Family business in Tyrol: Mastering challenges of successor!

Family business in Tyrol: Mastering challenges of successor!

Wuppertal, Deutschland - Family businesses are the backbone of the economy! From small companies to large companies such as Vorwerk, which generated sales of 3.2 billion euros last year, the range of these companies extends. Timm Mittelste Scheid, which leads the traditional Wuppertal company in the fifth generation, emphasizes the importance of "grandchildren's ability": it is not just about maximizing current profits, but rather aiming to create a company that serves future generations. For many companies in Tyrol, where around 90 percent of all companies are family businesses, the successor is a major challenge, since around 11,000 of the approximately 20,000 family businesses are available for handing over, such as tirol.orf reports.

succession and legal forms

The handover of a family company is often full of hurdles, both personal and factual nature. Anita Ziehrer, head of the Family Business Center at MCI, underlines that external advice can be extremely helpful in such situations. The choice of the right company form plays a crucial role here. The right legal form must be adapted to the individual needs of the company and the founder. Rainer Schwarz, a graduate in business administration and family business expert, explains that the decision between various forms of society-such as family GmbH or partnerships-takes into account many factors, including liability and capital expansion. The FAQ to legal forms of family businesses provides important information on these questions.

The choice of legal form not only affects liability issues, but also the tax aspects and the possibilities of asset management. For example, a family GmbH offers advantages for wealth protection and the transfer of company shares within the family. In view of the complexity of the topics of succession planning and legal forms, it is advisable for many entrepreneurs to deal intensively with the matter and, if necessary, to take advantage of professional help.