We voice your share.






Tensions? Diverse perspectives? A lack of information or trust? With a long history in advocacy, we possess the necessary experience to resolve conflicts between shareholders or board members.

Corporate governance underpins what we believe in: choosing the right structure for your company in which transparent communication prevails and roles are respected in order to work together in trust.

Whether it concerns a valuation of your shares or your company, cash flow planning or financial analysis, at deminor NXT we make sure your numbers add up. We transform your strategic vision into a comprehensive financial business plan.

Deminor NXT manages transactions in an orderly manner thanks to the combined legal, tax and financial expertise of an experienced M&A team. Whether the subject covers an acquisition, family succession, exit, capital increase or even another form of financing, we always strive for an objective valuation, where value maximisation and solid agreements serve as the foundation.

What is next? We listen to your questions or needs around your personal wealth and guide you through the next steps. As your companion down the road , we provide you with a tailor-made structure.

Exit of a (minority) shareholder, an exit under the best conditions

deminor NXT > News > Exit of a (minority) shareholder, an exit under the best conditions

Written by

Exit of a (minority) shareholder, an exit under the best conditions

Belgium has over 1 million SMEs, of which 75% are family businesses. In family businesses, the transfer to the next generations remains an important point of attention to ensure a stable (family) shareholding and to secure the continuity of the business. At some point, the question arises whether a transfer to a third party is possible. In non-family SMEs, however, the evolution of the shareholding and the arrangement for transferring shares are no less important for the continuity of the company.

The exit possibilities for shareholders in non-listed companies are in most cases (very) limited. The shares have limited marketability or liquidity, which makes it more difficult for shareholders to sell them, certainly if it concerns a (minority) interest. The lack of liquidity also has a direct impact on the value of the shares or participation. When valuing shares in SMEs and family businesses, a discount rate is usually applied to take this limited liquidity into account. In concrete terms, the lower the liquidity of the shares or participation, the higher the discount and the lower the value.

A recent study by Deminor, in collaboration with Ghent University, shows that only 38% of the SMEs and family businesses surveyed have a liquidity mechanism that allows (minority) shareholders to sell their shares under certain conditions. As a result, in the vast majority of cases the exiting shareholder must find a solution himself to sell his shares or participation (at conditions acceptable to him). This often leads to situations where minority shareholders cannot sell their participation at a fair price, tensions build up and a shareholder conflict arises.

In the e-book ‘Exit of a shareholder: an exit under the best conditions’ Deminor summarises the different exit possibilities and the associated implications for the exiting shareholder. Based on our practical experience, we take a close look at the success factors for an efficient exit process and explain our own approach step by step.

Do you have questions about your own exit possibilities as a shareholder? Do Not hesitate to contact us for more information or to schedule an informal consultation via +32 2 674 71 10 or info@deminor.com.

Want to receive our newsletter?

Subscribe to our quarterly newsletter to stay informed about our services and insights.