The lack of skilled workers and entrepreneurs are major risk factors for the skilled crafts sector in East Westphalia. Although the trade economy is running at full speed, the future prospects are by no means as rosy as the order situation would suggest.

The crafts economy in OWL continues to run at full speed,” said chamber president Lena Strothmann to the New Westphalian. The investment climate index, at 87.4 points, is at its highest level since 1991, while the employment climate, at 93.5 points, is the highest since the first economic report in 1976. However, 93 percent of the regional craft enterprises are satisfied with their current business situation.

Unresolved business succession in East Westphalia threatens prosperity

However, the currently full order books cannot cover up two major developments. The shortage of skilled workers has become the number one business risk for companies,” says the HK president. In the next few years, some 3,500 craft enterprises in East Westphalia will be in line for succession.

This trend is also confirmed by the regional study by K.E.R.N ? The Succession Specialists. More than 2,300 of these companies employ more than 5 people. A good half have between 10 and 49 employees. The graph thus shows: The successful solution of company succession in East Westphalia is an economic policy task for the future for entrepreneurs, banks, economic promoters and politicians in this region characterised by family businesses.

Already today, 35% of all craftsmen in the chamber district are over 55 years old. This proportion will rise to around 57% in the coming years. Parallel to this, the willingness of the children of entrepreneurs to take over the company is decreasing. As a result, company succession in East Westphalia is increasingly becoming a battle for the best brains,’ says Ingo Clauswho advises family businesses in the region on their change of baton. In this competition, good preparation for company succession pays off.

According to the DIHK, entrepreneurs are well advised to prepare their business succession in the long term. Ideally, the most important questions about business succession should be answered in the sixth decade of life. These include, among others: What should be handed over to whom and when? From this question arises the need to develop a written strategy for the baton change. It would be worth it in any case.