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COMPANY SUCCESSION WITHIN SME'S

"The whole package needs to match. In most cases a lot of time passes from the decision, up to the planning, until the actual implementation and integration after the handover. Meanwhile not everything runs smoothly.”

In conversation with Prof. Dr. Tino Michalski, member of the advisory board at BludauPartners, and Kaan Bludau, managing director of BludauPartners.


PROF. DR. TINO MICHALSKI, MR. BLUDAU – WHY IS A TIMELY SUCCESSION SO ESSENTIAL FOR COMPANIES?

MR BLUDAU, HOW DO YOU POINT OUT THE TOPIC OF COMPANY SUCCESSION TO ENTREPRENEURS?

Kaan Bludau: The topic of succession needs to be on the risk-checklist of every company. We systematically address this issue with owners and managing directors during our cooperation and thereby we are trying to attract attention to the topic. If necessary, we specifically interview the top management, for example production or sales manager, to gain a profound insight into the characteristics of the current managing director and into how the future without him/her could look like.


HOW DO EMPLOYEES REACT TO THE ISSUE?

Kaan Bludau: Very different but informative and helpful in regard to the ideal risk management process. On the one hand, you hear that the absence of the top management creates an immense problem on the client side, since the owner has personally been taking care of client and business relationships for years. On the other hand, they tell you that this could be an opportunity to strategically position the company in a different manner. This way we receive a comprehensive overview of the types of risks the company faces. Based on this knowledge, we are able to support the planning as well as the measures to prepare an organised succession in the best way possible.

WHAT ARE THE RISKS THAT CAN ARISE FOR THE COMPANY IN REGARD TO SUCCESSION? WHAT ARE THE SPECIFIC CHALLENGES?


PROF. DR. TINO MICHALSKI, WHAT SHOULD YOU THINK ABOUT WHEN IMPLEMENTING THE SUCCESSION?

Prof. Dr. Tino Michalski: The whole package needs to match. In most cases, a lot of time passes from the decision, up to the planning, until the actual implementation and integration after the handover. Meanwhile not everything runs smoothly. Therefore, it is important to set a specific date on which the company is effectively being handed over to the successor. This date serves as an orientation for all necessary tasks upfront.

Topics such as the modality of the purchasing payment as well as the transfer of ownership, benefits and encumbrances must be clarified precisely. It becomes more complicated in case of stretched payment processes and purchase price adjustments within the scope of earn-out-clauses, in which parts of the purchasing price are dependent on the prospective economic development of the company. Specific care must be taken in this matter, since the seller’s revenue is dependent on the performance of the successor.

AT THE BEGINNING YOU MENTIONED THAT THE SUCCESSION PROCESS TAKES YEARS...

Prof. Dr. Tino Michalski: This is correct. Usually, a duration of one to five years alone is anticipated for a preparatory seller-due-diligence and the consequential measures. Independent from that, the successor is to be found upfront. If this is the case, training and effective handover takes 12 – 18 months. Additional time needs to be taken for finance, taxation planning and optimisation, as well as the composition of contracts. Complications, such as divided parties or a successor who bails last minute, can additionally prolong the process of succession.

WHAT ARE YOU TAKING WITH YOU FROM YOUR CLIENTS IN REGARD TO COMPANY SUCCESSION??