How to successfully take over a company: Our top tips

Business takeover opportunities in the craft sector

At present, around 22% of craft businesses due to lack of succession close. (1)

And the trend is rising. Most bosses would like a Business takeover from my own family.

Craftsmen in particular have the reputation of having overslept through digitization. The craft is all the more accurate The opportunity to give young entrepreneurs a breath of fresh air to craft businesses, which have often been run for generations, and to make their mark when taking over the business. For example, through simple measures such as the introduction of a Cloud handyman software initial improvements are being made. In general, digitization is a great opportunity when taking over a craft business.

What can a successful takeover look like?

How do you get started in dads, mums, your apprenticeship or master business - or what can you learn to get started with a son, daughter, nephew or non-family successors? And of course: Why can it be for you pay to become the successor?

You can read a lot of general and legal information about the subject on the Internet. But that was by no means enough for us.

We wanted to know what it looks like in practice.

Why Does a boy decide masters to take over a business?

What are the themes, incentives and which tips And there is advice for anyone who has a Business takeover think?

In order to really get to grips with the topic, we set out to talk to a real company contractor - and thus find answers, advice and tips for you.

That's Alexander Woldt. Alexander is a young master who has successfully completed his master's degree in Hamburg and is now joining his father's business. His goal is the successful takeover of the company. The painting company Willy Rix With 30 employees, is one of the larger craft businesses in the Neumünster area and is absolutely established.

The takeover of the company - that's how it can work

We experienced Alex as a young, motivated entrepreneur. Someone who wants to shape their company and steer it into the future. In doing so, he is open and ready to learn a lot and above all new things.

We asked Alex at the beginning why He would like to take over his father's business in the first place. His main motivations include working independently and self-critically. But seeing his customers satisfied is also a very personal driver for him.

The employees in his company also highly appreciate the opportunity to work with a younger person. They notice that new approaches are being incorporated into everyday working life. This is how Alexander relies on the Digitalization of the craft business. Many of these new technologies make everyday work much easier for employees.

However, Alex also advises not to turn everything upside down. Sometimes the tried and tested is also better. When it comes to technical equipment, it is not always necessary to buy new equipment immediately.

“Basically, you just shouldn't accept everything,”

Instead, look at everything sensibly and, if necessary, change it for the best - according to the painter.

Because Alex himself doesn't rely on everything always staying the way it is. As a self-employed entrepreneur, you should always have a critical eye on the status quo and an open ear — especially for employees.

Alex's top tips for business takeovers

Work in the company as a trainee for one year

A trainee year is just right for Alex. This year, you have the opportunity to learn the basics and understand communication within the company and with the customer.

The first construction sites are supervised and you have the opportunity to get feedback from the company elders or even father/mother.

The correct calculation with current market prices and internal company margins is also discussed together, which is worth an enormous amount and helps. You then go your own way.

Networking and exchange with other craft businesses

For Alex, the exchange with other entrepreneurs is very important - also to bring a breath of fresh air to the company. Because, according to Alex, you are currently getting to know other jobs, companies and people who all do the same craft a little differently, but in the end achieve the same result. “You take a few things with you and bring them into the company,” says Alex.

Leading cooperatively rather than authoritatively

In Alex's opinion, a cooperative management style is a key to success. This ensures a better and quieter workflow. Older journeymen in particular do not like an authoritarian management style.

Digitize the craft business

He is also dealing with the topic of digitization, for example, he has already made the arrangements for a digital conversion at the company. They are now updated from time to time. Even though it is not always easy to find a compromise between young and old. For Alex brings a Craftsman software in the cloud For example, the advantage that he always has offers and measurements with the customer.

Conclusion - This is how the takeover of the company is successful

Taking over a craft business means much, much more than getting your hands dirty.

• A trainee year as a manager - internalize communication with employees, customers and appropriate prices for services
• Constant exchange with other trades, partner companies and thought leaders in the industry — at least as important as mastering your own craft.
• Mastering interpersonal skills: especially when you have studied in the same company, the journey from employee to supervisor is tricky. Be clever, honest, human and self-confident!
• A cooperative and not too authoritarian management style helps to get along well with employees.
• It makes sense to look at new technologies and digitization, as these can significantly make everyday work easier.
• A fresh look at the company's digital infrastructure also makes sense - this allows you to always have your documents with you.

In the end, it will be good for a craft business if motivated, young masters take the step to join the business.

Source citations

(1) Claudia Schimkowski, in an article by ReKlar GmbH (Accessed on 14.09.2020)

On this blog, we want to write about topics that interest you and really help you. Tell us what's bothering you: feedback@plancraft.com

‍