The baby boomer generation is about to retire. Many self-employed people among them would like to hand their business over to skilled hands. Bureaucracy often poses a barrier. (Photo: © stylephotographs/123RF.com)
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Tens of thousands of skilled tradesmen are currently intensively considering succession planning. Bureaucracy is a major annoyance for many.
Creditreform has Craftsmen on the topic of succession According to the survey, almost half of them are currently considering leaving the company or have already initiated the handover process.
Craftsmen and women considering business transfer are mostly between 50 and 59 years old. More than one in three is 60 or older. For older business owners, the transfer process has often already begun. Younger owners are still gathering advice and information.
Operations management
Operations management
The Chambers of Crafts in Germany - Koblenz Chamber of Crafts
A good fifth of businesses plan to hand over the business in the next one or two years. In the eastern German states, this figure is above average at 24,6 percent. Most business owners in the skilled trades intend to retire from management in three to ten years. The most important aspect in the skilled trades is the transfer of ownership within the family. This is the case for 55 percent of respondents.
Time is of the essence: In approximately 42.000 skilled trades businesses in Germany, the owner is already 60 years old or older. Successors for these businesses must be found as quickly as possible. Businesses expect help from politicians, especially with the bureaucratic burdens (76,6 percent of respondents). The paperwork would place a considerable burden on the generational transition.
Financial support for business takeovers, which exists in some federal states, is very useful from the skilled trades perspective (31,9 percent of respondents) in order to attract successors to the skilled trades.
Source: Creditreform
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