More women in management amid takeovers

8 August 2024

Succession monitor shows higher proportion of women and investments - great demand for young professionals in skilled trades

More investments were made and turnover stabilised during company takeovers from 2014 to 2022, according to the first monitor of succession by the Bürgschaftsbank, the Chamber of Skilled Crafts and the Chamber of Commerce in Hamburg, a press release said Monday (August 5, 2024).

More women taking over companies

"Taking over a company is rewarding for entrepreneurs and for the business centre. Jobs, competitiveness and standard of living are at stake without the continuation of businesses," said Malte Heyne, Managing Director of the Chamber of Commerce. Around 80 per cent of the companies achieves and even exceed their original sales level after the takeover, the study showed. More women or 28 per cent are taking over companies putting Hamburg in third place nationwide.

Great need for successors as baby boomers retire

Nevertheless, the challenges in the skilled crafts sector remain and targeted measures are required, according to Christoph Herting, Managing Director of the Chamber of Skilled Crafts. "Politicians can and must do something, e.g., improve the tax framework and update the funding criteria for succession, especially in light of fluctuating interest rates." Demographic change is exacerbating the need for business succession. Around 23,000 entrepreneurs are over 57 years and should be looking into potential successors, according to the Chamber of Skilled Crafts and the Chamber of Industry and Commerce.
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