November 27, 2024, solutions for internal and external operational handover
Vienna (OTS) – Under the motto “Future Family Business”, the strategy and management consultancy conos and the tourism consultancy Prodinger are organizing an exclusive event for the internal and external handover of the business. The leading consultants and practitioners in this field meet on Wednesday, 27. November 2024in the Salzburg area.
How business succession can be successful – good planning is the be-all and end-all
Handing over a family-run tourism business to the next generation is a complex and often challenging matter. Current economic and social changes have made this process even more difficult. That’s why it’s crucial to avoid mistakes right from the start – that’s exactly what this event is designed to help with. The “family business” system is comprehensively analyzed and future-oriented development opportunities are highlighted and discussed in detail with those affected.
The impressive figures from SME research make it clear why the topic is so important: 75 percent of tourism businesses are planning to hand over a business in the next ten years, 17 percent of them in the current or next year. More than half (56 percent) of the transferors prefer a transfer within the family, especially in the case of accommodation providers. Here the focus is usually on the children, first the sons, then the daughters, as successors. Common forms of intra-family succession are gifts (35 percent) or inheritance (26 percent). A fifth (20 percent) of the transferees are planning an external handover, often to the previous management, usually by means of a purchase agreement with a one-off payment (71 percent).
Most family tourism businesses are passed down within the family. Structured planning and consideration of the interests of everyone involved facilitate the handover and ensure the continued existence of the business.
Key questions for the transferor are:
- When should the handover take place (at the start of retirement or the balance sheet date)?
- Should the withdrawal be abrupt or gradual?
- What does long-term retirement planning look like? What measures are necessary for self-care and for caring for your spouse?
- Where should the future center of life be? Is there enough living space available?
Succession search options:
- within the family,
- Within the company (among employees),
- Within the industry.
Possible forms of delivery:
- Sale (purchase price all at once or in installments),
- provision through a pension,
- leasing of the business,
- Free transfer through gift or inheritance.
This event offers practical support from numerous experts to strategically approach the handover process and ensure the long-term success of the company.
„When it comes to business successions, the same mistakes are made again and again. As a rule, these are questions that need to be clarified before you go to tax advice, a lawyer or a notary
“, explains Thomas Reisenzahn from the Prodinger tourism consultancy.
Common mistakes in business succession that need to be avoided include:
- errors in financing,
- Wrong tax decisions,
- Misjudgments of legal issues,
- Underestimating the psychological aspects.
Early planning of the change in leadership is essential to keep the company on the market. “The handover process poses major challenges for everyone involved, and these are brought to the point in a simple and structured manner in this event. In addition, banks have adjusted their lending rules due to the economic crisis, so that the development potential of the family business plays a greater role. It is therefore important to prepare the business for a secure future
“, summarizes Dr. Martin Schumacher from Conos together.
Details and registration at www.zukunft-familienhotel.at
Questions & Contact:
Prodinger tourism advice
Thomas Reisenzahn
+43 1 890 730 9
t.reisenzahn@prodinger.at
cones GmbH
Dr. Mag. Martin Schumacher, MET
+43 1 306 06 06
m.schumacher@conos.at