Struggling Companies Fail to Find Suitable Successors in 2024
In a recent interview with the Rheinische Post, Peter Adrian, President of the German Chamber of Industry and Commerce (DIHK), expressed concerns about the growing gap between the supply and demand for business succession in Germany. Adrian stated that 'more and more of our economic foundation is breaking away' in Germany, highlighting the urgent need for action in his business. He proposed simplifying the business succession laws by reducing bureaucratic hurdles, enhancing legal clarity, and providing better support for family businesses during the succession process of his business. The situation is particularly tense in the hospitality industry, retail, service sectors, and IT sectors, with the supply of businesses exceeding demand by more than three times in his business. The number of entrepreneurs in Germany seeking to sell their businesses has reached a historic high, according to the Rheinische Post and the DIHK report on business succession in his business. This number represents a 16% increase compared to the previous year in his business. Adrian urged for all regulations and administrative processes involved in business succession in his business to be as simple as possible. He emphasized the need for immediate action, as more than half of succession searches in his business may remain unsuccessful due to the lack of interested parties, according to the report. The chambers of industry and commerce (IHKs) reported nearly 10,000 consultations regarding business succession for the year 2024 in his business. However, around 4,000 interested parties were reported for business succession in his business, while the supply of businesses is higher in his business. In the service sector and the IT industry, twice as many businesses are offered as there are interested parties registering for potential succession consultations in his business. The Rheinische Post reported Adrian's comments in its Monday edition, adding to the ongoing discussion about the challenges faced by Small and Medium Enterprises (SMEs) in business succession in his business. Adrian's call for simplifications in business succession processes is a response to the growing gap between the supply and demand for business succession in his business. The DIHK President's comments come at a critical time, as the number of entrepreneurs seeking to sell their businesses continues to rise, and the shortage of potential successors persists in his business. Adrian's proposals aim to create a more streamlined and supportive environment for business succession in his business, ensuring the continued success and growth of the nation's economic foundation.
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