Probably the most difficult question that a company owner who is willing to hand over the business should ask himself before the actual generation change begins is the question of the requirements profile for his successor. Even if he has found an answer, there is still the challenge of how and where to find this ideal successor.

Local networks as the first point of contact

The situation becomes particularly critical if there are no entrepreneurs or leaders available either in the family or in the company itself who appear to be suitable for this role. If there are no suitable people in the wider circle of friends and acquaintances, it becomes difficult. At the regional level, savings banks and banks as well as regional chambers of commerce and industry, chambers of trade and industry and business development agencies can help from time to time, but even here the search for candidates is mostly dependent on chance. In addition, there are now a number of exchanges ? such as DUB or nexxt-change ? where both prospective buyers and entrepreneurs willing to sell can register (for a more in-depth analysis on the subject of stock exchanges, see here). Although a better overview of available interested parties is also possible on a supra-regional level, many registered stock exchange participants report frustrating experiences ? for example, because no one responds to the enquiries or, in any case, the first exchange of information between the potential successor and the entrepreneur willing to hand over the business falters or even fails completely.

Start active successor search only well prepared

Experience shows that although candidates can be found via internet-based marketplaces, an unprepared contact can quickly come to nothing, as serious and highly qualified candidates want to have meaningful information quickly. This need for information on the part of a takeover target is legitimate and justified, as long as this process takes place in a structured manner and is secured by a mutual confidentiality agreement to the extent legally possible. After all, the search for a takeover target is associated with time and financial expenditure for the interested parties. Top candidates in particular quickly turn away if the willingness to be transparent or the quality of the information is not right. Better suited, therefore, are supervised successor pools, for example nationwide Company purchase-24 or regionally the Company Exchange HesseThe succession process is a process in which both those interested in taking over and those willing to hand over are prepared for the challenges of the succession process and know what is important. A serious search for a suitable and capable successor therefore requires an active search process on the part of the transferor combined with professional preparation for the interviews with successor candidates.