Interreg Europe debates succession planning for footwear companies

Europe
Published:  03 August, 2021

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

The experts agreed that, through collaboration and the recognition of the value of brand heritage, founder and successor can complete a successful transfer. In addition, all panellists concluded that both parties involved need to train themselves for the productive management of the company after succession: the founder, for example, must disengage from the daily activities of the business while the successor needs managing and sectoral knowledge.

The panellists concluded that the formula to develop such successful ecosystems requires, among other things, the collaboration of private, public, academic and media stakeholders, guidance support, a system which is entrepreneur-centric as well as consideration for all kinds of business transfer and specificities from the start.

Dr Meletis Karabinis, General Director of Hellenic Clothing Industry Association, underscored the necessity of a new environment for transfer of ownership in family businesses that provides financial and fiscal support along with guidance for the development of a succession plan offered by a network of professional experts, who can take into consideration the particularities of the company and look into all types of succession.

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