What the ledger is telling us
Exposure findings, risks and recommendations in one queue, ranked critical first. Every item opens on the facts it was derived from — nothing here is typed by hand.
sphera-wealth-management-advisory
Single-valley vineyard concentration exposes target to climate events
Parental-gift letter from 2012 may not have contemporaneous corroboration; courts may reject as ex post facto
Both founders are living (ages 70 and 68). G2 (Pedro, Julia, Felipe) hold collectively 30% of Andina Holding SpA; G1 retains 70% (Andrés 45%, Carmen 25%). Chilean forced heirship: 50% legítima for descendants + 25% mejora (fh-cl-descendants), 25% disposable. Carmen is Colombian (CO forced heirship fh-co-descendants: 50% + 25% mejora). Recommend: (i) staged gifting plan over 2025-2034 (10-year horizon) — annual gifts within Chile herencias minimum-bracket exposure with kinship-spouse + descendant allowances; (ii) Carmen's stake handled via Colombian Patrimonio allowance ladder; (iii) align with new Swiss Foundation (ls-larrain-ch-fund) as inter-gen vehicle for international assets; (iv) coordinate with protocol v1 employment-eligibility clauses for G3 onboarding 2030+; (v) life-insurance hedge for residual herencias liability.
Both founders (Andrés, Carmen) are still living and the family has no formal protocol. We design a v1 Family Protocol covering: entry/exit rules (bloodline + in-law observer model), reserved matters (M&A > 5M USD, capital calls, dividend policy), voting thresholds (60% ordinary, 75% reserved, 80% protocol amendments), employment eligibility, dividend policy, mandatory pre-marriage separation-of-property prenup, and step-up of the existing Andina Family Council from interim to formal. Coordinate with Swiss Foundation (ls-larrain-ch-fund) as discretionary inter-generational vehicle. Build the protocol in parallel with succession plan (rec-larrain-andres-succession) to ensure consistency.
Julia's 2024-03-15 divorce dissolved her Colombian sociedad conyugal with Roberto Quintero. Julia's 10% stake in Andina Holding SpA is — under CC Colombiano art. 1771 et seq. — subject to community treatment unless documented as proprio (acquired pre-marriage or via gift/inheritance). The stake was issued 2013-01-01, post-marriage (2012-08-25), so it is presumptively community property absent rebuttal. Recommend: (i) document tracing — show consideration came from Julia's pre-marital savings + parental gift letter from Andrés/Carmen dated 2012-11-15; (ii) if community, equalisation payment from Andina Holding pact reserve fund to retain shares within family; (iii) coordinate with shareholders' pact 'permitted-transferee' clause to lock shares in family-only orbit; (iv) update protocol v1 to require mandatory separation-of-property prenup for all future Larraín-Mendoza marriages.
Bogotá-port corridor periodic disruptions impact revenue
COP/USD exposure on operating margins
Chilean tax reform may modify herencias schedule mid-plan
Julia and Felipe may resist mandatory separation-of-property prenup clause
If equalisation paid, Colombian wealth-tax (Patrimonio) and AR/CL coordination on cross-border family payment
Felipe's worldwide assets exposed to ZH cantonal wealth tax
Bolt-on acquisition for Andina Vinos SpA: Bodegas del Sur SpA (Colchagua-Maule area, premium wine). EV midpoint 26M USD (6x EV/EBITDA × 4.2M FY24 EBITDA). Acquirer: Andina Vinos SpA (existing CL operating sub). 100% asset deal preferred to preserve Andina Vinos brand integrity and avoid Bodegas legacy claims. CL CIT Primera Categoría 27% applies; consolidation under Pro-Pyme regime not feasible given combined size.
Felipe relocated to Zurich in 2020 for fund-management role. Current status: ordinary Swiss federal + Zurich-cantonal taxation on worldwide income (regime-ch-pit). Alternative: cantonal lump-sum 'forfait' regime (exempt-ch-pit-cantonal) — restricted to non-Swiss-nationals not gainfully employed in CH. Felipe IS gainfully employed in fund management → forfait NOT available. Recommend: (i) maintain ordinary CH regime with FTC for Chilean-source income; (ii) optimise via Andina International AG (ls-larrain-ch-ag) salary/dividend split; (iii) coordinate with CL-CH DTA (treaty-es-ch is wrong — there's no direct CL-CH DTA in our matrix → fallback to OECD model rules); (iv) on potential future return to CL, plan for residence-test exit + re-entry pivot.
Logística Andina SAS (Bogotá-based 3PL, ~55M USD EV midpoint, 5x EV/EBITDA × 11.5M FY24 EBITDA). Acquirer: Andina Comercial Colombia SAS (existing CO operating sub) to consolidate regional distribution footprint. CO CIT 35% applies; cross-border financing via Andina Holding SpA (CL parent) under Chile-Colombia DTA (treaty-cl-co) — substantial-shareholding 0% dividend WHT applies for ≥ 25%, 5% interest WHT on bank-style interest.
Founder mortality before staged plan completion would crystalise unplanned herencias liability
Risk that protocol conflicts with Andina Holding pact deadlock mechanism