How do you successfully pass on a family business SME to the next generation? Over the next 10 years, hundreds of family SMEs in Flanders are going into transfer. One piece of advice? Start on time within the family and further professionalize your company for the next generation via bedrijfsomkadering.be The transfer of a family business is more than a business transaction.
It is an emotional process in which life’s work, family interests and the future of the company come together. How do you ensure that this process is not only successful, but also harmonious? What makes a transfer so complex for a family SME? It certainly involves numbers, and much more than numbers. There are numerous aspects that come into play:
- Family dynamics: How do you deal with differing desires and expectations within the family?
- Vision for the future: What are the strategic goals of the next generation?
- Roles and responsibilities: Who takes on what role and is ready for it?
- Continuity: How do you maintain stability for employees and stakeholders?
A thoughtful approach: crucial to success
- Start with the emotional and strategic side:
Involve all family members. What are their visions, aspirations and concerns? Discuss the role of the defector and the transferee. Where is there a need for further guidance or training? - Create broad support:
Ensure agreement on strategy and vision for the future.
Treat sensitive issues with respect and transparency. - Address business aspects objectively :
When there is emotional clarity, financial, legal and tax questions become easier to resolve. - Address current bottlenecks now and define a clear growth strategy.
- Implement a professional framing of your business so that the next generation steps into a business that is future-proof, properly framed.
- Provide sufficient financial cushion and a tight financial-strategic plan for the next 5 years.
- Install a mobile advisory board and bring expertise, networking and independent SME advice into your family business.
- Organize your own handover and remain available to everyone, whether Council, Management, employees, customers and suppliers.
Why engage corporate framing?
A House of Boards entrepreneur speaks your language while providing objectivity and structure:
- Put emotions on the table without avoiding them.
- Ensures that the process does not grind to a halt.
- Keeps all involved focused on the common goal: a stable and successful transfer.
Are you ready to take this important step?At @house of boards, we understand how complex this process can be. We decouple this complexity and are happy to help you with a clear roadmap and professional framework. Through capital-investment.be, House of Boards has in its network many investors, banks and contacts with governments to strengthen the company’s equity and offers concrete solutions for a smooth transfer.
