In this study we analyse economic aspects of conversion of even-aged beech (Fagus sylvatica L.) stands to near-natural, uneven-aged forests. Growth is modelled using a matrix approach based on a new distance-independent individual tree growth model developed for beech in Denmark. The analyses include characteristics of optimal conversion strategies and their consequences for cash flow, liquidation value, steady-state diameter distributions and longterm harvest policies. We also examine effects of factors such as discount rate, cost structure, prices, site quality, recruitment, and initial state of the stand on optimal conversion strategy and long-term development of the forest. Here we present the applied models and a few preliminary results.