INTERREG EUROPE “SUCCESS ROAD”: SOCIAL PARTNERS AS KEY ACTORS IN ASSISTING THE TRANSFER PROCESS OF EU FAMILY BUSINESS
Wednesday, November 11, 2020 - 21:22English
Last week, Interreg Europe Success Road project consortium met virtually with Spanish public and private stakeholders to debate on the role of social partners in facilitating the transfer process of EU family businesses. During this online workshop, legal and fiscal experts shared their expertise in an attempt to guide policy makers at regional and national level in Europe.
Timing: an essential success factor in business transfer
The experts agreed that many companies would have survived if their succession was planned well in advance. Transferring a business, a family legacy, was a challenging step, and families often postponed this moment until it was too late. Planning early, involving the next generation in the company workflow, establishing a governance structure and working with specialists on legal and fiscal issues could make a difference, avoid conflicts and ensure a successful transfer. The current pandemic has shown the need for accelerating succession related decisions. Families, that usually take their time in making decisions impacting their businesses, are now urged to act quickly on drafting their future path and be more agile. Social partners play an important role in motivating and guiding family businesses during their transfer process and in mediating their conflicts. “Working on family business conflicts, providing legal and fiscal advice and drafting policy instruments to facilitate business succession are some of the main activities covered by AVECAL”, explained a representative from the Valencian Association of Footwear Entrepreneurs, project partner and workshop organiser.