Shaping succession: The art of handing over your company into safe hands

Does this sound familiar? You've worked hard to build your business. Just think of the endless hours of your hard work and your dedication. Day in, day out, you took on new tasks, took risks, and it all paid off because your hard work was ultimately crowned with success.

But now that you are thinking about the future, you ask yourself the question: who will continue to run your life's work with the same dedication when you are no longer at the helm? How do you ensure that your company is placed in the hands of the next generation with the same care and at the same time achieves a fair value when it is sold?

Even if these questions are giving you a headache at the moment, you should try to see the transition process in a different light - as an opportunity. It's a chance not only to get the most out of a sale, but also to create a sustainable solution that offers long-term added value for everyone: for you as the owner, for the potential successors and for the financing partners.

How can this be achieved? The answer lies in the art of company succession. You need a good plan for the future of your company. And this is where the MaKe 360° company analysis comes into play. It examines your company from all angles and prepares it for the future by not only highlighting strengths and identifying weaknesses, but also ensuring that the transition to the next generation runs smoothly.

 Now that we have highlighted the importance of a thorough company analysis and the significance of sound planning for company succession, it is time to dive deeper into the individual aspects of this complex process. So what are the "first steps" that we need to consider right at the start?

1. Early planning: setting the course in good time

It is crucial to start planning early in order to have enough time for thorough preparation. Unfortunately, the importance of early planning for this transition process is often underestimated and considerations are put on the back burner. To avoid time pressure and to be able to make careful decisions, you should start thinking about the handover as early as possible.

1. Selecting the right successor: recognizing and promoting talent

Selecting the right successor is one of the most important steps in planning a business succession. It is crucial to identify a successor who not only has the necessary skills and qualifications, but also the commitment and passion for the company.

A careful assessment of potential candidates is therefore essential to ensure that the future of the company is in the hands of someone worthy to take it forward. Here too, the MaKe 360° company analysis can help by highlighting not only the professional qualifications but also the human qualities of the candidates. In this way, a decision can be made that is based not only on figures, but also on solid trust and comprehensive insight.

1. Clear communication: building trust through openness and transparency

 Open and transparent communication is the key to a successful business succession. It is important to communicate early and clearly with all relevant parties, from family members to valued employees, from loyal customers to reliable suppliers - they are all part of the big picture and deserve to be involved in the process In this time of change, open conversations are like a warm embrace that dispels fears and dispels insecurities. They create a climate of trust and mutual understanding.

1. Take family and personal aspects into account: minimize conflicts, promote harmony

 Family relationships and dynamics play a decisive role in a family-run business succession. It is important to consider personal and family aspects in order to minimize potential conflicts and facilitate a harmonious transition. It therefore requires a sensitive hand that recognizes and skillfully navigates these nuances to defuse potential conflicts and enable harmonious interaction. This can include the involvement of external consultants or mediators to provide support where needed and facilitate the process. Their neutral perspectives and expert guidance can help to ease muddled situations and find joint solutions that keep the best interests of the family and the company in mind.

 5. Financial valuation of the company: understanding the current value

 A comprehensive financial valuation of the business is essential to determine its current value and arrive at a fair price for the sale or transfer. This can include the valuation of assets, liabilities, revenues, expenses, cash flow and other financial metrics.

However, this financial valuation is more than just an inventory of numbers and data - it is a tool of insight and planning that allows all stakeholders to understand the financial implications of the transition process and act accordingly. Because only when we understand the value of our company can we set sail and navigate safely into the future.

These are just the first aspects we need to consider in a business succession, but they form the solid foundation on which you can build a successful and sustainable future. In another blog article, we will shed light on the next steps to take in order to follow the path of business succession with wisdom and clarity.

But the most important thing is and remains: That your company continues to be run in the way you have always wanted it to be. It's not just about the business side of things, but about your vision and what you have built up. Your life's work should live on, with people who value it just as much. And with the MaKe 360° business analysis, you can do just that!