{"id":113291,"date":"2026-09-29T08:40:25","date_gmt":"2026-09-29T08:40:25","guid":{"rendered":"https:\/\/mybusinessfuture.com\/?p=113291"},"modified":"2026-09-29T10:36:55","modified_gmt":"2026-09-29T10:36:55","slug":"mittelstand-successor-crisis-for-thousands","status":"publish","type":"post","link":"https:\/\/mybusinessfuture.com\/en\/mittelstand-successor-crisis-for-thousands\/","title":{"rendered":"Thousands of German SMEs Cannot Find a Successor"},"content":{"rendered":"<p style=\"display:inline-block;background:#c0392b;color:#fff;padding:4px 14px;border-radius:20px;font-size:0.85em;margin-bottom:18px;\">4 min read<\/p>\n<p><strong>Since 2019, purchase-price expectations among outgoing owners in the German Mittelstand have risen sharply. In 2024, the IHKs (German Chambers of Industry and Commerce) saw a record number of consultations with owners willing to sell, against just over 4,000 prospective buyers. To take over a business, the successor needs a financing plan that goes beyond the purchase price.<\/strong><\/p>\n<div style=\"background:#202528;color:#fff;padding:32px 36px;margin:32px 0;border-radius:8px;\">\n<p style=\"margin:0 0 18px 0;font-size:0.95em;font-weight:800;text-transform:uppercase;letter-spacing:0.2em;color:#e8828d;border-bottom:2px solid rgba(232,130,141,0.3);padding-bottom:12px;\">Key takeaways<\/p>\n<ul style=\"margin:0;padding-left:22px;color:rgba(255,255,255,0.92);line-height:1.6;\">\n<li style=\"margin-bottom:12px;\"><strong style=\"color:#e8828d;\">The purchase price is only part of the burden.<\/strong> On top of the price, the tax burden, working capital and replacement and new investments must also be financed.<\/li>\n<li style=\"margin-bottom:12px;\"><strong style=\"color:#e8828d;\">Financing remains a hurdle for many.<\/strong> Nearly four in ten prospective buyers report financing problems to the IHKs, even though the situation has eased slightly of late.<\/li>\n<li><strong style=\"color:#e8828d;\">Many owners plan too late.<\/strong> Three quarters of the retiring owners advised by the IHKs only turn to external contacts two years or less before the handover.<\/li>\n<\/ul>\n<\/div>\n<h2>More businesses than buyers<\/h2>\n<p>Around 545,000 SMEs are planning a business succession by the end of 2029, according to <a href=\"https:\/\/www.kfw.de\/PDF\/Download-Center\/Konzernthemen\/Research\/PDF-Dokumente-Fokus-Volkswirtschaft\/Fokus-2026\/Fokus-Nr.-526-Januar-2026-Nachfolge-Monitoring.pdf\">KfW<\/a>, Germany&#8217;s state-owned promotional bank. Over the same period, around 569,000 owners do not plan to continue the business after they step down. One in four companies says it is considering a deliberate closure of the business.<\/p>\n<p>On the takeover market, supply significantly exceeds demand. In 2024 the succession advisers at the IHKs counted almost 10,000 consultations with owners willing to sell, according to the <a href=\"https:\/\/www.ihk.de\/blueprint\/servlet\/resource\/blob\/6201834\/5dacf972bd25709dcd1924a51712cd14\/dihk-nachfolgereport-2025-data.pdf\">DIHK<\/a> (Association of German Chambers of Industry and Commerce), more than at any time since the report began in 2007. Only just over 4,000 prospective buyers were interested in a takeover.<\/p>\n<p>For 5,620 businesses on offer, there was no potential successor. This gap has almost doubled since 2019.<\/p>\n<p><strong>What is a vendor loan?<\/strong> A vendor loan is a loan granted by the seller to the buyer in a business takeover. It converts part of the amount owed on the purchase price into a loan that the buyer services later. It is usually subordinated, meaning the seller ranks behind the other lenders. Interest is often not paid until maturity.<\/p>\n<h2>Rising price expectations among owners<\/h2>\n<p>For successions planned between 2025 and 2029, owners are aiming for an average sale price of around 499,000 euros, according to KfW. In 2019 the average was still 372,000 euros; adjusted for inflation, that equates to an increase of around 9.5 percent. In KfW&#8217;s view, the actual average is likely even higher.<\/p>\n<p>Across all owners planning a succession, the average target is 1.2 times annual revenue and the median is 0.6 times. KfW sees this as an indication that the vast majority of owners are not setting their purchase prices too high. Among the retiring owners advised by the IHKs, however, 36 percent are demanding an excessive purchase price, in the IHKs&#8217; assessment.<\/p>\n<p>In the view of the <a href=\"https:\/\/bankenverband.de\/sites\/default\/files\/medien\/3\/dokumente\/2026-08-14-unternehmensnachfolge.pdf\">Bankenverband<\/a> (Association of German Banks), a takeover resembles a start-up situation with high capital requirements, even though the company already generates earnings. On top of the purchase price, the tax burden, working capital and replacement and new investments must be financed. In future the successor must pay interest and principal, known as debt service, out of distributed profits.<\/p>\n<h2>Ways to finance the takeover<\/h2>\n<p>Nearly four in ten prospective buyers report financing problems to the IHKs. Overall, the situation has eased somewhat of late, according to the IHKs&#8217; experience. Bank lending remains difficult, though the somewhat better interest rate environment is bringing slight relief there. The options for financing the succession from one&#8217;s own resources have deteriorated somewhat again.<\/p>\n<p>From the relationship bank&#8217;s perspective, the main risk is an excessive purchase price, because the buyer may then no longer be able to cover interest and principal from profits. An operating business that throws off more cash is better placed to support liquidity and debt service.<\/p>\n<p>Among other instruments, the Bankenverband cites the vendor loan, in which the seller leaves part of the purchase price outstanding as a loan. With an earn-out clause, the purchase price depends on future profits and is paid in instalments, usually over one to three years, at most over five years.<\/p>\n<p>On guarantees, 31 percent of IHKs report improvements and only 3 percent report deteriorations. Default guarantees from the guarantee banks are available nationwide for amounts up to 2 million euros and cover up to 80 percent of the credit requirement to be secured. Funding, such as from KfW programmes, must be applied for before the takeover; retrospective approval is not possible.<\/p>\n<h2>Bureaucracy and late planning<\/h2>\n<p>As a hurdle to succession, 69 percent of all SMEs cite the search for a suitable successor, 45 percent the bureaucratic burden. Only 18 percent cite the successor&#8217;s need to secure the financing.<\/p>\n<p>Among companies with closure plans, 52 percent cite the owners&#8217; retirement age and 42 percent the bureaucratic burden as reasons. Among the reasons for closure, no other factor has gained as much importance year on year as bureaucracy.<\/p>\n<p>Three quarters of the retiring owners advised by the IHKs only turn to external contacts two years or less before the planned handover. According to KfW data, annual investment volume falls by around 32 percent in companies with short-term succession plans, as owners scale back investment before the handover.<\/p>\n<h2>Little time left until the handover<\/h2>\n<p>The average age of SME owners is just over 54; in 2003 it was 45. More than half of owners are now 55 or older. Owners planning a short-term succession by the end of 2026 are already 66.5 years old on average.<\/p>\n<p>With early planning, purchase price and subsequent costs can be calculated together. Funding and guarantees can then be applied for in good time before the takeover.<\/p>\n<h2>Frequently asked questions<\/h2>\n<details>\n<summary><strong>What purchase price do owners ask for in an SME succession?<\/strong><\/summary>\n<p>For successions planned between 2025 and 2029, the targeted sale price averages around 499,000 euros according to KfW, with a median of 375,000 euros. Since 2019 the average value has risen by around 34 percent in nominal terms. Across all owners planning a succession, the targeted price averages 1.2 times annual revenue.<\/p>\n<\/details>\n<details>\n<summary><strong>What are the most common obstacles to a succession?<\/strong><\/summary>\n<p>As a hurdle, 69 percent of SMEs cite the search for a suitable successor, 45 percent the bureaucratic burden and 32 percent the legal and tax complexity. 18 percent cite the successor&#8217;s need to secure the financing. Multiple answers were possible.<\/p>\n<\/details>\n<details>\n<summary><strong>When do you need to apply for funding for a takeover?<\/strong><\/summary>\n<p>Funding must be applied for before the business takeover; retrospective approval is ruled out. Default guarantees from the guarantee banks cover up to 80 percent of the credit requirement to be secured; the relationship bank bears the remaining 20 percent.<\/p>\n<\/details>\n<h2 style=\"padding-top:64px;margin-bottom:20px;\">Further reading<\/h2>\n<ul>\n<li><a href=\"https:\/\/mybusinessfuture.com\/en\/when-the-lifes-work-finds-no-successor\/\">When the Life\u2019s Work Finds No Successor<\/a><\/li>\n<li><a href=\"https:\/\/mybusinessfuture.com\/en\/taking-over-instead-of-starting-the-underestimated-entrepreneurship\/\">Taking Over Instead of Starting: The Underestimated Entrepreneurship<\/a><\/li>\n<\/ul>\n<p style=\"text-align:right;color:#5f5f5f;font-size:0.85em;margin-top:48px;\"><em>Image source: AI-generated (September 2026)<\/em><\/p>\n<p style=\"border-top:1px solid #e9ecef;padding-top:36px;margin:44px 0 18px;font-weight:700;font-size:1.05em;color:#1a1a1a;\">More from the MBF Media Network<\/p>\n<div style=\"padding:14px 18px;border-left:3px solid #d65663;background:#fafafa;margin-bottom:6px;\">\n<div style=\"font-size:0.7em;font-weight:700;color:#d65663;text-transform:uppercase;letter-spacing:0.12em;margin-bottom:4px;\">digital-chiefs<\/div>\n<p><a href=\"https:\/\/www.digital-chiefs.de\/stille-deindustrialisierung-das-fehlende-nachfolge-oekosystem\/\" style=\"font-weight:600;line-height:1.4;color:#1a1a1a;text-decoration:none;\">Silent deindustrialization: the missing succession ecosystem<\/a><\/p>\n<\/div>\n<div style=\"padding:14px 18px;border-left:3px solid #d65663;background:#fafafa;margin-bottom:6px;\">\n<div style=\"font-size:0.7em;font-weight:700;color:#d65663;text-transform:uppercase;letter-spacing:0.12em;margin-bottom:4px;\">digital-chiefs<\/div>\n<p><a href=\"https:\/\/www.digital-chiefs.de\/die-integration-die-den-deal-case-zerlegt\/\" style=\"font-weight:600;line-height:1.4;color:#1a1a1a;text-decoration:none;\">The integration that tears the deal case apart<\/a><\/p>\n<\/div>\n<div style=\"padding:14px 18px;border-left:3px solid #0bb7fd;background:#fafafa;\">\n<div style=\"font-size:0.7em;font-weight:700;color:#0bb7fd;text-transform:uppercase;letter-spacing:0.12em;margin-bottom:4px;\">cloudmagazin<\/div>\n<p><a href=\"https:\/\/www.cloudmagazin.com\/2026\/09\/21\/cloud-ecm-einstieg-in-die-digitalisierung-im-mittelstand\/\" style=\"font-weight:600;line-height:1.4;color:#1a1a1a;text-decoration:none;\">Cloud ECM: entry into digitalization in the Mittelstand<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Around 545,000 German SMEs plan a succession by the end of 2029. Buyers must finance taxes, working capital and investments beyond the purchase price.<\/p>\n","protected":false},"author":160,"featured_media":113206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"business succession","_yoast_wpseo_title":"Thousands of German SMEs Cannot Find a Successor","_yoast_wpseo_metadesc":"By the end of 2029, around 545,000 German SMEs will seek a successor. 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