Interreg Europe discusses succession planning for shoe companies

Europe

Posted: 03 Aug 2021

On July 8, 2021, the Interreg Europe Success Road project consortium virtually met with Greek and European public and private stakeholders to discuss the modernization of the legislative framework for business succession, in particular for European textile companies, clothing and footwear.

Experts agreed that through collaboration and recognition of the value of the brand’s heritage, the founder and successor can achieve a successful transfer. In addition, all the panelists concluded that both parties involved must be trained in the productive management of the business after the succession: the founder, for example, has to disengage from the day-to-day activities of the business while the successor needs management and sector knowledge.

The panelists concluded that the formula for developing such fruitful ecosystems requires, among other things, the collaboration of private, public, academic and media actors, guidance support, an entrepreneur-centered system as well as empowerment. account of all kinds of business transfers and specifics from the start.

Dr Meletis Karabinis, Director General of the Hellenic Garment Industry Association, stressed the need for a new environment for the transfer of ownership in family businesses that provides financial and tax support as well as advice for the ‘development of a succession plan offered by a network of professional experts, who can take into account the particularities of the company and look into all types of succession.

This event marked the end of the series of four workshops in the project partner countries and it will be followed by policy guidelines on how innovation, digitization and modernization of the legislative framework can support transfer procedures. company in the European textile, clothing and footwear sectors.



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