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Idea & Vision
Starting a business begins with a dream. For some, it’s the desire to own a small café; for others, it’s the vision of putting their talents to use in their own business.
Whether you have an innovative product idea or the desire for financial independence, the motivation to start a business must come from an inner conviction that drives you forward.
Before you embark on the journey of starting a business, it’s worth taking a moment to reflect and answer a few questions:
• What is your dream?
• Why are you pursuing this dream—what are your motives?
• What exactly does your vision look like?
• Which business structure best fits your vision?
The most important question comes last: Is your idea unique enough to justify starting a new business? Or might acquiring an existing company be the better option for realizing your vision?
Entrepreneurial Type
Before you join a company, you should consider whether this step is truly the right one for you. What kind of entrepreneur am I, what type of company suits me, and is succession the right path for me? Be honest with yourself when answering the following questions:
• What defines you as a person?
• Who do you need to become to master the task ahead of you?
• What kind of corporate culture suits you?
• What sets you apart as an entrepreneur?
• What skills—professional, technical, and social—do you bring to leading a business?
• How well-informed are you about standards, certifications, and industry associations?
• What level of financial risk are you willing to take on?
The answers to these questions not only influence the fundamental decision of whether succession is a good option for you; they also provide an important foundation for all future decisions—and especially for finding the right company to take over.
Are you leaders?
With a business succession, you have the opportunity to build on something that already exists, thereby creating more space for day-to-day operations and your own innovations. You stand, so to speak, on a secure foundation—and you shouldn’t forget who makes this luxury possible: the people from whom you’ve taken over the company and who already work there. And you must be able to convince them—as a leader.
As a general rule: A leader is not a manager. Managers are administrators; leaders are visionaries. In a business succession, you’ll have to be both.
Leaders are able to share their vision with others, inspire them with their enthusiasm, motivate them with their charisma, and rally them around common goals.
Key character traits include:
• Integrity: As a leader, you’re a role model; you must be credible and authentic.
• Empathy: To motivate people and build a team around you, you must understand those around you and be able to empathize with them.
• Willingness to take risks: Those who take on responsibility take risks. You shouldn’t shy away from them.
Personal and Professional Qualifications
When planning a succession, you should also review the formal qualifications expected of an entrepreneur. There are some industries where you must possess specialized knowledge and certifications. You should therefore ask yourself the following questions as part of your self-assessment:
• Do I have industry experience?
• Do I already have a network in the industry?
• What requirements must I meet as a professional?
• Are there any formal requirements? What are they?
• How can I acquire any missing knowledge?
Harness Potential, Foster Innovation
A business succession plan must be the right fit for you: Anyone who decides to take over a business must look both ahead and in the rearview mirror! You shouldn’t be afraid to preserve what has been tried and true, while at the same time being ready to innovatively develop the business according to your own vision.
In addition to entrepreneurial virtues such as a willingness to take risks, determination, initiative, and responsibility, business succession requires tact and balance. Business succession is therefore perfect for entrepreneurs who can combine time-tested practices with innovation.
Taking over a business provides you with a solid foundation, but the real potential often lies in its further development. As a successor, you have the opportunity to identify and strategically build on the strengths of the existing business while addressing weaknesses and injecting new momentum.
• Collaborating with the existing team: The employees’ expertise can help you identify areas for improvement. At the same time, open communication ensures that the team supports the changes.
• Analyzing the current situation: Assess which processes, products, or services are already working well. What makes the company successful? Are there areas that are stagnating or outdated?
• Opportunities for innovation: Especially in traditional businesses, there are often opportunities to breathe new life into the company with new technologies or strategies. Whether it’s digitalization, optimizing customer engagement, or new products—identify trends that you can leverage for the company.
• Discover market potential: Are there new target groups or markets that the company has not yet tapped into?
• Develop a long-term vision: Ensure that your innovation plan doesn’t just have a short-term impact, but makes the company sustainably future-proof.
Unlocking the potential of an acquired company is your greatest opportunity to bridge the gap between tradition and modernity—and to leave your personal mark in the process.
