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Early succession planning - ideally 5-7 years before handover - significantly increases the chances of success.
Trust between the generations is crucial for acceptance within the team and among guests.
A clear handover concept with a timetable and roles strengthens the process.
Legal and financial issues are often clarified with experts - emotional issues are usually dealt with within the family.
Summary of this study
Demographic developments are leading to a growing number of business handovers, particularly in family-run small and medium-sized businesses in the hotel industry. The study sheds light on internal and external succession processes, their challenges and success factors. Early and open communication between the generations, strategic succession planning and a clearly structured handover concept are crucial for success. Both family and external potential should be taken into account and, if necessary, supported by external initiatives such as the succession initiative of the Standortagentur Tirol.
Interviews with ten transferor-transferee couples in Tyrol show: In addition to financial and legal aspects, trust, competence and value-based leadership behavior are among the key criteria. While both generations share values such as loyalty, trust and cohesion, the next generation places greater emphasis on work-life balance and modern employee management. Support from experts is particularly valued in legal and economic matters, whereas emotional issues are usually dealt with within the family.
The study was funded by TFZ Tirol and carried out by researchers from the University of Innsbruck and UMIT Tirol as part of the DTE project.
Findings from this study
The results of the study show that early planning of business succession - ideally five to seven years in advance - makes a significant contribution to successful continuation. A central element in the handover process is mutual trust between the generations, which not only strengthens cooperation within the family, but also promotes acceptance among employees and guests. A clearly structured handover concept with a defined time frame and clear roles facilitates the transition and provides orientation.
External support is primarily sought for legal and financial issues, while emotional issues are usually dealt with within the family. Despite different management styles between the generations, shared values such as respect, loyalty and a sense of responsibility form a stable basis for a successful generational handover.