The INBETS partners were asked to share success stories from their respective countries and their consulations, success stories that are directly related to INBETS. Here the INBETS project has directly influenced these success stories in various ways. These success stories are very diverse; from successful business transfers to events, webinars and conferences, where the INBETS project has been a key contributor to all these successes.

Below you will find all the success stories shared by the INBETS partners

Success stories
STORY: SPIRA IS TAKING OVER HAIR SALON BEATA Sirpa is 33 years old and lives in an average-size town in Sweden. She had been employed as a hair stylist for many years. Ever since her school days, Sirpa has played with the idea of becoming the owner of her own hair salon. Now that her children are old enough to go to school, Sirpa and her spouse agreed that it was time to test out her dream.Suddenly an opportunity arose! Sirpa´s employer, Kalle, in the hair salon Beata, wanted to retire. Kalle wondered if Sirpa would want to take over the business. This opportunity created many thoughts for Sirpa; should I start my own new business, or take over an existing salon? What would the difference be?“I really want to start from scratch to design my salon with my style and logo. On the other hand, I could start faster if I take over the existing business. If I start a new salon, I would need to find a location, buy everything, design it and plan it. I do not know if I can do this all by myself. Also, I already know that the existing business has an experienced accountant who is familiar with the business. Would I need a permit?”After taking time to reflect, Sirpa felt that buying the Beata Salon would give her a head start. This head start was worth more to her than the opportunity to design her own salon. With this decided, Sirpa then had new questions; how much would it cost to buy the business? Can I take out a business loan? Her employer had another employee; how would he react if I become the boss? Will he want to change jobs? If he leaves, could he take many of the regular customers with him?Sirpa has a good relationship with her boss, Kalle, and he helped her resolve some of her questions. Since Kalle is retiring, there was no risk that he would take away customers or employees. The other employee was enjoying his job; so he would most-likely stay even if Sirpa would buy the salon.The price Kalle offers was approximately the same as what Sirpa would need to spend on inventory and decorating a salon. Sirpa received help from an accountant to check the salon’s accounts; they realized that Kalle’s price is a reasonable valuation. The offer Kalle made was for Sirpa to acquire the assets of the company. This means that Sirpa would start her own new business, which would acquire Kalle’s inventory, agreements, and employees, without buying shares in Kalle’s company. This offer made it easier for Sirpa to understand what she was buying; she could continue to run the business without being responsible for any commitments that Kalle’s business had made previously.Before meeting with a bank, Sirpa worked on her business plan for several evenings so that she would be well-prepared. Her plan included a long-term vision for how the salon would become what she wanted it to be. The meeting at the bank went well. She answered all of the bankers’ questions, and a loan was approved to allow her to buy the business. LESSONS FROM SIRPA Taking over an existing business is like buying an existing house versus building a new house. With a new house, you can choose a design, style, floorplan, and layout, but it will take time to build. Additionally, there are some uncertainties. For example, you don’t know how the area will be developed, whether the ground is ideal for construction, and how resistant the new construction will be to weather and wind for the coming decades. In contrast, an old house already has resolved any construction problems. You can also argue that it is more environmentally sustainable to buy an existing house instead of building a new house. The same is true with businesses. Instead of buying new inventory, you can take over an existing inventory like Sirpa did. If the company transfer allows the employees to continue in their jobs, like in Sirpa’s business transfer, it´s also socially sustainable.Sirpa had a close relationship with the person who sold the business, which is common in business transfers. She was able to ask Kalle to remain in the business for some time after she took over to learn more from him. If Kalle had not retired, Sirpa would have needed to stipulate in the purchase agreement that Kalle could not start a competing business for a certain number of years. The price that Kalle asked for was not very high, so the risk involved in taking over the business was low. However, it could take some time for Sirpa to make the salon become the way that she wants it to be, since she did not choose the employees, location, branding, customers, etc.During a business transfer it is also important to take into consideration whether the current owner has any valuable knowledge or important contacts that have not been shared. For example, the salon’s success might depend on Kalle’s reputation for dying hair or styling hair for weddings. Similarly, the salon might depend on, for example, an accountant who is a close friend of Kalle, and might disappear when Kalle leaves. TIPS! Buying a business can be a shortcut to starting a business Bring outside help to appraise the value of a business Talk with your family about what the business will mean for everyone Take time to assess the current owner’s incentives: why does the owner want to sell the company, and what will the owner do after the sale? Consider whether there are important intellectual assets in the business that only exist in the current owner’s knowledge or contacts Prepare thoroughly before visiting a bank […]
STORY: BURIM IS LOOKING FOR A SUCCESSOR Burim was working as a department head at a bank in Sweden, and dreamed of creating something on his own. He was constantly thinking of new business ideas, but he did not feel that he had found “the right idea” yet. He decided to not wait for the perfect idea, but act on one of the ideas that he had. This action would help him learn and also show him whether he likes running a business or not. Burim decided to open an “Escape Room” team-building park that includes technical challenges. He planned to run this business for a few years, then change to do something else. Burim involved two friends in his business idea; Leon and Pär. Together they wrote a business plan and a partnership agreement, and it was fairly easy for them to receive a loan from a government program to build their concept. It was the beginning of a journey with a series of challenges, where each challenge is more difficult than the previous ones. The absolute hardest challenge was finding a plot of land that would work for their purpose. After much searching, they finally managed to convince a company called Svea Skog to accept their business idea and lease some land. Once the business got started, it was far more difficult than the friends could have imagined. They needed to learn to write computer code, solder electronics, build rooms, and cook for customers. After a year of many long days and late nights, it was finally ready (six months later than planned)! When they launched the business, it became popular. They received many bookings from all of southern Sweden, and the first two years went extremely well. They continued to face challenges and work long hours, but they also had fun, earned money, and felt passionate. In the third year however, Leon decided to continue his military career in the foreign service. Additionally, Pär announced that they were expecting children. Burim and Pär decided to continue with the business, but the third year became difficult. Burim needed to do more of the work since Pär needed more family time. Burim had always been interested in eventually selling the business, so when his motivation and energy started to run out, he brought up the topic of selling the company with both of his partners. Pär was completely willing to sell, but Leon was not. Their discussions eventually focused on the stipulation in the partnership agreement that clearly stated that if any single partner decides that he wants to sell, then all of the partners must sell. Reality was not as simple as the partnership agreement. Leon thought that it would be foolish to sell now when the business was going so well; he wanted to wait longer. They were still friends, so Burim did not want to involve legal courts in their dispute. After a long discussion process, they agreed to sell. The first potential buyer offered a lower bid than what they themselves had invested. Pär wanted to take this bid. He just wanted to be done with the business. Burim and Leon did not want to lose money, so they rejected this bid. The next potential buyer was a friend. After learning more about what it takes to run the park, the friend realized that he lacks the skills. He would not be able handle the technology, servicing, and maintenance. This was the kind of knowledge that Burim, Pär, and Leon had developed over the three years. At last, Burim talked with one of the park’s suppliers. He seemed interested, as he already owned a similar park and understood the systems that the park uses. They received a bid that was a little higher than the money that they had initially invested. This bid would not pay for all of their hard work during the last three years of growing their business. Despite this disappointment, they decided to sell. They sold the company as a limited company, thus selling all of the shares. This type of sale involves two problems: First, the three partners are still personally liable for the bank loan, which the current sale agreement would not resolve. Secondly, they are also liable for the lease agreement. Despite this, they decided that they trust the buyer and that this offer was their best option. A year after they sold the business, they managed to transfer the bank liability and lease agreement to the new owner. LESSONS FROM BURIM Burim and his partners had a challenging and evolving journey that they had not fully anticipated when they started. Their partnership agreement was legally binding, but once it was put to the test with friends, relationships and feelings affected them more than they expected. It is important to keep this in mind when writing a partnership agreement, especially when the partners are friends. Sometimes there are also things that cannot be negotiated away in business agreements. In these cases, both sellers and buyers need to trust each other, and trust their instincts. Furthermore, Burim, Pär, and Leon realized that a specific skillset is needed to run their company, and it was not easy to find potential buyers who had that skillset. There is no doubt that it is easier to sell a company when few processes depend on the sellers’ unique knowledge. If Burim and his partners would have had more time and planned the business transfer earlier, they could have started to transfer their own knowledge by training personnel, writing processes, documenting decisions, adding machines, suppliers, etc., and thus simplified the process of finding a buyer. Regarding the price, the three friends were initially disappointed because they felt that their time and effort in building the company deserved a higher price. It is common to think like a seller; however, the buyer will most likely not have the same point of view. The buyer often values the company based on other factors, especially on future potential instead of past effort. So, there is really only one right price; how much the buyer is willing to pay, and the seller is willing to accept. TIPS! Try to plan the business sale early Transfer knowledge and processes within the company Build trust with potential buyers Remember that the seller and buyer have different perspectives, which both affect the sale price Think carefully before deciding to create a business with close friends. The meaning of the partnership agreement can change over time […]
Business Successors Training 1.INTRODUCTION INBETS BSR aims to examine, further develop and design innovative and transferable models and tools, facilitating business transfers of small and medium-sized enterprises (SMEs), make them widely available and implement them in companies. One of the main tools to achieve these goals is Business Successors Training Educational Program, which aims to provide the knowledge and capacity building of those with business practices or business education necessary for the successful management of business transfer processes, in order not only to keep existing SMEs but also to increase their market value through innovative, successful business growth. 2. AIMS AND OBJECTIVES Vytautas Magnus University, one of INBETS BSR partners, developed this Business successors education training program for business successors (buyers, sellers, heirs), which consists of 3 separate modules lasting a total of 18 hours. All modules focus on the essential skills and competencies necessary for a successful business transfer process, highlight the basic issues of business transfer and their practical solution scenarios, and allow participants to choose training modules that meet their needs. The first step of this program adoption is to test it with a target group, so that at least 30 people would be trained for business succession, and receive their feedback on the satisfaction with: the organization / educational institution for the module(s), the trainer’s skills / competences for the module(s), personal benefit for the module(s). This implementation report presents the results of the first testing of Business Successors Training Education Program, which was carried out on 20-22 of October, 2020. 3. PARTICIPANTS The target groups of Business Successors Training Educational Program are: Entrepreneurs: company / business owners, shareholders, company employees Students (with basic entrepreneurial knowledge), Graduates (from different levels and fields), Private and public sector employees seeking in-service training or retraining. Since the target group is wide, the registration for the training was carried out using Google Forms, so that it would be widely available for everyone who is interested in participation of testing of a new training program. The testing of Business Successors Training Educational Program attracted 67 participants in total. Participants’ list is attached as Annex 1 to this report. 4. IMPLEMENTATION The testing of Business Successors Training Educational Program was carried out as follows: 2020 October 20 – testing of the Module 3 “Financial optimization in business transfer” (lecturer Arturas Kapitanovas, 6 academic hours, 52 participants – 18 present and 34 online via Facebook live stream); 2020 October 21 – testing of the Module 1 “Determining the competitiveness of companies and developing strategies” (lecturer Nerius Jasinavicius, 6 academic hours, 29 participants – 14 present and 15 online via Facebook live stream); 2020 November 22 – testing of the Module 2 “Legal environment and business transfer logistics” (lecturers Sergej Butov and Kestutis Adamonis, 6 academic hours, 25 participants – 11 present and 14 online via Facebook live stream). Each training day started with a welcome word and presentation of INBETS project from prof. Vytas Navickas, who is the project manager of INBETS at Vytautas Magnus University. The participants were introduced to the main goals of the project as well as some visual information, available on the official project website https://inbets.eu/, followed by a presentation of lecturers, who were responsible for the first testing of Business Successors Training Educational Program. Training agenda is attached to this report as Annex 2. At the end of each training day Vytautas Magnus University has served the certificates of attendance to all the participants (106 certificates to 67 participants in total) and collected the feedback regarding each testing in order to assess the need for revision of the training (example of the certificate attached to this report as Annex 3, example of filled in evaluation form attached to this report as Annex 4, photos of the trainings attached to this report as Annex 5, training material attached to this report as Annex 6). Since the testing of training was carried out during the global Covid-19 pandemic, every testing session was translated live on Vytautas Magnus University Facebook account, which can be found here: https://www.facebook.com/VDU.svietimo.akademija. The information about the Business Successors Training was presented on Vytautas Magnus University website and social media accounts (Facebook) for the dissemination of the training and its results (examples of dissemination attached to this report as Annex 7). 5. EVALUATION The evaluation of participants’ satisfaction with the module(s) was carried out in three parts: Part 1: Assessment of satisfaction with the organization / educational institution for the module(s) Part 2: Satisfaction with the trainer’s skills / competences for the module(s) Part 3: Assessment of personal benefit for the module AGENDA “Determining the competitiveness of companies and developing strategies” (Module 1) 2020 October 21, 09:00-14:00 (6 academic hours) „Crowne Plaza Vilnius“, Conference Hall, M. K. Čiurlionio st. 84, LT-03100 Vilnius Lecturer – Nerius Jasinavicius “Legal environment and business transfer logistics” (Module 2) 2020 October 22, 09:30-14:30 (6 academic hours) „Crowne Plaza Vilnius“, Conference Hall, M. K. Čiurlionio st. 84, LT-03100 Vilnius Lecturers – Sergej Butov ir Kęstutis Adamonis “Financial optimization in business transfer” (Module 3) 2020 October 20, 09:00-14:00 (6 academic hours) „Crowne Plaza Vilnius“, Conference Hall, M. K. Čiurlionio st. 84, LT-03100 Vilnius Lecturer – Artūras Kapitanovas On the 20-22 October, 2020 Vytautas Magnus University, one of the INBETS BSR partners from Lithuania, successfully run the Business succession education training program for business owners and potential successors (entrepreneurs, students, graduates and others). During 3 days trainings participants deepened their knowledge on three important business transfer aspects: • “Financial optimization in business transfer processes”, lectured by Mr.A.Kapitanovas, experienced tax advisor; • “Determining the competitiveness of companies and developing strategies”, lectured by well-known business consultant Mr.N.Jasinavičius, and • “Legal environment and business transfer logistics”, presented by the law firm Sorainen partners Mr.S.Butov and Mr.K.Adamonis. Participants could choose particular one day training or could attend all trainings. To allow more participants to attend the trainings and decrease the risk of COVID-19 spread, the trainings where also broadcasted online. All registered participants received the certification of attendance form the Vytautas Magnus University’s Prof. Mr.V.Navickas. The success of the pilot trainings of such nature in Lithuania, proved that business transfer topic is of high importance for matured entrepreneurs and business founders, as well as interesting for potential successors. IMPRESSIONS […]
Business Successors Training 1.INTRODUCTION INBETS BSR aims to examine, further develop and design innovative and transferable models and tools, facilitating business transfers of small and medium-sized enterprises (SMEs), make them widely available and implement them in companies. One of the main tools to achieve these goals is Business Successors Training Educational Program, which aims to provide the knowledge and capacity building of those with business practices or business education necessary for the successful management of business transfer processes, in order not only to keep existing SMEs but also to increase their market value through innovative, successful business growth. 2. AIMS AND OBJECTIVES Vytautas Magnus University, one of INBETS BSR partners, developed this Business successors education training program for business successors (buyers, sellers, heirs), which consists of 3 separate modules lasting a total of 18 hours. All modules focus on the essential skills and competencies necessary for a successful business transfer process, highlight the basic issues of business transfer and their practical solution scenarios, and allow participants to choose training modules that meet their needs.The first step of this program adoption is to test it with a target group, so that at least 30 people would be trained for business succession, and receive their feedback on the satisfaction with: the organization / educational institution for the module(s), the trainer’s skills / competences for the module(s), personal benefit for the module(s). This implementation report presents the results of the first testing of Business Successors Training Education Program, which was carried out on 20-22 of October, 2020. 3. PARTICIPANTS The target groups of Business Successors Training Educational Program are: Entrepreneurs: company / business owners, shareholders, company employees Students (with basic entrepreneurial knowledge), Graduates (from different levels and fields), Private and public sector employees seeking in-service training or retraining. Since the target group is wide, the registration for the training was carried out using Google Forms, so that it would be widely available for everyone who is interested in participation of testing of a new training program.The testing of Business Successors Training Educational Program attracted 67 participants in total. Participants’ list is attached as Annex 1 to this report. 4. IMPLEMENTATION The testing of Business Successors Training Educational Program was carried out as follows: 2020 October 20 – testing of the Module 3 “Financial optimization in business transfer” (lecturer Arturas Kapitanovas, 6 academic hours, 52 participants – 18 present and 34 online via Facebook live stream); 2020 October 21 – testing of the Module 1 “Determining the competitiveness of companies and developing strategies” (lecturer Nerius Jasinavicius, 6 academic hours, 29 participants – 14 present and 15 online via Facebook live stream); 2020 November 22 – testing of the Module 2 “Legal environment and business transfer logistics” (lecturers Sergej Butov and Kestutis Adamonis, 6 academic hours, 25 participants – 11 present and 14 online via Facebook live stream). Each training day started with a welcome word and presentation of INBETS project from prof. Vytas Navickas, who is the project manager of INBETS at Vytautas Magnus University. The participants were introduced to the main goals of the project as well as some visual information, available on the official project website https://inbets.eu/, followed by a presentation of lecturers, who were responsible for the first testing of Business Successors Training Educational Program. Training agenda is attached to this report as Annex 2. At the end of each training day Vytautas Magnus University has served the certificates of attendance to all the participants (106 certificates to 67 participants in total) and collected the feedback regarding each testing in order to assess the need for revision of the training (example of the certificate attached to this report as Annex 3, example of filled in evaluation form attached to this report as Annex 4, photos of the trainings attached to this report as Annex 5, training material attached to this report as Annex 6). Since the testing of training was carried out during the global Covid-19 pandemic, every testing session was translated live on Vytautas Magnus University Facebook account, which can be found here: https://www.facebook.com/VDU.svietimo.akademija. The information about the Business Successors Training was presented on Vytautas Magnus University website and social media accounts (Facebook) for the dissemination of the training and its results (examples of dissemination attached to this report as Annex 7). 5. EVALUATION The evaluation of participants’ satisfaction with the module(s) was carried out in three parts: Part 1: Assessment of satisfaction with the organization / educational institution for the module(s)Part 2: Satisfaction with the trainer’s skills / competences for the module(s)Part 3: Assessment of personal benefit for the module AGENDA “Determining the competitiveness of companies and developing strategies” (Module 1) 2020 October 21, 09:00-14:00 (6 academic hours)„Crowne Plaza Vilnius“, Conference Hall, M. K. Čiurlionio st. 84, LT-03100 VilniusLecturer – Nerius Jasinavicius “Legal environment and business transfer logistics” (Module 2) 2020 October 22, 09:30-14:30 (6 academic hours)„Crowne Plaza Vilnius“, Conference Hall, M. K. Čiurlionio st. 84, LT-03100 VilniusLecturers – Sergej Butov ir Kęstutis Adamonis “Financial optimization in business transfer” (Module 3) 2020 October 20, 09:00-14:00 (6 academic hours)„Crowne Plaza Vilnius“, Conference Hall, M. K. Čiurlionio st. 84, LT-03100 VilniusLecturer – Artūras Kapitanovas On the 20-22 October, 2020 Vytautas Magnus University, one of the INBETS BSR partners from Lithuania, successfully run the Business succession education training program for business owners and potential successors (entrepreneurs, students, graduates and others). During 3 days trainings participants deepened their knowledge on three important business transfer aspects:• “Financial optimization in business transfer processes”, lectured by Mr.A.Kapitanovas, experienced tax advisor;• “Determining the competitiveness of companies and developing strategies”, lectured by well-known business consultantMr.N.Jasinavičius, and• “Legal environment and business transfer logistics”, presented by the law firm Sorainen partners Mr.S.Butov and Mr.K.Adamonis. Participants could choose particular one day training or could attend all trainings. To allow more participants to attend the trainings and decrease the risk of COVID-19 spread, the trainings where also broadcasted online. All registered participants received the certification of attendance form the Vytautas Magnus University’s Prof. Mr.V.Navickas. The success of the pilot trainings of such nature in Lithuania, proved that business transfer topic is of high importance for matured entrepreneurs and business founders, as well as interesting for potential successors. IMPRESSIONS […]
Transfer description Transfer took place since the founder of the company, Mr. Mati Vetevool felt that it’s time to step give main responsibility to his son. This didn’t, by any chance, mean that he cut off completely from running a business, but Mr.Mati Vetevool took the role of CEO and Meelis Vetevool became Chairman of the board. It was easy to find a successor since the son had been actively working in the company alongside his father. Therefore, the transfer process was very dynamic. Next to the son, also the grandson is working in the company and this should guarantee the long-term sustainability for the company.  Actually, since it was family transfer, not many challenges were encountered. All topics were handled with careful discussion and since Mr. Mati Vetevool remains active in the company- questions can always be asked and will be answered. Company was innovative throughout it’s history and new process and working methods have been implemented along the way. What is a great example of family transfer and exchange of know-how, is involvement of grandson. He is in charge of internet marketing and using all the new channels of marketing such as social media and other platforms.  Mr. Mati Vetevool was awarded with life-long work achievement by E&Y in 2018.  Here’s a story of export by successor- Meelis Vereool: Story Facts PreviousCurrentOwnerMati VetevoolMeelis VetevoolLegal form of the company LtdLtdNumber of employees 142142 BrandModel of transferInvolved institutionCountryEngineering1 Family transferNor third party institutionsEstonie […]
The INBETS project was promoted in the Polish magazine Gazeta MSP, specifically in relation to the project’s dissemination among Polish entrepreneurs. In the magazine, the presented materials describe the problems related to the subject of succession and the main assumptions of the project. Additionally, e-mail contact to the Small Business Chamber is included for people who need to obtain more information and broaden their knowledge in the area of succession. Below is the page from the magazine Gazeta MSP disseminating the INBETS project (in Polish). Please note that it is also possible to download this material as a pdf by clicking on the image below.  Below is the entire Gazeta MSP issue from October 2020 (in Polish). The entire issue can be downloaded as a pdf by clicking on the image below. […]
The INBETS project was promoted in the Polish bus system. The intent was to promote the INBETS project and to disseminate the project among Pllish entrepreneurs. The presented materials described the problems related to the subject of succession and the main assumptions of the project. Additionally, e-mail contact to the Small Business Chamber is included for people who need to obtain more information and broaden their knowledge in the area of succession. Below is the promotion on board a Polish bus (in Polish). Please note that it is also possible to download this material as a pdf by clicking on the image below.  […]
The subject of succession was promoted by the Mazovian Chamber of Craft and Entrepreneurship in Warsaw in the Polish magazine Mazowsze serce Polski. The article mentions that the Mazovian Chamber of Craft and Entrepreneurship in Warsaw is implementing a partnership project on succession. This article also provides a contact to the Small Business Chamber for those interested in the topic of succession. Below is the page from the magazine Mazowsze serce Polski disseminating this information (in Polish). Please note that it is also possible to download this material as a pdf by clicking on the image below.  […]
Transfer description Sampo-Rosenlew Ltd was founded in the beginning of 1990’s by Mr. Timo Prihti to continue the Combine Harvester production which otherwise had been shut down by Metso Plc. Mr. Prihti found soon that one product is not enough and started engineering and manufacturing of forest harvester. Furthermore, contract manufacturing of components to other engineering companies as well as engineering and manufacturing of industrial parts washing machines became as third and fourth branches of the company within the 1990’s. Within the next decade the hydraulic motors and rotators were included to the portfolio of SampoRosenlew group by acquiring Metso Hydraulics Ltd which got a new name Sampo-Hydraulics. Mr. Timo Prihti’s son Mr. Jali Prihti had worked in the company from late 1990’s and it was clear that Jali would follow his father as entrepreneur. The arrangements were started in 2003 when Metso-Hydraulics was acquired and Mr. Jali Prihti became minority owner of Sampo-Hydraulics. After that a new company, which took responsibility of subcontracting business, was founded. A few years later the diffusion was done, and Sampo-Rosenlew Group was divided into two parts: Sampo-Rosenlew Ltd, which takes care of the production, and SR-Kiinteistöt Ltd, which owns and rents the facilities. Mr. Jali Prihti got majority of shares but Mr.Timo Prihti retained the right to vote and the right to certain part of dividend. Mr. Jali Prihti’s part of dividend enabled the payment of legacy duties. The change in the operative management was realized in 2009 when Mr. Timo Prihti became as the Chairman of the Board, and his son was nominated as the CEO of Sampo-Rosenlew Ltd. At the moment Mr. Jali Prihti is both the CEO and the Chairman of the Board and Mr. Timo Prihti is the Member of the Board. Mr. Prihti has also another child, daughter, who is not interested in the business. The equality between two heirs was borne in mind during the arrangements. The lesson was that most important in transferring the business to the next generation is to plan it well, start it early enough and to realize the plan consistently. Timo Prihti retained the right to vote and the right to certain part of dividend. Mr. Jali Prihti’s part of dividend enabled the payment of legacy duties. The change in the operative management was realized in 2009 when Mr. Timo Prihti became as the Chairman of the Board, and his son was nominated as the CEO of Sampo-Rosenlew Ltd. At the moment Mr. Jali Prihti is both the CEO and the Chairman of the Board and Mr. Timo Prihti is the Member of the Board. Mr. Prihti has also another child, daughter, who is not interested in the business. The equality between two heirs was borne in mind during the arrangements. The lesson was that most important in transferring the business to the next generation is to plan it well, start it early enough and to realize the plan consistently. Facts PreviousCurrentOwnerTimo Prihti (majority)Jali Prihti (majority)Legal form of the company LtdLtdNumber of employees 400400 BrandModel of transferInvolved institutionCountryEngineering1 – Family transferAuditorFinland Reported by Kari Lilja and Sirpa Sandelin […]
Transfer description The business transfer was an easy way for Morten to get started.  He is the youngest son at the former owner.  Morten and his wife both have an education in agriculture. The whole family (incl. Mortens sibling) wants the company to continue in the family’s ownership.  The reality has the perfect setting for the life that Morten and his wife want for their family.  The process of business transfer took about 1½ to 2 years.  The biggest challenge has been to find out which rules on business transfer are the most advantageous for both parties. Here they talk most about the tax rules, which are very cumbersome in Denmark. So both parties have always been considering which model of succession was asked in their case.   Involved institution  Two advisors have been used in connection with the business transfer. An finance advisor and a generational change consultant. In fact, the economy has not been the big challenge, as it has not been necessary to obtain external funding.  The two advisors come from an association for agricultural advisory services.  The price for advice has been approx. 30,000 Euro.  Facts PreviousCurrentOwnerMartin Schmidt  Morten Beierholm SchmidtLegal form of the company Owned by one personOwned by one personNumber of employees 11 BrandModel of transferInvolved institutionCountryAgriculture1 Family transferFinance advisorGenerational Change ConsultantDenmark […]