Solving succession issues for medium-sized family businesses is still one of the most important M&A topics today. Whether internal or external approaches, with or without transfer of ownership, it remains a complex and risky task. Initially, house banks, tax advisors and chambers of industry and commerce are known first responders. However, the need for specialized succession consultants who are experienced in the sector and familiar with the tools and procedures for a successful transaction usually becomes apparent very quickly. Other success factors can be found in the run-up to the transaction. They are aimed at increasing the saleability of the company and thus its attractiveness. These include internal steps to create greater sustainability of the company’s success through greater clarity in the business approach, efficient structures and processes and the reduction of risks. When looking for a buyer, the number of solution options can be significantly increased through alternative strategic approaches, structural and financing formats. The clear clarification of expectations on the transferor and transferee side and the consideration of emotional factors shorten the preparation phase and increase the likelihood of a deal. However, it is also crucial that the role of the successor advisor in the SME environment must be significantly expanded in terms of business consultant, mediator and manager skills.
