the value of your business for free and discover how Leez simplifies each stage of the process.
