Succession of a big Car Repair Shop / Car Dealer Company without Capital Resources of Successor

Issue

There was no successor for the company in the owner-family, so an external successor was needed. At the same time the owner wanted to continue his business with the smaller part of the company – the repair shop.

Solution

ECOVIS experts were searching for a successor in the company and found an appropriate candidate among the team leaders. He had the necessary qualification and experience and worked in the company for 6 years, which was an important factor for his acceptance by the staff. After some entrepreneurial education at the chambers of commerce the successor established with the help of ECOVIS experts a financial concept consisting of different loans and subsidies by the federal state of Saxony.

Currently

The company is doing fine, the dept service can be paid out of the cash flow. The financial streams of the company are closely watched by an ECOVIS financial controlling system especially designed for small and medium sized firms.