Business Succession – Starting a Business with Advantages
As a successor, you’ll generate revenue from day one. Plus, the business is already established in the market, and the employees are trained and on board. The challenge, however, is that you’ll need to demonstrate your entrepreneurial skills right from the start.
Your task is to ensure the company’s competitiveness, continue to satisfy existing customers, attract new customers, and safeguard jobs within the company.
Buying a Business: Financial Assistance
The federal government and the states offer various funding programs for new business owners or companies. Funding can be provided in the form of grants, loans, or guarantees. To find suitable funding programs, it is important to know which area you are seeking support for, such as consulting support or investment support. Each funding program has its own guidelines, which, among other things, govern the application process.
Investment funding is typically provided through loan support programs. If, for example, the financing need is up to 100,000 euros, the ERP Start-up Loan—StartGeld—may be a suitable funding program.
Financial Support for Business Startups
All forms of business start-ups are eligible for funding, including the establishment of a new business, the takeover of an existing business, the acquisition of an active stake in a company, and consolidation measures taken within five years of commencing business operations. Up to 100% of the total financing requirement can be funded, with a maximum of 100,000 euros. Applications must be submitted to your primary bank. The bank will review your creditworthiness, business plan, professional qualifications, and knowledge of your products and industry.
