Who will own?
How should ownership be divided, and what does it mean for how the company is governed? We help clarify wishes and expectations so your advisers can find the right model.
Business succession · Owner-managed and family-owned companies
Business succession
A succession is a business decision, a leadership task and a personal transition all at once. We guide owner-managers, families and boards through the whole process – from the first considerations until the new leadership is firmly in place.
30 %
of Danish owner-managed companies with employees are run by an owner over 55 – around 13,000 companies.
Source: Danish Chamber of Commerce (Dansk Erhverv) 2022137,500
employees work in companies where the owner-manager is over 55.
Source: Danish Chamber of Commerce (Dansk Erhverv) 2022Under 10 %
of family-owned companies make it to the third generation. It rarely happens by itself.
Source: Le Breton-Miller, Miller & Steier 2004It is about more than the paperwork
When a succession stalls, it is rarely because of tax or legal issues alone. More often, no one has spoken openly about expectations, the successor is not ready, or the owner has not found a new role.
That is why we work with the human and leadership side of the transition – in close cooperation with your accountant, lawyer and bank on the rest. Our foundation is business psychology and 25 years of experience in leadership, recruitment and board work.
Three tracks that must fit together
In an owner-managed company, ownership, leadership and family are intertwined. A good succession takes all three into account.
Who will lead?
Does the successor have the right competencies – and the backing of the organisation? We assess, develop or recruit the new leader and strengthen the board.
How do we stay together?
Roles, fairness and the departing owner's new place. We create a space where the difficult questions can be raised before they turn into conflicts.
Three ways forward
There is no single right solution. We help you choose the route that fits your goals, company and family.
The next generation takes over
A son, daughter or other family member becomes the new owner and leader. This takes time, development and clear agreements.
External CEO
The family keeps ownership, while a professional CEO takes over day-to-day management.
Management or employees buy
Key people or employees take over gradually. Continuity is preserved, but roles change.
How a succession works with us
The process is tailored to your situation. The earlier you start, the more options you have.
- 1
Clarification
What matters to you as owner? We clarify goals, time horizon and wishes – including the personal ones.
- 2
Analysis
We look at leadership, key people and how dependent the company is on the owner today.
- 3
Plan and roles
A shared plan for who, what and when – including the board's role and communication to employees and customers.
- 4
The successor
Clarification, development and coaching of the successor – or recruitment of a new CEO.
- 5
Handover
We support the handover and follow up during the first year, so the new leadership constellation and the former owner land well.
The research behind it
Successions succeed more often when they are planned well in advance and when the successor is both motivated and prepared. This is linked to greater satisfaction with the process (Sharma, Chrisman & Chua 2003).
Many successions are held back by relationships, motivation and unclear roles – not only by finances (De Massis, Chua & Chrisman 2008). Effective successions build on long-term preparation and gradual development of the successor (Le Breton-Miller et al. 2004).
How we can help
Choose the whole process or just the parts you need.
- Sparring and coaching for the owner-manager – before, during and after the transition
- Clarification of successors through structured interviews and personality testing (NEO PI-R)
- Development programmes and mentoring for the future leader
- Recruitment of a new CEO for the owner-managed company
- Establishing and developing a board or advisory board
- Facilitation of family and owner meetings
- Conflict resolution and mediation when disagreements get in the way
- Developing the management team so it can carry the company forward
Frequently asked questions
When should we start preparing a succession?
As early as possible. A good succession typically takes several years, because the successor needs to be developed and the management must be able to stand without the owner. Starting early gives you more options.
Do you also handle tax, legal matters and valuation?
No. We focus on people, leadership and organisation and work with your accountant, lawyer and bank on the financial and legal parts. That way you get the best of both.
What if the family does not agree?
That is very common. As a neutral third party, we help bring expectations and concerns into the open so you can find a solution everyone can stand behind. Read more about conflict resolution and mediation.
How do we know whether the successor is ready?
We use structured interviews, personality testing and conversations with management and the board. This gives an honest picture of strengths and development needs – and a plan for how the successor gets ready.
What if there is no successor in the family?
Then an external CEO may be the way forward while the family keeps ownership. We have extensive experience in recruiting CEOs for owner-managed companies.
Are the conversations confidential?
Yes. Everything that is said is treated confidentially.
Facing a business succession?
Have a confidential, no-obligation conversation with Kim Bisgaard, business psychologist and CEO, about your situation and options.