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Many firms in Hamburg seeking successors

Image of entrepreneurs needs facelift as no successors in sight at many companies, according to survey by Chamber of Commerce

A survey by the Chamber of Commerce has revealed that only one third of companies in Hamburg have found a successor and a good 50 per cent worry about finding a suitable successor, a press release said Friday. “The professional image of the entrepreneur should become publicly more attractive and encourage potential successors to opt for self-employment and anticipate new tasks,” said Tobias Bergmann, President of the Hamburg Chamber of Commerce.

Many companies face difficulties with the search, assessing the value of their company and setting the right sale price. Their successors are often wary and discouraged by the financial and taxation terms, the survey has found.

Results of survey on handing over company

The randomly selected 4,912 companies surveyed are members of the Chamber of Commerce Hamburg (Response rate: 8.37 per cent i.e. 411 responding companies). Some 62.5 per cent have already dealt with successor issues and 32.1 per cent have already found a successor, according to the results. As soon as they have found a successor, the firms prepare for “taxation issues” (25.1 per cent) and the “amount of rent and yield” i.e. “sale price” (21.7 per cent). Although one third (34.2 per cent) have not yet sought a successor, some 31.7 per cent would like a family member, 11.6 per cent an employee as successor and 10 per cent would prefer a “strategic company sale“.

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