Business Tinder: How a company finds the right successor

According to a Statec estimate, 250 companies will need a new manager every year over the next ten years. Retirement, illness, profit or simply a desire for something new: there are many reasons why entrepreneurs hand over their business, but they all have one thing in common, namely the search for a suitable candidate to take over.

Since 2018, the BusinessTransfer platform has been responsible for matchmaking between transferors and transferees of companies, i.e. bringing together those whose profiles and ideas match. Although the initiative of the Ministry of the Economy in collaboration with the Luxembourg Chamber of Commerce and the Chamber of Skilled Trades and Crafts is not yet as well known as it could be, it responds to an urgent need in the market. "A business transfer usually takes between three and five years, because both sides have to draw up a business plan and come to an agreement on many levels. The whole thing doesn't happen overnight, but needs to be prepared well in advance, " explains Stéphanie Damgé from the House of Entrepreneurship, which manages the platform.