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More than one million family-owned businesses will need to find a succession solution in the coming years. Yet it is not uncommon for the handover to fail. In 80 percent of cases, this is due to the senior owner’s inability to let go, as a study by the German Entrepreneurs’ Exchange shows.
“The key to a successful succession is the willingness of the person handing over the business to emancipate themselves from their life’s work, to let go of it, and to hand it over in an orderly manner,” explains Nils Koerber in his book *Unternehmensnachfolge* (Business Succession). The experienced consultant knows that business succession is a highly emotional process. Family business owners, in particular, have a very special relationship with their “baby”—their company. Being an entrepreneur has forged an identity and a warming fire within them—regardless of whether it was marked by successes or failures. Anyone who hands over their business to a successor—whether within the family or through a sale—is taking a bold leap into the unknown. But a new spark, just waiting to be ignited, is already there for them—the former family business owner and current specialist in succession planning is convinced of this. After all, he has already experienced all of this himself.
There are already plenty of reference books that shed light on the legal or economic aspects of a business transfer. With his book *Business Succession*, Nils Koerber delves deeper. The result is an inspiring guide filled with many concrete examples and ideas. Anyone planning a business succession themselves or wishing to support those involved in their decisions will find plenty of useful advice here. The author encourages readers to let go—because that is the key to a successful business succession.
