Conferences and workshops : record of proceedings - Transeo

SPA
Belgium
19th and 20th May, 2009
Conferences and Workshops:
Record of Proceedings

SUMMARY
Introduction
Business transfer in Europe: a global issue, a local approach 4
First plenary session
Business transfer: is it all about awareness? 6
European Cafe
Summary of discussions 10
Second plenary session
The role of support services in the business transfer process 14
Workshop 1 - Strategies for raising the seller’s awareness 18
Workshop 2 - Towards a synergy between private and public organizations 22
Workshop 3 - Matching platforms: the best is yet to come 26
Closing ceremony 30
Lessons learned and conclusions 34
Appendix
Programme 36
List of participants 38
3

Introduction
Business transfer in Europe:
a global issue, a local approach
Europe’s population is aging and the potential for
business transfers is increasing. Often complex in
nature, business transfers can be doomed to failure,
not because the company itself is not viable but
because of problems that occur during the transfer
phase. What can we do to reverse this trend?
do not find a buyer. Another key point emphasized
by Jean-Claude Marcourt during this introduction is
the fact that takeovers have a lower failure rate than
start-ups.
What actions can be taken to improve SME transfers?
Jean-Claude Marcourt referred to the important
work to be carried out in terms of the psychological
aspects of business transfers, still shrouded in
extreme secrecy, and also in relation to matching, in
order to determine the shortest and most efficient
path between sellers and buyers.
In relation to the initiatives taken in the Walloon
region, the Minister spoke about the establishment
of Sowaccess in 2006, which has succeeded in
linking up more than 500 businesses in the space
of three years. This has resulted in 15 successful sale
transactions and the creation of a database comprising
140 sellers and 150 buyers.
«Sowaccess has long-standing ties with its counterparts
in the Netherlands (MKBase) and France (CRA
- French national association for company sales and
acquisitions). I am convinced that this type of partnership
is vital to ensuring success. We can extend
this initiative to other European countries, hence the
reason for this meeting in Spa, which I’m hoping will
be fruitful» concluded Jean-Claude Marcourt.
start-ups (especially since the success rate of business
transfers is greater than that of start-ups).
Amongst other conclusions, he pointed to the
importance of timely preparation (in the Netherlands
and Austria, business owners approaching
retirement age systematically receive notification
letters) and also visibility. Marko Curavic pointed
out that only 10% of buyers are currently listed in
electronic databases. It is widely regarded as a touchy
area, shrouded in secrecy, however standards
must be established in order to ensure that the data
contained in databases is of high quality and updated
regularly. Another area requiring attention: the
taxation system, which could be made more «transfer
friendly».
«Most people only transfer one business in their lifetime,
which does not allow them the opportunity to
build up experience in this area. In Italy, they are currently
running a pilot project focused on mentoring
and coaching SMEs. We will not know the results until
the end of 2009 but we are confident that there will
be valuable lessons for the other countries,» concluded
the representative of the Commission.
Hosting the two-day conference, Jean-Claude Marcourt
announced that he was very pleased to open
a series of seminars dedicated to the transfer of
businesses, and SMEs in particular, across Europe.
Before getting to the heart of the proceedings, the
Walloon Minister for the Economy reminded those in
attendance that the town of Spa, which welcomed
Europe’s royalty in the 19 th century, has given its
name to a common everyday term. The term «spa»
describes a mineral spring, and more generally,
thermal treatments. A nice success story in terms of
transferring concepts!
Takeovers have a healthy survival rate
Business transfers should receive the same
attention as start-ups
A nice lead in for Marko Curavic, the «voice of
Europe» in this introductory session. What is the
European Commission’s view on business transfers?
And what does it actually do in this area? The
speaker began by confirming that one third of all
companies will have to transfer ownership over the
next ten years, a figure that translates into 690,000
businesses per year, or 2.8 million jobs per year.
The problem is not new and the European Commission
has been actively involved in this issue since
1994 when it issued a series of recommendations to
the Member states. Things have progressed since
then, with the Commission estimating that 65% of
its recommendations have now been adopted, notably
in the area of taxation, legal matters, administrative
simplification, etc. However, there is still more
progress to be made, the biggest issue being that
people are continuing to favour business start-ups
over business transfers.
SpEAkERS
> Jean-Claude MARCOURT,
Walloon Minister of Economy,
Employment, Foreign Trade and
Heritage (Belgium).
> Marko CURAVIC,
Advisor, Directorate
E - Promotion of SME
competitiveness, European
Commission (Croatia).
> Moderator: Eric WINNEN,
On a more serious note, the Minister reminded those
General Manager, dialectiq sprl
(Belgium).
present of the acuteness of the problem of transferring
businesses in Europe. A European study has
4
shown that 30% of companies are in danger of falling
by the wayside over the next ten years if they
business transfers receive the same attention as
This is why the Commission is recommending that
5

First plenary
session
Business transfer: is it all about
awareness?
Two keynote speakers from Canada and Belgium,
both from an academic background, presented
a number of key issues relating to the transfer of
businesses. This gave rise to a prolonged discussion
with other international experts. The first
plenary session also included a case study from a
seller, Michel Engels, who came to share his own
experience.
This plenary session started with a Canadian expert
in business transfer: Louise Cadieux, Professor at
University of Québec-Trois Rivières, chose to speak
to the audience about the behaviour of business
owners in the context of changing roles. When business
owners leave their company, they are effectively
stepping down from a well-defined role, that of
«MD», to face into the unknown. Which explains the
degree of resistance observed in business owners
selling their companies: fear of loosing their status
of «hero», problems relating to the distribution of
assets to children and multiple types of other questions
all constitute a source of uncertainty and are
viewed as a step backwards rather than forwards.
Are you a Monarch or an Ambassador?
Staying with the issue of time, Johan Lambrecht
from Belgium agreed that a business transfer is
not a single event but a process, one that generally
starts as soon as children are born and can last up to
35 years! Director of the Research Centre for Entrepreneurship,
Johan Lambrecht kept the audience
amused by developing a typology of sellers ranging
from the «Monarch» type on one end of the scale
(will never leave the company, remaining there until
death), to the «General» type (succeeds in making
the transition but with difficulty), to the «Ambassador»
type (remains on in a reduced capacity to
provide advice) to the «Governor» type on the other
end of the scale (who definitively turns the page).
The Belgian Professor openly challenged a number
of common ideas in circulation on the subject
of transfers. The fact, for example, that the seller
MUST let go. «It’s perfectly enviseagable for him to
CASE STUdy By MICHEL ENgELS
Entrepreneurial spirit, a family value
adopt another, less demanding role. For example, he
can become an advisor, which brings considerable
added value, both to the company and to the successor
or employees. However, strategic decisions
should always be shared with the buyer, otherwise
you cannot say that the business has really been
transferred.”
Johan Lambrecht also rebelled against the theory
sometimes conveyed in the political domain whereby
family successions are successful and sales
to third parties are failures. «Although the issue is
about the continuity of businesses, continuity has
numerous dimensions, notably the continuity of the
family estate».
To finish his presentation, Johan Lambrecht invited
business owners to reflect on two questions:
> What is it exactly that I want to continue?
> What is the best way of ensuring this continuity?
In short, even though the owner has made the decision
to transfer the business, as a result of various
types of triggers (I’m tired, I no longer feel challenged,
my partner has health issues, etc.), they have
a tendency to postpone the actual «enactment» of
this decision. The transfer itself is a very difficult
period, a real shock to the system that can often lead
to a bad patch for the business owner. It’s generally
at this stage that those who had previously been
supporting the business owner (accountants, notaries,
consultants, etc.) now remove themselves from
the situation. Louise Cadieux spoke openly about a
«grieving process, coupled with the loss of a social
network and the need to engage in a process of
adaptation, along with partners, friends and other
social networks».
In summary, Louise Cadieux emphasized the
concept of time: transferring a business is a lengthy
process that must respect the pace set by the business
owner. Business transfer professionals could be
better integrated right across this time line (before,
during, after).
Having spent more than 30 years at the helm of a
Top 10 company in the food ingredients industry,
the Engels family set up Synapsis in order to launch
other pMEs. The idea is to provide SMEs with the
time, energy, expertise and financial resources to
grow their businesses.
Mine is not your typical background. I started out
working with my father. In 1974, we both left our
employer to set up Perlarom, a company operating
in the food ingredients sector. Supported by
outstanding individuals, our company went on to
become an undisputed player in the drink, yoghurt,
ice-cream and confectionary sector. It even succeeded
in being listed among the Top 10 flavour manufacturers
worldwide. During this period, we were
approached on a frequent basis - not unlike pretty
girls - by big names in the profession wanting to
speak to us about our plans for selling or succession.
I listened to what they had to say. Apart from
eliminating a competitor, I never really understood
what their intentions were for our company. There
was no business plan. So the response from our side
was always negative.
The trigger for us occurred when a significant gap
emerged between the multinationals and other
companies in the Top 10. Despite our size - 250
employees, 10 subsidiaries abroad, turnover of €50
million, we were still a very small company. To satisfy
certain big customers, we would have had to set up
factories everywhere. In terms of scale, we were a
European company, not a global company. This was
a difficult area for us.
When we were finally approached by a player offering
something other than money, we began to
consider our options carefully. We effectively had a
moral responsibility towards nearly 300 families.
To ensure continuity both in terms of the business
and our staff, we therefore decided to align Pelarom
with a large group in 2002. Our own plan was to
continue working in a family business. Three former
employees joined us in this entrepreneurial venture.
The idea is to enable entrepreneurs to benefit from
our 30 years of experience in the food sector. Synapsis
- the name of the new structure – was launched
in 2003, with the objective of taking shareholdings
in 5 to 10 SMEs.
6 7

What the international experts had to say
Various international experts on the panel were invited
to respond to the ideas put forward by the first
three speakers.
> Rosana Mirkovic from the UK supported the
idea that family continuity is not the only
possible route. On a broader level, actions
aimed at raising awareness about business
transfers are essential, but is this the role
of the State? The State has an enormous
number of tasks to complete on a fiscal and
financial level in order to put business transfers
on the same footing as business startups.
> Representing France, Hugues-Arnaud Mayer
proposed a more modern way of viewing
business transfers, which must be stripped
of their sacred aura. Entrepreneurs have a
number of different lives and business transfers
must no longer be viewed as the crowning
(or end?) of a career, but rather a step
in a value creation process. What we learn
during our first entrepreneurial lifetime, and
our first profession, makes us more mature
and more able to take on new risks in a
second profession, where we will also benefit
from having a better financial base. This new
way of viewing business transfers favours
rotation and reflects the noble roots of the
term «risk». It’s an approach that has been
advocated by the MEDEF who recommend
opening up share capital, to staff also, with
the aim of creating a «new social contract»
around risk-sharing.
> Representing the Netherlands, Maarten
Zemann emphasized the lack of buyers in
the current economic context. He believes
that it is a more significant problem today
than that of raising awareness. There is a
multitude of professionals operating in the
market, but the question for potential sellers
is to know who they can turn to. In this
regard, access to objective, reliable information
is a crucial step in promoting business
transfers.
To conclude this plenary session, the moderator
Eric Winnen asked participants for a concluding or
summarizing statement. Here is a list of these statements:
> It is essential for a business-owning family
to be open to external shareholders. This
forces to carry out a long-term reflection,
asking oneself the right questions.
> There are many different transfer possibilities:
a family may well remain the owner with
outside management.
> Where possible, try to plan for unexpected
events: death, accidents, illness, etc.
> It takes great courage to admit that your son
or daughter is not capable of or interested in
taking over the company.
> The importance of Very Small Enterprises
(VSEs), which receive very little support
and constitute the «great forgotten» when it
comes to business transfers.
SpEAkERS
> Louise CAdIEUX,
> Michel ENgELS,
Professor, University of Québec –
Trois Rivières (Canada).
Chairperson of the Board C+
Investments (Belgium).
> Johan LAMBRECHT,
> Maarten ZEMANN,
Director of the Centre d’Etudes
Director of Advies MKB
pour l’Entrepreneuriat (Research
Adviseurs & GIBO Groep
centre for entrepreneurship),
(The Netherlands).
EHSAL-K.U. Brussels (Belgium).
> Rosana MIRkOVIC,
Senior Policy Adviser - SME Unit,
Association of Chartered Certified
Accountants (UK).
> Hugues-Arnaud MAyER,
Chairperson of MEDEF Auvergne,
member of the executive board of
MEDEF (France).
> Eric WINNEN,
General Manager, dialectiq sprl
(Belgium).
8 9

European Café
Summary of discussions
On 19 th May last, from 12.00 to 13.15, an original
networking session formed the agenda for the
Transeo conference. Taking the form of a roundtable
discussion, it allowed the participants to discuss
and familiarize themselves with two basic but
fundamental questions: why they came to the Transeo
conference and what their expectations were
prior to this first session on the one hand, and the
impact of the economic crisis on their business on
the other hand.
Prior to the session, each participant was allocated
an «appointment» at one table for the first part of
the discussion, and another table for the second
part of the discussion. This European Café was a
great success and many participants even admitted
that they would have liked it to have gone on longer,
as the discussions and meetings were so interesting.
The principle of the Café was simple: 18 tables of
10 people, with each table bearing the name of a
European capital city, and approximately one hour
to discuss two questions. Each table was chaired by
one moderator, whose task was to moderate and
take note of the main threads of the participants’
discussions. We would also like to thank the moderators
once again for their contribution and for
enabling us to gather the impressions, thoughts
and outcome of the conversations, which we have
summarized for you below.
1. Networking
The majority of the participants came to this first
session of the European conference on the transfer
of SMEs in order to extend their network and
establish new contacts with other experts from
European countries, but also with a view to being
able to guide their customers towards good opportunities
beyond national borders. Some people did
express regret at not meeting buyers or sellers of
SMEs, remarking that there were too many «third
parties» present (consultants, public officials, etc.)…
However, the intention of the organizers of the
Transeo conference was to create a forum aimed at
professionals involved in the transfer of SMEs rather
than companies.
2. Sharing best practice
The other reason mentioned by the majority of
participants was the desire to share best practice
and learn about the experiences of other countries
in advancing the issues affecting SME transfers.
Moreover, the four issues identified as high-priority
by the organizers of the Transeo conference (and
by the European Commission, which by means of
its representatives at the forum, Mr. Curavic and Mr.
Jaegers, recognized that these four key questions
were fundamental and common to all countries of
the European Union) were the focal point for the
participants. They wanted to be able to learn about
practices and experiences beyond their national
borders, especially with regard to creating and
operating matching platforms between sellers and
buyers, identifying and raising the awareness of
potential sellers and buyers and also with regard to
supporting these sellers and buyers.
3. Assessment of knowledge and expertise
The participants’ third expectation was to take
stock of specific knowledge relating to the transfer
of SMEs, whether in terms of research, especially
university research, national regulations or the
mechanisms and structuring of a business transfer
in each country. This also included an appraisal of
the institutional and private sector landscape in
terms of the services aimed at raising awareness,
providing support and facilitating matching in the
business transfer sector.
4. Cross-border potential for sellers and
buyers
Finally, another important expectation on the part
of the participants was to be able to benefit from
cross-border matching between sellers and buyers
and to jointly consider the possibility of collaboration
at a European level. In fact, some participants
stated that there is every need to remove the psychological
barrier associated with «the newly arrived
foreigner» and to be able to offer companies
as extensive and diverse a range of opportunities
for sales and acquisitions as possible. Another
approach that was mentioned would be to increase
the number of certified partners across Europe and
to create cross-border databases, bearing in mind
the necessary level of rigour and complexity that
this would involve. Another related approach would
be to improve the transparency of information in
order to enable the emergence of a genuine market
for SME transfers on a European scale.
10 11

During the second part of the European Café, the
participants were invited to discuss the impact of
the economic crisis on their business. The discussions
show that the economic crisis has well and
truly affected the business transfer sector.
The participants have observed a considerable
slowing down of the market, particularly due to a
discrepancy between the price expected by sellers,
whose reference standards still date back to before
the crisis, and buyers who are no longer ready to
pay a figure based on this type of valuation.
The number of transfer transactions also appears
to be declining. In France, for example, since the
beginning of 2009, the number of business transfers
has dropped by around 15 to 20%, despite the
large supply of businesses available for sale.
As regards pricing, they have observed pressure
to reduce prices, even though the price is the final
stage of the process. It is therefore possible to buy
small companies that are still financially healthy
at reduced prices. Another observation was that
prices are more often set in terms of multiples of
previous year figures.
In terms of the value of companies, some participants
stated that a lot of entrepreneurs are interested
in determining the value of their company but
do not really have any intention of selling it. Furthermore,
the value of companies should be decreasing,
but this still does not appear to be the case because
companies are often valued based on a multiple of
the result achieved in previous years.
The crisis has had an effect on the various players
involved in the transfer process. In terms of sellers,
some stated that sellers who have already begun
actively searching for a buyer are not really discouraged
by the crisis and are continuing their transfer
plans, while other sellers are restricted from selling
because of their financial difficulties and their need
for liquidity in order to guarantee the continuity of
their business. Finally, some sellers are waiting for a
more dynamic economic environment before putting
their company up for sale. As for buyers, it is
clear that the crisis is making them more uncertain
and hesitant.
They do not know if this is the right time to buy
and some are waiting for more information about
forecasted results for 2009, as they are well aware
that opportunities arise during a recession.
With regard to the funding of takeovers, the participants
remarked that accessing credit has become
more complicated and that interest rates remain
high for the buyer. In addition, buyers who had
placed their share capital on the Stock Exchange
have seen a drop in their potential contribution.
Some buyers are therefore putting their projects on
the back burner for now. Given the more rigorous
selection criteria applied when obtaining funding
for a transfer, buyers are now structuring their offer
better: a good offer means good financing. Likewise,
successful portfolios are more solid on average and
should have a better debt ratio.
The crisis has also affected investors. Investors and
venture capital companies are also more hesitant.
Some investors have observed that there are more
and more business angels who can sometimes be
less professional than larger fund managers. On the
whole, the feeling is that there is a reduction in the
level of risk-taking by investors.
In these times of financial instability, the participants
have noted that consultants are called upon more
often than before. Some have noted an increase
in the number of audit requests as banks are only
retaining business plans that are sound and well
thought out.
For reasons of time, it is clear that some transactions
are being put on hold. Furthermore, the transfer
process is taking more time (12 to 18 months).
The process is longer because buyers are reflecting
more on the quality of the offer and often have a
real project in mind. There has effectively been a
return to basics. Having a vision and strategy counts
now more than ever. Finally, keeping with the issue
of time, some consulting practices are recommending
to their customers that they should defer sales
transactions.
In terms of banks, they are also seen as being less
open and more cautious. The banks seem more
reluctant to provide access to funding, or are putting
requests on hold rather than making a decision.
In general, it appears that more time is required
to obtain funding. Personal contributions play a
greater role than before and banks are requesting
higher guarantees. Finally, the assumptions made
by the banks when it comes to business plans are
more conservative. Accessing funding has become
more complex and the criteria for acceptance more
demanding, but as explained above, this allows the
more cohesive structuring of projects.
12 13

Second plenary
session
The role of support services in the
business transfer process
What role should the public sector play in the
transfer process? What are the roles and competencies
of private advisors working in this
field? What types of synergies can or should be
developed between the private and public sector?
These questions form the focus of this second
plenary session.
Christopher kummer, President of the Institute of
Mergers, Acquisitions and Alliances, a think tank
based in Zurich, was called on to set the scene.
A study on 120,000 transactions carried out
between 1995 and 2008 highlighted that the number
and type of advisors involved in a business
transfer largely depend on its complexity. Alongside
traditional roles such as financial consultants,
project managers, accountants, tax experts,
legal experts, other competencies come into play
such as IT consultants, environment specialists, HR
specialists, public relations specialists, insurance
specialists, etc. «Private consultants essentially»,
comments Christopher Kummer, who admitted that
he is not at all clear about the role to be played by
public authorities in the area of business transfers.
The seller’s focus of attention exceeds that of simply
calculating the value of their company. The question
is more existential: what are you going to do with
my «baby»? What are your plans for my SME? This
is where the heart of the challenge lies, because the
process goes well beyond that of simply assembling
the various pieces of a puzzle.
public authorities elicited various different responses
from the speakers.
> For French man yannick Hoche, from the
APCE, the French business start-up agency,
the architecture between the private and
public sector must be based on two principles:
that of cooperation, «knowing when
to pass on the baton», and that of competition,
which leads to best practice. In short,
the role played by the public sector should
focus on providing information and training,
and on ensuring that people find the best
player on the market. By way of example,
he referred to the website of the French
business start-up agency APCE (apce.com),
which receives 14 million visits each year,
providing answers to questions about «who
does what», «within what parameters», etc.
«Which means that the private sector is now
being approached by customers who are
well prepared». And even if some overlapping
exists between the public and private
sector, everyone wins out in the end because
the customers are more competent».
Lex Van Teeffelen, Professor at Utrecht, was then
> In the Wallon region, the public sector established
called on to complete this overall review of the
SOWACCESS which has assumed
situation. The Dutch expert began by noting that
the dual role of raising awareness and providing
progress seems to have been made on the issue of
a business matching platform (data-
raising awareness: «whenever I take part in seminars
base of buyers and sellers with accreditation
on the subject of business transfers, there is
of support professionals). For Jean-pierre di
generally a maximum of 20 participants. The fact
Bartolomeo, Chairperson of the Board, the
that I now find myself at an international conference
role of the public sector is not to pit itself
attended by over 200 people proves that the campaign
«against» the private sector but more to
to raise awareness is working well!»
intervene in a complementary role in those
areas where the private sector is not involved.
The expert reported on two studies currently available
«Thanks to our partners in France and
(Allisson 2007, De Waard 2002) which indicate
the Netherlands, we are able to widen the
that business transfer advisors are generally not
scope for business matching opportunities.
interested in dealing with SMEs (they are too costly
On a broad level, our activities tend to focus
for them). This is clearly a shame since 90% of transfers
on increasing transparency and the flow of
take place within microbusinesses of less than
transactions». It’s also worth noting the «fil-
10 employees. Like his colleague from Zurich, Lex
tering» role played by Sowaccess, because
Van Teeffelen pointed to the extreme diversity of
the quality of those professionals affiliated
advisors, with the marked predominance of chartered
with the matching platform is validated by
accountants, ahead of bankers, chambers of
an Accreditation committee and an Ethics
commerce, etc. The problem here being that these
committee. «It’s a question of credibility»,
specialists are only specialists in one small area,
commented Jean-Pierre Di Bartolomeo,
which effectively means that there is no common
speaking about the financial role played
thread to provide a degree of cohesiveness throughout
by the public sector. For example, Sowalfin
the entire process.
(parent company of Sowaccess) provides
funding to between 60 and 80 companies
Should this common thread be provided by the
per year in the context of business transfers.
public sector? The scope of the role played by the
14 15

A member of the Ethics committee mentioned
by Jean-Pierre Di Bartolomeo, Laurent
Weerts (Belgian institute for family enterprise)
believes that the action taken by the
public authorities in Wallonia has provided
a real stimulus for business transfers. «The
public sector fully understood the importance
of having ethical players, and through
its filtering role, it has given an important
signal: the Sowaccess platform is not «an
old boys club», it is entirely professional».
In terms of best practice, the consultant
also pointed to the self-assessment tool
developed by Sowaccess that allows all
potential sellers to ask themselves the right
questions before getting in contact with
any professionals. Staying with the role
of the public sector, Laurent Weerts
denounced the gap to be filled in terms of
SME transactions, since 90% of transactions
involving 0-9 employees have no advisors!!
(See contribution from Lex Van Teeffelen)
> «Coordination and providing information
are crucial,» indicated Jean-Marie Catabelle,
Chairperson of the CCR, the French nonprofit
making group for business buyers
and sellers, which plays this cross-functional
role in France, while also providing experience
and strategic advice. «The business
transfer environment is rife with advisors of
every description. It’s therefore important
to clearly define the role of each player, and
more importantly, to communicate this role
properly», he says. The French expert said
that he does not really support subsidies;
the role of the public sector is more to make
the environment favourable to business, and
to raise public awareness about the importance
of business transfers.
SpEAkERS
> Jean-Marie CATABELLE,
President, CRA (France).
> Christopher kUMMER,
President, The Institute of Mergers,
Acquisitions and Alliances - IMAA
(Switzerland - Autriche).
> Jean-pierre di BARTOLOMEO,
Chairperson of the board,
Sowaccess (Belgium).
> yannick HOCHE,
Manager with responsibility for
business takeovers-transfers,
APCE (French business start-up
agency) (France).
> Lex Van TEEFFELEN,
Consultancy programme
manager - Business transfer
research leader, Hogeschool
Utrecht, Knowledge Centre for
Innovation in Business, Faculty
of Economics and Management
(The Netherlands).
> Laurent WEERTS,
Managing Director the Institut de
l’Entreprise Familiale (Institute
for family enterprise) & Deloitte
Partner (Belgium).
> Moderator: Eric WINNEN,
General Manager,
dialectiq sprl (BELGIUM).
16 17

Workshop 1
Strategies for raising the seller’s
awareness
To sell or not to sell? Business owners are often
not very well informed about the opportunities
available to them. Misconceptions are rife when it
comes to business transfers. How do you improve
this situation and take the drama out of selling? A
sample of some of the questions addressed in this
Workshop.
To add some perspective to this Workshop, the participants
listened to two quite telling case studies,
each very different.
The first case study came from the Netherlands.
Maarten Van de kimmenade was 20 years old when
his father died, forcing him, without any preparation,
to take over the family roofing business, which
his grandfather had founded in 1905. «The first few
years were very difficult,» he recalled, «but over time
I learned to master the technical and financial sides
of things. The business became profitable. 25 years
on I decided to sell it to an English company listed
on the Stock Exchange. That was in 1987 and we had
140 employees.»
Remaining on as Managing Director for three years
following the sale, Maarten Van de Kimmenade
admitted to having had a lot of difficulty changing
roles and handing over power. However, this phase
also allowed him to regain his freedom, which he
put to good use by pursuing a course in psychology.
His thesis for his doctorate, which he obtained
in 2003 from the University of Tilburg, was precisely
based on the psychological aspects of selling
a family business. His personal experience and academic
career path also led him to found «De Familiebedrijven
Adviesgroep» (Family business advice
group) in order to help entrepreneurs find the right
balance between the emotional and rational aspects
of their business decisions.
In 2005, the Dutch native again experimented
with reselling his «business» by selling his consulting
practice, although he still retained the role of
«Supervising Director». Today, his involvement is
more in the capacity of coach rather than on an
operational level.
The second case study was provided by Raymond
Arnould, Managing Director of Reforme, a Belgian
company operating in the construction industry.
With a background in civil engineering, Raymond
Arnould is neither a seller nor a buyer. However,
he was viewed as a «stable lynch pin» during the
process of Immobel selling its shares in Reforme to
Franki. This is also the reason why he was recruited
in 2004 to prepare the sale of the company, which
employed 120 people at the time, generating a
turnover of €35 million. This whole process started
with a need for greater autonomy from the parent
company, which by that time generated the bulk of
the turnover. This meant that it was not only necessary
to «cut the umbilical cord», but also to radically
change the organizational structure, by clearly
redefining the functions and responsibilities of each
employee and investing in modern equipment,
while ensuring the profitability of the company and
enhancing its corporate image.
while respecting the confidentiality of ongoing
transactions.
The after-sales phase began on 16th March 2009
when the papers were signed. «The merger with
Franki will come into effect in 2010, but everybody
knows the future organizational structure already.
The staff will continue to be informed. Reforme must
also make a point of leaving its «mark» and its reference
values on the new structure.» Throughout this
whole venture, what Raymond Arnould considered
of most importance was the support provided by
external advisors who play a strategic role, not only
in the evaluation stage, but also in finding buyers,
setting schedules and organizing communication
between seller and buyer, particularly by means of
the sales contract.
Following these two case studies, the floor was
opened up to support agents, both public and private.
> Roger Clement, from the British practice
Moore Stephens (with 300 offices in 44
countries) began by examining the various
motivations that can lead an entrepreneur
to sell their business. Apart from purely
financial motives, there are often other reasons
for selling a business: family reasons,
request from other shareholders, retirement,
health issues, disputes, divorce, death, etc.
> One of the major difficulties is that advisors
are often only interested in the sale
transaction. They do not ask questions like:
Why are you selling? What do you want?
What will you do afterwards? It is precisely
to help inspire this type of reflection that
Sowaccess, based in the Walloon region of
Belgium, set up a free and anonymous selfassessment
questionnaire. As explained by
Julie Lebèque, this questionnaire is based
on 90 questions that allow business owners
to cover a range of different topics such as:
investment, human resources, tangible and
intangible assets, management style, etc.
More than 400 questionnaires were fully
completed, a prerequisite for the two days
of consultancy provided by one of the 84
certified professionals (partly financed by
Sowaccess). In the area of raising awareness,
Sowaccess also developed another
tool in the form of a practical guide, offered
to 8,000 Walloon SMEs and 6,000 advisors.
The sale itself dragged out from March 2008 to
March 2009. «An exhausting period,» according
to Raymond Arnould, «because we had to continue
running the company while still managing the
sale». He believes that objectivity and transparency
should be the cornerstones to creating conditions
of trust between former and future shareholders.
Transparency must also apply to staff, who will obviously
be asking themselves a lot of questions during
this whole process: it’s important to keep them in
the loop with regard to the progress of the project,
18 19

Stating that he is «amazed on a daily basis
at the poor level of preparation on the part
of sellers», Lionel Canis (from the French
practice Cesacq, a specialist in supporting
SMEs of 10 to 60 employees with a turnover
between €1 million and €20 million) went on
to add that misconceptions are rife when it
comes to transfers. According to this expert
from France, VSEs are not at all inclined to
enlist the services of an advisor, because
«they do not want to prostitute themselves».
Misconception number one is therefore
«I am not a seller, I’m going to wait for someone
to contact me», whereas a professional
could provide up 30 potential candidates.
Misconception number two: «I have a potential
buyer. I’ll check with him, call me back
later.» An unprofessional and manipulative
approach which, according to Lionel Canis,
strongly increases the risks and duration of
a transaction.
A number of considerations emerged from the discussions
that followed:
> Raising awareness should stimulate a considered
reflection process and lead the seller
towards the right players.
> It should also encourage the seller to accept
an external and professional point of view.
> In fact, the buyers are often better prepared
than the sellers.
> Between 20% and 40% of business owners
will experience health problems one day and
have nothing prepared for their succession.
> When the manager leaves, a different profile
of individual is required and not just a clone
of the original manager. This is why it is so
important to define the profile of the buyer
at the outset.
SpEAkERS
> Maarten Van de kIMMENAdE,
CEO, De Familiebedrijven
Adviesgroep (Family business
advice group) (The Netherlands).
>
Julie LEBEQUE,
Platform Manager,
SOWACCESS (Belgium).
LESSONS FROM THIS WORkSHOp
IN TERMS OF OBSERVATIONS:
> The act of transferring a business is a process. There is no real triggering event.
> It’s a question that must also concern the buyer and not just the seller.
> The tools (guides, etc.) allow the entrepreneur to see the bigger picture.
IN TERMS OF AVENUES TO BE EXpLOREd:
> Public authorities and the media have a role to play in taking the drama out of
business transfers (as they have done for start-ups).
> Advice is important, but not just during the preparation stage. The seller must
find a role after the ink on the signatures has dried.
> We mention the seller a lot, but a company is made up of more than just one
person. Employees are often pushed to one side during the transfer process:
they should be kept in the loop and motivated.
>
Lionel CANIS,
Managing Partner,
Groupe Cesacq (France).
>
Raymond ARNOULd,
CEO, Reforme sa (Belgium).
>
Roger CLEMENT,
Managing Director M&A,
London, Moore Stephens
Corporate Finance (UK).
Moderators and reporters:
> Ilja NOTHNAgEL,
Head of succession and business
continuity unit, division for
Economic Policy, SMEs and
Innovation at the Deutscher
Industrie- und Handelskammertag
e.V. (DIHK) (Association of
German Chambers of Industry and
Commerce) (Germany).
>
Céline BARREdy,
University lecturer in
Management Science, University
of Montesquieu, Bordeaux IV
(France).
20 21

Workshop 2
Towards a synergy between private
and public organizations
The opacity of the market for business transfers
and shortcomings in terms of buyer support – at
both the beginning and end of the process – were
two of the main findings of the panel of experts
from several European countries, who spoke
during this Workshop.
«Before any commercial transaction enters into the
equation, selling or buying a business is about having
a good relationship between two people,» said
pierre Coquard from France, Manager of Industria-
Louyot, a company specializing in print communication.
Although his takeover – winner of the «Paris
Entreprendre» award in 2006 – was a success and
his business is doing well, this is not necessarily the
case for everyone. In France, according to statistics,
one in every three companies that is sold files for
bankruptcy within five years of activity. According
to Bérangère deschamps, Doctor in Management
Science and author of a thesis on the process of
business takeovers by individuals, «Not much is said
of what happens before and after the contract is
signed. However, supporting the buyer both before
and after the sale itself is a key factor for success.»
In Germany, the transfer of businesses is becoming
problematic because the situation has changed in
the last few years. Two thirds of SMEs are owned by
families. Until the turn of the millennium, only 17%
were forced to find a successor outside the family
fold. «As of the last number of years,» explains Arndt
Upfold from Ifex (an initiative for start-ups and business
transfers), a department within the German
Ministry of Economic Affairs (Baden-Württemberg),
«45% of SMEs now have to look outside the family.
Within our ‘one-stop shop’, we are in the process of
setting up a department made up of mediators, specialists
who search for potential buyers and support
sellers throughout the entire transfer process.»
For our French neighbours, «the first agency to
sponsor the buyer is Assedic (an organization managing
unemployment contributions and payments,
the French equivalent of the Belgian organization
Onem),» according to Pierre Coquard. «It’s possible
to continue receiving unemployment benefits up to
the start of the takeover process.» But there is also a
wide range of organizations, both private and public,
that support entrepreneurs, such as: Chambers
of Commerce and Industry, agents, business networks
(associations of business owners who offer
their help for start-ups or business takeovers), Oseo
(also known as a «public bank for SMEs»), banks,
etc. «The only thing we might be short on is enthusiasm
and positive energy,» stressed Hugues Franc,
Director of the Paris business network. «Otherwise, I
am confident about the future.»
Consultancy
In Belgium, agent practices are not subject to the
same restrictions as in France, remarked Frank
Toussaint, associate at Intraco Consulting, a company
specializing in consultancy for the transport
and logistics industry. «Which can sometimes undermine
the confidence of some buyers who have had
to deal with charlatans in the past…»
In Germany, consultancy is subsidised by the
State. «It is not easy to manage,» quipped Arndt
Upfold. «Because now, we suddenly have a large
consultancy market, perhaps even bigger than the
business transfer market itself! The problem for us
is finding buyers. So we have set up a mediation
programme: agents make direct contact with
the sellers, assess their needs in terms of advice,
support, etc. So it all starts off with one-to-one
contact between individuals. It’s a system that works
well.»
In Finland, business takeovers are the responsibility
of the Ministry of Employment and the Economy.
«Regional development agencies also get in
direct contact with owners who are looking for a
buyer,» explained Ninetta Chaniotou, Development
Manager for the regional development company
Kainuun Etu Oy. «The process can often be very
drawn out, even convincing the seller to definitively
cut ties with his business can take a long time».
Mentoring
The European Association of Chambers of Commerce
and Industry looked into the issue of posttakeover
follow-up. «A «mentoring» project (2007-
2009) was launched in thirteen countries,» indicated
Bérangère Deschamps. In particular, it offers free
support for a period of between ten days and a
maximum of one year from the time the takeover
contract is signed.» The Chambers of Commerce
and Industry carry out an analysis of the situation.
Private experts then become involved as required.
«In general, we observed that the buyer had a
greater need for more personal support than technical
assistance. As the buyer needs to be convinced
very quickly, they need a neutral third party, a
specialist who understands them and who they can
confide in without any fear.»
22 23

Opaque market
According to Hugues Franc, sellers are thin on the
ground in the Paris region. Funds are easier to track
down! «In Germany,» indicated Arndt Upfold, «our
online portal allows potential entrepreneurs access
to a list of companies that are available for takeover.
However, this system is not very efficient. It appears
that a lot of small SMEs are not very attractive. Even
so, is the information on these SMEs that’s encrypted
on the federal site attractive enough? Today we are
trying to improve not so much the quality of these
companies, but at least the quality of communication!»
In Belgium, potential buyers can also avail of
a similar IT tool. The future plan is to develop these
useful databases…
For pierre Coquard, the key to a successful takeover
lies in the more or less long-term support that is provided
by the seller to the buyer. «Before any question
of funding, the transfer of a business is first and
foremost an exchange between two people. And I’m
convinced of this: it’s not the buyer who chooses the
business, it’s the seller who chooses the buyer.»
SpEAkERS
> Ninetta CHANIOTOU,
> Frank TOUSSAINT,
Development Manager,
Kainuun Etu Oy (Finland).
Partner, Intraco Consulting
(Belgium).
LESSONS FROM THIS WORkSHOp
> pierre COQUARd,
> Arndt UpFOLd,
Manager, Industria-Louyot
Senior government official,
(France).
Wirtschaftsministerium Baden-
Württemberg (Ministry of
Economic Affairs), Baden-
Württemberg (Germany).
IN TERMS OF OBSERVATIONS:
> The market is opaque (due to confidentiality reasons) and closed, resulting in a
lack of visibility and reliable information and insufficient levels of preparation for
business transfers.
> Diversity of the players: accountancy experts, auditors, associations, lawyers,
bankers, merger/acquisition experts, other possibly «unscrupulous» agents.
> How do you find the «right» advice? Who can you trust? How much does it
cost? (public being cheaper than private)?
> The needs of the seller: raise awareness, help with preparation, after the transfer
also.
> The needs of the buyer: information, technical support (accountants,
consultants, etc.) and moral support, especially after the contract has been
signed.
IN TERMS OF AVENUES TO BE EXpLOREd:
> Rather than talking about private/public synergy, the focus should be on the
distribution of roles: public sector for VSEs and private sector for SMEs.
> The emotional aspect should be taken into account more, especially for staff
(often forgotten and treated as mere spectators) and the buyer (example of
«Mentoring» system – post-takeover support – currently being tested
in 13 countries).
> Bérangère dESCHAMpS,
Lecturer, Institut d’Administration
des entreprises de Grenoble
(Grenoble university graduate
business institute) (France).
> Hugues FRANC,
Director, Réseau Entreprendre
Paris (Paris business network)
(France).
Moderators and reporters:
> Sonia BOUSSAgUET,
Associate director, IMART
(Management institute for
business takeovers and transfers),
Permanent lecturer in Strategy
& Entrepreneurship, Reims
Management School, Associate
Consultant at Infine Transactions
(France).
> Eric FROMENTy,
Director, Infine Transactions
(France).
24 25

Workshop 3
Matching platforms:
the best is yet to come
Contact is established between sellers and buyers
through companies and organizations known as
«matching platforms». The aim of this Workshop
was to compare similar experiences across several
European countries.
«The majority of owners are reluctant to talk about
transferring their business, because they see it as a
step towards preparing their own funeral. But they
will have to think about it some day!» With this
somewhat ironic remark, Toni Brunello, European
expert on the subject, CEO of StudioCentroVeneto
and moderator of the Workshop, immediately put
his finger on the crucial role that these platforms
can play.
Rosalie Van Rijk, founder of MKBase, an Amsterdam-based
platform operating in the Benelux
region, did not contradict him. «When we started
off in 2001, a study revealed that 90,000 people in
our industry were about to sell their business,» she
explained. «Eight years on and this impressive figure
hasn’t changed.»
For Rosalie, there are at least two reasons for this
«widespread» phenomenon: many owners from the
«Baby Boom» generation are coming to the end
of their careers and many want to take advantage
of well-deserved retirement from the age of 65.
«The problem,» she continues, «is that a lot of business
owners only think about succession the year
before they plan to leave. By then it’s often too late
to ensure that everything will run as smoothly as it
should…»
Successful initiatives
In France, the CRA (French national association for
company sales and acquisitions) is made up of former
owners who share their experiences in order
to facilitate business transfers. One of the specific
features of this association is that it offers genuine
training to sellers and buyers. «We have continuous
contact with 1,400 buyers,» explained Jean pechou,
Vice-president. «And we manage 400 to 500 transfers
each year. At the CRA, we have all had personal
experience of a business transfer. We advise our
members and allow them to benefit from our experience
so they can avoid making mistakes.»
Representing the German bank KfW, Isabelle Canu
presented «Nexxt-Change», an online platform
available in Germany. In Germany, 6,000 companies
fall by the wayside each year due to the lack
of buyers. This equates to 40,000 jobs lost,» she
deplored. «To counter this phenomenon, this tool
was developed in 2006 as a result of a comprehensive
agreement that brought together public authorities,
chambers of commerce, banks and even the
bar association.»
«Nexxt-Change» offers free publication and anonymous
advertisements for the transfer of businesses.
Every month, 400 to 800 offers are identified, compared
to 150 to 450 requests. Since it was opened
three years ago, the site has brought about the
conclusion of 4,700 transactions.
In Finland, Sakari Oikarinen manages Confidentum
Ltd. In 2002, they had the idea of pooling the data
from a multitude of provincial platforms in a country
divided into about fifteen regions. Today, Confidentum
brings together 35,000 to 40,000 companies
thanks to its network. «And a recent study predicts
that 60,000 more sellers will come on to the market
in the next ten years, the majority of them microbusinesses,»
Sakari Oikarinen said.
In Denmark, peter dalkiaer took over the management
of «Match-Online.dk» four years ago, an online
matching service for sellers and buyers. «We made
ourselves known to the public services and today we
are the benchmark Internet platform in our country,
with 20,000 page views per month and 4,000 unique
visitors.»
Positive testimonials
To illustrate the efficiency of the platforms, the organizers
of the Workshop invited a number of business
owners who have recently experienced a transfer.
For example, Emmanuel Fiorano from France took
over the landscape gardening company Sapin Vert.
With a background in agricultural engineering, he
has a long career as a company manager under
his belt. But in 2005, he felt the need to leave the
management team of the organization he worked
for in order to acquire his own business.
«I then met with some people from the CRA who
convinced me that buying a company wasn’t as simple
as that,» he explains. «I took a training course
that addressed numerous aspects about business
transfers. The transaction, which could have been
carried out in four days, took four months. But the
best thing about the CRA’s support is that everything
was carried out according to the rules and
without undue haste. This allowed me to limit the
risks associated with my investment, and become
more aware of all the challenges involved. In fact,
the platform made things a lot easier.»
26 27

Last January, Aimery de Rochechouart sold Plateform,
his agency that specializes in providing speakers
for public events. «I was late discovering the
benefits of an organization like the CRA,» he admitted.
«Because it can save you time. By acting as a
matchmaker, the CRA carries out an initial screening
of potential buyers. Only genuinely motivated people
who have already taken a training course are
introduced to us. However, when sellers try to find
buyers on their own, I can assure they’ll meet a lot
of people who have their heads in the clouds or who
simply don’t have enough money…»
Bruno duvillier, who bought Aimery de Rochechouart’s
company, is also very happy with the services
provided by the CRA. «I was supported from
beginning to end,» he confirmed. «I took training
courses given by lawyers and tax specialists. They
proved very useful indeed.»
A European platform?
To conclude the Workshop, the two moderators
asked the speakers and the assembly about the
possibility of setting up a European platform. But
the majority were sceptical about this idea. «I think
it would be difficult to pool our strengths, because
our various platforms are aimed at different interests
depending on the country,» Isabelle Canu said.
«And some depend on the private sector and others
on the public sector.»
Hence this question, in the form of a summary, from
moderator Nicolas pirotte (Strategic Adviser at
Sowalfin): «Should we not have local platforms that
meet local needs, but also set up common methodologies
that transcend national borders?»
SpEAkERS
> Isabelle CANU,
KfW Bankengruppe
(Germany).
> Sakari OIkARINEN,
Managing Director of
Confidentum Ltd (Finland).
> peter dALkIAER,
Managing Director of Match-Online
(Denmark).
> Jean pECHOU,
Vice-president of CRA
(France).
LESSONS FROM THIS WORkSHOp
IN TERMS OF OBSERVATIONS:
> There is a wide variety of approaches: the platforms run by the Dutch, Belgians,
Germans and Danish are restricted to «matching» services, the French provide
additional training and coaching, the Finnish bring together a multitude of small
local platforms…
> A common vision: all of the participants of the Workshop are convinced of the
need to make the sector more professional and of the importance of having
quality advisors (private partners), confidentiality and anonymity.
> A growing market: in 10 years, there will be a sharp rise in the number of
advisors, studies, platforms, etc.
> Problems associated with very small enterprises (VSEs): these services are not
offered to microbusinesses, it’s still much easier to sell a large company than a
small one.
> What the entrepreneurs think: the platforms allow you to save time but they
aren’t the only way to find buyers. Networks and the sharing of personal
experience are also very important.
IN TERMS OF AVENUES TO BE EXpLOREd:
> For very small enterprises (VSEs): the need to simplify the business transfer
process, and grants in order to allow access to advisory services.
> European level: «something» must be done at European level, in terms of
methodologies and best practice, while still maintaining a local or regional
approach. But what about the issues relating to funding, linguistics, etc.?
>
Aimery de ROCHECHOUART,
Seller of «Plateforme»
(France).
>
Bruno dUVILLIER,
Buyer of «Plateforme»
(France).
>
Emmanuel FIORANO,
Buyer of Sapin Vert
(France).
Moderators and Reporters:
> Rosalie VAN RIJk,
Manager of MKBase
(The Netherlands).
> Toni BRUNELLO,
CEO of Studiocentroveneto
(Italy).
> Nicolas pIROTTE,
Strategic Advisor to Sowalfin
(Belgium).
28 29

Closing
ceremony
One of Transeo’s objectives is to create a European
network for SME transfers in the near future.
The role of this network is to promote professional
support services for business transfer processes.
Is there value in creating such a network? And if
so, what should be the objectives, actions, structure
and funding method? A sample of some of the
questions on the agenda for this second day.
Without question, it appears that participants of
the Transeo conference do not want to just «leave it
at that». All of the feedback that we gathered indicates
that they would like a follow-up to this initial
meeting.
In order to define these future stages, everyone was
invited to take part in one of the three work groups
in which these specific issues were discussed.
Rosalie Van Rijk, Manager of MKBase, then reported
back on the outcome of these discussions and
included various suggestions put forward by the
work group.
What is the European Commission’s view of
Transeo 1? At the end of this two-day seminar, it
was interesting to invite one of the European Commission’s
representatives to express their opinion on
the subject. Not least because the participants of
the work groups made a point of highlighting their
expectations of the Commission (particularly in the
area of funding for the future network!).
«I want to congratulate you because the questions
that were addressed, particularly the questions on
raising awareness, were definitely the right ones,»
stated Thomas Jaegers, Policy Officer with the
Directorate-General for Enterprise and Industry.
Admittedly, in the past, the Commission was a lot
more concerned with the subject of the legal framework
and there has been improvement in a lot of
areas, «except in the area of taxation where there is
still quite a bit yet to be done».
According to Thomas Jaegers, one of the outcomes
of the Transeo conference was that needs go beyond
electronic databases. «I think it’s an excellent idea to
develop a network before implementing electronic
tools. The subject of business transfers involves
more than just electronic databases and you understood
that perfectly. It’s similar to the work carried
out by the Commission. I wish you lots of success
with your future initiatives.»
30 31

ANd MICROBUSINESSES?
REINO EXpERIENCE
The need to develop a specific strategy for very small enterprises (VSEs) was a recurring
theme throughout the two days of the Transeo conference. These microbusinesses
were the subject of the REINO project that was carried out in 2007 and 2008 (Renewal
and Innovation to Business Transfers of Micro Companies). Launched by Finland, five
other countries joined in this initiative: Denmark, Greece, Italy, Slovenia and Hungary.
There was a budget of €1.96 million, 70% of which was provided by the Commission.
«We worked on the assumption that transfer operations can be profitable, even within
microbusinesses,» explained Ninetta Chaniotou, who monitored the project for the
Greek partners. Built around a pool of experts and the sharing of tools, REINO brought
specific European characteristics to light, mainly in relation to the mindset of business
owners. «In Europe, the dominant emotion when it comes to selling is that of guilt,
which is not at all the case in the United States, where selling is part of the «normal» life
of every entrepreneur.»
REINO also identified the fact that successors could also avail of help and advice. «We
must help them keep the business running, but also to expand it,» emphasized Ninetta
Chaniotou, who explained the important differences between the business practices of
the countries that took part in the REINO project. «In Greece, for example, the Chambers
of Commerce have very little contact with entrepreneurs. On the other hand, estate
agents have a lot of contact with them. The people trust them. In other countries, this
would be completely different. It’s important to know this».
A final word from the organizers!
Jean-Marie Catabelle, for CRA, and Rosalie Van Rijk,
for MKBase, thanked Sowaccess, the driving force
behind organizing this highly professional conference,
they also mentioned the large number of participants,
especially considering the subject wasn’t
of much interest to many people a few years ago.
Finally Vincent Bovy, Director of the Agence de
Stimulation Economique (Economic stimulation
agency) (Belgium), one of the organizers of the
Transeo conference, highlighted the three main outcomes
of the previous two days:
> We have succeeded in taking the issue of
business transfers out of the ghetto where it
had been confined up to now.
> Above all, business transfers are viewed
from an entrepreneurial perspective.
> This perspective should allow our SMEs to
become more open and more flexible.
32 33

Lessons learned
and conclusions
For SOWACCESS and its partners ASE, MkBase in
the Netherlands and CRA in France, the objective
in organizing Transeo was twofold:
> To organize the first real international conference
on the subject of the transfer of SMEs, aimed
at all European professionals and researchers
specializing in this sector.
> To confirm among European transfer professionals
the relevance of setting up a European
Transfer Network.
From the perspective of private players, there
is clear value in implementing the network
quickly, which should be based more on networking
rather than on structure or governance.
«Let’s continue to meet up, start with a few
specific projects and the structure will then
follow,» summarised the private players, already
very satisfied with the quality of the network
created at the end of these two days in Spa.
From the perspective of public players, «organizational»
concerns were more apparent here
(mainly the funding of the future network) but
there was still enthusiasm about adopting a
European approach. «Let’s define stages, for the
short term, medium term and long term,» suggested
one of the participants.
1. Needs identified and how these could be
met by the implementation of a European
network
- Bring together best practice.
- Need for segmentation, need to take very
small enterprises (VSE) into account in particular.
- Shared forum for university research.
- Quality standards for consultants (more
«filtering»).
- Sharing of information (example: broad
overview of taxation and legal practices in
various European countries).
- Establish a list of all of the existing platforms
in Europe and set up Internet links.
4. governance
- A flexible structure, without excessive levels
of formality.
- A type of professional federation.
In terms of funding:
- Some funding could come from the European
Union (where business transfers are
viewed as a very important issue).
- The ideal: combined funding from both the
private and public sphere.
- Subscriptions, but not in the case of a «sleeping
network».
5. Next steps
- Organize Transeo 2.
- Establish an efficient Management Committee
that will represent the different countries
and sensitivities.
- Quickly draw up a written report on the outcome
of these past two days.
- Send this report to the European Commission.
- With the report, send a request aimed at
establishing «who will contribute to what».
- Make sure that the network is updated
regularly (no obsolete names).
- Obtain everyone’s email addresses.
The objective was largely achieved. The conference
was as successful as we hoped, with more than
200 participants from a number of different countries.
In addition, there is a clear desire apparent among
the European transfer professionals who attended
the conference to continue these efforts to create
a network and to follow up this initiative. More
than 95% of the participants say they are willing to
attend a second conference of this type and 50% of
them are considering becoming founder members
of a future European network.
2. Objectives of the future network
- Lobbying to the European Commission.
- Raising awareness amongst sellers and
buyers, and also within the media.
- Making the sector more professional.
- Stimulating the economy (increase number
of transactions).
- Bringing university researchers together, to
go beyond the local level.
- Providing support services to less-advanced
countries in terms of business transfers.
Organizers intend to pursue their actions in
order to facilitate business transfer in their respective
business areas. To this end sharing and
disseminating good practices among public
and private professionals active in the business
transfer sector is essential. This is a determining
factor to further strengthen and help professionalize
the sector. good practices can only
be disseminated through contacts at the regional
and national levels, and even more so at the
international level.
3. possible actions
The perpetuation of this kind of initiative is
- Plan Transeo 2.
here at stake, and this through the creation
- Establish a quality certification (but who of a European network bringing professionals
will grant this certification?).
together, that is if the project is able to federate
- INVIGORATE the network using tools such a maximum of professional representatives of
as chat rooms and Internet forums for discussing
business transfer in Europe.
different issues.
- Make certain existing tools available to everyone
(example of the self-assessment tool
developed by Sowaccess).
34 35

Appendix
Programme
19 May 20 May
09.00
Welcome
08.15 > 09.30
Working breakfast
10.00 > 12.00
Introduction
“Business transfer in Europe: a global issue, a local approach”
Plenary Session
“Business transfer issue: is it all about awareness?”
09.30 > 10.45
10.45 > 11.00
Lessons learnt from the workshops and comments
Coffee break
12.00 > 13.15
European Cafe - Roundtable discussion
11.00 > 12.00
Working groups on the setting up of the European SME Transfer Network
13.15 > 14.15
14.15 > 15.30
Lunch
Plenary session
“The role of support services in the business transfer process”
12.00 > 13.00
13.00 > 14.00
Conclusions & Closing Ceremony
European Business Transfer network project
(Presentation, debate, next steps)
Lunch
15.30 > 17.30
Workshop 1
“Strategies for
heightening the
seller’s awareness”
Workshop 2
“Towards a synergy between
private and public organizations,
to optimize and professionalize the
support services provided to sellers
and buyers”
Workshop 3
“The matching
platforms: the best
is yet to come”
19.30
Social Event
36 37

List of participants
Alié Béatrice UCM Belgium
André Cyril Repreneur France
Andrieux Jean-Louis Cotarget Belgium
Antoine Pierre-Emmanuel Fidecem France
Antonacchio Catherine Cabinet d’avocats Ramquet-Pricken Belgium
Arnould Raymond Reforme Belgium
Arnould Sophie HEC Belgium
Barbot Marie-Christine Université du Main, UFR Droit France
Barredy Céline Université Montesquieu Bordeaux IV France
Barvaux Patrick Giconsult Belgium
Beele Emmanuel Actoria Conseil Belgium
Benoît Bouchard Cécile Chambre de Métiers et de l’Artisanat de la Moselle France
Bessemans Yves CEDIP Management Belgium
Bobbe Ronald Orangestone Corporate Finance BV The Netherlands
Bohez Philippe Alter finances Belgium
Bonnin Claude Fidecem France
Boogmans Dirk Belgium
Boonen Jean-François SIAGI France
Boussaguet Sonia Reims Management School France
Bovy Vincent Agence de Stimulation Economique Belgium
Bronner Françoise Aux Dames du Faubourg France
Brulé Gaspard BMS Avocats France
Delflys Willy Meusinvest Belgium
Delloye Charles AletheA Belgium
Dembour Madeleine Kalamos Belgium
Demenint Frits A. Adtractum B.V. The Netherlands
Depelssemaker Marie dialectiq Belgium
Deplanque Christophe PME Consult Belgium
Deroover Alain Wallonie développement Belgium
Deschamps Marc Exego Belgium
Deschamps Bérangère Institut d’Administration des Entreprises de Grenoble (IAE) France
Deville Philippe SRIW Belgium
D’Hulstere Delphine Febecoop agence conseil Wallonie asbl Belgium
Di Bartolomeo Jean-Pierre Sowaccess Belgium
Dohogne Laura Cabinet du Ministre Marcourt Belgium
Donem Damien Loyens & Loeff Advocaten Belgium
Dorte Heegard Johansen Danish Enterprise and Construction Authority Denmark
Dramard Carole AIG VIE ALICO France
Dufour Josette Conférence régionale des élus de la Chaudière-Appalaches Canada
Duh Mojca Faculty of Economics and Business Slovenia
Dumont Axel Moore Stephens RSP Belgium
Dumont Vincent Groupe Sambrinvest Belgium
Dumortier Vincent ECI Services Belgium
Dussart Olivier UCM Belgium
Brunello Toni Studiocentroveneto Italy
Duvillier Bruno Plateforme France
Bruyninckx Hugo I.M.A.&Partners bvba Belgium
Elarbi Ridha Ouverture Internationale France
Cadieux Louise Université du Québec Trois Rivières Canada
Engels Magali Synapsis Belgium
Canis Lionel Groupe CESACQ France
Engels Michel C+ Investments Belgium
Canù Isabelle KFW Bankengrüppe Germany
Fabrice Lobet Ernst & Young Belgium
Carré Nathalie
Assemblée Française des Chambres de Commerce et
France
Feldbusch Jean-Paul Namur Invest Belgium
d’Industrie
Fiorano Emmanuel PDG Sapinvert France
Catabelle Jean-Marie Cédants et Repreneurs d’Affaires France
Foidart Marc Cide-Socran Belgium
Catrice Amaury
France
Fonzé Alain Propage-s asbl Belgium
Cevirgen Sevkan Kamer van Koophandel Nederland The Netherlands
Franc Hugues Réseau Entreprendre Paris France
Chaniotou Ninetta Kainuun Etu OY Finland
Fromenty Eric Infine Transactions France
Clement Roger Moore Stephens United Kingdom
Gabay Bernard AFFIX Corporate Finance sprl Belgium
Collinet Stéphanie Sowalfin Belgium
Gaspar Antonio SPGM - Sociedade de Investimentos, SA Portugal
Coquard Pierre Industria France
Gavroy Tanguy CBC Belgium
Crahay Stéphanie Meusinvest Belgium
Gheza Daniel Field / Eurefi Luxembourg
Curavic Marko European Commission Croatia
Giroux Pierre Desjardins Canada
Dalkiaer Peter Match-Online.dk Denmark
Gourmet Jean-Pol Hermes, Ressources et Synergies Belgium
de Rochechouart Aimery Plateforme France
Gustin Pierre ING Belgium
de Waha Pierre Nivelinvest Belgium
Guyot Jean-Luc IWEPS Belgium
Degive Philippe SRIW Belgium
Halbardier Daniel Dexia Banque Belgium
Delbrouck Brigitte UCM Belgium
Hall Annika Jönköping International Business School Sweden
38 Delcourt Christian Conseiller Ecolo Belgium
Hamende Valérie Sowalfin Belgium 39

Hatert Johan CBC Belgium
Herrera Antonia PME CONSULT Belgium
Herve Luc scrpl L.Herve Belgium
Matser Ilse Centrum van het Familiebedrijf The Netherlands
Mayer Hugues-Arnaud MEDEF France
Mercier Sandrine OCE - UCM Liège Belgium
Hoche Yannick APCE France
Meurs Freddy Meusinvest Belgium
Houba Edith HEC Belgium
Michel Philippe Fortis Banque Belgium
Houben Thierry Management Science Consulting Belgium
Mirkovic Rosana Association of Chartered Certified Accountants United Kingdom
Hublet Etienne AFFIX Corporate Finance sprl Belgium
Monami Dominique Mentally Fit Institute Belgium
Jaegers Thomas European Commission Belgium
Murphy Jane Lydian Belgium
Jan Jaap Dijkman Enterprise Ireland The Netherlands
Nagelhout Michel Consento Corporate Finance BV The Netherlands
Jarosinski Delphine Agence de Stimulation Economique Belgium
Neuprez Florence Cible Belgium
Jauhernik Ernst j.i.m. Austria
Nothnagel Ilja
Association of German Chambers of Industry
Germany
Jehin Bernard Sowalfin Belgium
and Commerce (DIHK e.V.)
Jeurissen Geert Coforce Belgium
Oberling Jérôme Actoria Conseil France
Jochem van der Veen Leeman Verheijden Huntjens Advocaten The Netherlands
Oikarinen Sakari Confidentum Ltd Finland
Jordan Daniel H. AWEX - Office for Foreign Investors Belgium
Pansaers Xavier Actoria Conseil Belgium
Joslet Valérie Sowalfin Belgium
Paquet Jean BCF Paquet Belgium
Juha Tall
Finland
Paulis Nadia Cible Belgium
Kegels Rita MK Base The Netherlands
Pechou Jean CRA France
Kieken Thierry Agence de Stimulation Economique Belgium
Pereira Roger Cabinet du Ministre Michel Daerden Belgium
Kilesse André BDO Atrio Réviseurs d’entreprises Belgium
Pertti Linkola Ministry of Employment and the Economy Finland
Klinkenberg Nathalie WFG OSTBELGIEN VoG Belgium
Peter Birlouet Delta Mas Belgium
Koener Laurent Chambre de commerce du Luxembourg Luxembourg
Peters Martijn
The Netherlands
Krings Henry Altheas sprl Belgium
Philippe Rooeleer Fibiz Partners Belgium
Kronenbitter Iris Wirtschaftsministerium Baden-Württemberg Germany
Piek Sandra Consento Corporate Finance BV The Netherlands
Krzewinski Christophe Awex Belgium
Pirotte Nicolas Sowalfin Belgium
Kummer Christopher The Institute of Mergers, Acquisitions and Alliances (IMAA) Suisse
Pirotte Isabelle EMPORES Belgium
Kyelem Clarisse Maison de l’entreprise du Burkina Faso Burkina Faso
Pivetta Frederic McKinsey & COmpany Belgium
Lambrecht Johan EHSAL K.U. Bruxelles Germany
Prignon Anne Groupe Sambrinvest Belgium
Lazard Philippe KPMG Advisory Belgium
Pruvost Benoît
Chambre Régionale de Commerce et
France
Le Strat Mary Aux Dames du Faubourg France
d’Industrie Nord Pas de Calais
Lebèque Julie Sowaccess Belgium
Querinjean Christophe Sowalfin Belgium
Lejaer Christiane
Belgium
Ramakers Clarisse UCM Belgium
Lerat Anne-Marie SIAGI France
Raman Chris Ventures4Growth Belgium
Lernoux Frédéric Cefip asbl Belgium
Rasqué Tom Luxembourg Banker’s Association Luxembourg
Lescrenier Benoît CCILB Belgium
Remit Jacqueline PME-KMO Belgium
Lesne Véronique Agence de Stimulation Economique Belgium
Rizzo Sylvain Copilot Belgium
Loverius Frédéric Copilot Belgium
Roy Marcel AECM Belgium
Marbehant Alain ING Belgium
Rutten Benoît Cible Belgium
Marcelle Jean-Pierre Awex Belgium
Sancristoval Cristina High Council of Spanish Chambers of Commerce Espagne
Marcourt Bernadette Spi+ Belgium
Schets Luc Fibiz Partners BVBA Belgium
Marcourt Jean-Claude Walloon Minister of Economy, Employment, Foreign Trade
Belgium
Servais Gaëtan Meusinvest Belgium
and Heritage
Siemes Hubert Awex Belgium
Marcq Fabian Meusinvest Belgium
Smal Geneviève Si-Trouille Belgium
40
Marly Nathalie Marly Production Belgium
Sorbet Maria Camara Navarra Spain 41

Steur Etienne MK Base The Netherlands
Stucki Christian Actoria Conseil Switzerland
Tassiaux Nicole Gré Liège Belgium
Teepen Robert Lynxbedrijvenmakelaars The Netherlands
Toussaint Frank Intraco Consulting Belgium
Trevisan Mario
Trinon Thierry Trinon et Associés Belgium
Upfold Arndt Wirtschaftsministerium Baden-Württemberg Germany
Vaesen Henri Moore Stephens RSP Belgium
Van de Kimmenade De Familiebedrijven Adviesgroep
The Netherlands
Maarten
van der Bijl Fabienne MK Base The Netherlands
van der Ven Patrick MKB Nederland The Netherlands
van Rijk Rosalie MK Base The Netherlands
Van Teeffelen Lex HogeSchool Utrecht The Netherlands
Vandermeersch Eric Actoria Belgium Belgium
Vanderveken Vincent Comase Belgium
Vandevenne Julien
Belgium
Vangysegem Virginie Sowalfin Belgium
Vanparys Claude Tradecorp sprl Belgium
Vereecke Olivier Partners PME Belgium
Von Buxhoeveden
Belgium
Alexander
Vryens Jean-François Indufin Belgium
Wattelier Frank Ouverture Internationale France
Weerts Laurent Deloitte Belgium
Westerlaken Martijn MK Base The Netherlands
Willockx Olivier BECI Belgium
Winnen Eric dialectiq Belgium
Withnack Bryan Synapsis Belgium
Wuidard Jean-Luc Cabinet d’avocats Ramquet-Pricken Belgium
Zemann Maarten MKB Nederland The Netherlands
Italy
42

Avec le soutien de
Organisé par
www.transeo-conference.eu