SUPPORTING FAMILY BUSINESSES THROUGH MAJOR CHANGE.
Family businesses have traditionally been among the companies forming the backbone of the German economy and driving economic activity. In recent years, new jobs have predominantly been created in family businesses. But they can only continue to go from strength to strength if they are able to find suitable successors to take responsibility for running the business. After all, demographic change is a serious issue facing medium-sized family businesses too. Over 50% of these businesses in Germany will need to hand over to a successor within the next decade – and the next generation is increasingly deciding to pursue a career outside of the family business. This means that there is an increasing need to look for alternative solutions externally. And this process can be fraught with emotion. As an objective, professional partner, we can guide you through this period of change and into a successful future for your business.
WRITING A SUCCESS STORY FOR THE NEXT GENERATION.
There are so many reasons why a family business might need to look for an external successor. The next generation might want to pursue a career in a different industry or they might not have the relevant qualifications to do the job. It is important to remember that the demands of advisory boards are increasing against the backdrop of increasingly complex and global structures. But a decision of this nature can have a huge impact on the fate of the company, the family’s legacy and heritage, and job security at the local level. Handing over your business to someone who is not in the family is an emotional process that requires careful preparation. As an objective external partner, we help our clients to identify and select suitable candidates. We work with them to write a job specification outlining all the skills and qualities potential successors will need. We support the current management team at every stage of the selection process and can offer crucial input and insight when decisions have to be made.
MAKING THE CASE FOR BENCHMARKING.
Even if a family business is set to be taken over by the next generation of the family, the increasingly complex and global structures mean that it is still necessary to question whether the successor has the right qualifications and leadership skills to secure the company’s success in the long term. In this situation, we can help you to benchmark family candidates against executives available on the external market. This provides reassurance and leaves everyone at the business feeling confident in the new manager’s ability to rise to the challenge.
