{"id":5289,"date":"2026-07-17T08:00:18","date_gmt":"2026-07-17T06:00:18","guid":{"rendered":"https:\/\/www.gxglegal.com\/media\/"},"modified":"2026-08-29T16:48:29","modified_gmt":"2026-08-29T14:48:29","slug":"media","status":"publish","type":"page","link":"https:\/\/www.gxglegal.com\/en\/media\/","title":{"rendered":"Media"},"content":{"rendered":"<div class=\"et_pb_section_0 et_pb_section et_section_regular et_flex_section\">\n<div class=\"et_pb_row_0 et_pb_row et_flex_row\">\n<div class=\"et_pb_column_0 et_pb_column et-last-child et_flex_column et_pb_css_mix_blend_mode_passthrough et_flex_column_24_24 et_flex_column_24_24_tablet et_flex_column_24_24_phone\">\n<section class=\"et_pb_fullwidth_header_0 et_pb_fullwidth_header et_pb_fullscreen et_pb_bg_layout_dark et_pb_text_align_left et_pb_module et_flex_module\"><div class=\"et_pb_fullwidth_header_container left\"><div class=\"header-content-container center\"><div class=\"header-content et_flex_module\"><h1 class=\"et_pb_module_header\">Klassik Radio Special \u00b7 Business succession in the German SME sector<\/h1><div class=\"et_pb_header_content_wrapper\"><p><span>Guest: Dr. Nikita Gontschar \u00b7 GxG Rechtsanwaltsgesellschaft mbH, Frankfurt am Main.<br \/>\n<br \/>Broadcast: 2026-06-28 \u00b7 Duration: 11:38 min.<\/span><\/p>\n<\/div><div class=\"et_pb_header_button_wrapper\"><\/div><\/div><\/div><\/div><div class=\"et_pb_fullwidth_header_overlay\"><\/div><div class=\"et_pb_fullwidth_header_scroll\"><\/div><\/section>\n<\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_section_1 et_pb_section et_section_regular et_flex_section\">\n<div class=\"et_pb_row_1 et_pb_row et_flex_row\">\n<div class=\"et_pb_column_1 et_pb_column et-last-child et_flex_column et_pb_css_mix_blend_mode_passthrough et_flex_column_24_24 et_flex_column_24_24_tablet et_flex_column_24_24_phone\">\n<div class=\"et_pb_group_0 et_pb_group et-last-child et_pb_module et_grid_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_1 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_2 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_0 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapters<\/div><\/div>\n\n<div class=\"et_pb_code_1 et_pb_code et_pb_module\"><\/div>\n\n<div class=\"et_pb_table_of_contents_0 et_pb_table_of_contents et_pb_module et_flex_module kapitel\"><nav class=\"et_pb_table_of_contents__nav\" aria-label=\"Table of contents\" data-et-toc-placeholder-heading-format=\"Heading %d\"><div class=\"et_pb_table_of_contents__empty\"><p>No headings found in this post.<\/p>\n<\/div><ol class=\"et_pb_table_of_contents__list et_pb_table_of_contents__list--root et_pb_table_of_contents__list--ordered\"><\/ol><\/nav><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_3 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_2 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Intro<\/div><\/div>\n\n<div class=\"et_pb_code_3 et_pb_code et_pb_module\"><\/div>\n\n<div class=\"et_pb_heading_0 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h2 class=\"et_pb_module_header\">Selling a business and planning succession in the SME sector properly: when to start, who to sell to, and which mistake costs the most.<\/h2><\/div><\/div>\n\n<div class=\"et_pb_row_2 et_pb_row et_pb_row_nested et_flex_row\">\n<div class=\"et_pb_column_2 et_pb_column et-last-child et_flex_column et_pb_css_mix_blend_mode_passthrough et_flex_column_24_24 et_flex_column_24_24_tablet et_flex_column_24_24_phone\">\n<div class=\"et_pb_audio_0 et_pb_audio et_pb_audio_module et_pb_bg_layout_dark et_pb_audio_no_image et_pb_module et_flex_module\"><div class=\"et_pb_audio_module_content et_audio_container et_flex_module\"><audio class=\"wp-audio-shortcode\" id=\"audio-5289-1\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"https:\/\/www.gxglegal.com\/wp-content\/uploads\/2026\/07\/0001-KLASSIK-RADIO.mp3?_=1\" \/><a href=\"https:\/\/www.gxglegal.com\/wp-content\/uploads\/2026\/07\/0001-KLASSIK-RADIO.mp3\">https:\/\/www.gxglegal.com\/wp-content\/uploads\/2026\/07\/0001-KLASSIK-RADIO.mp3<\/a><\/audio><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_row_3 et_pb_row et_pb_row_nested et_flex_row\">\n<div class=\"et_pb_column_3 et_pb_column et-last-child et_flex_column et_pb_css_mix_blend_mode_passthrough et_flex_column_24_24 et_flex_column_24_24_tablet et_flex_column_24_24_phone\">\n<div class=\"et_pb_text_0 et_pb_text et_pb_bg_layout_light et_pb_module et_flex_module\"><div class=\"et_pb_text_inner\"><p>Dr. Nikita Gontschar, Managing Partner of GxG Legal in Frankfurt, on the Klassik Radio Special of June 28, 2026.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_4 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_5 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_6 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_4 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 01<\/div><\/div>\n\n<div class=\"et_pb_heading_1 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">00:00 \u00b7 Introduction<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_0 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><\/p>\n<p>Welcome to the Klassik Radio Special, today on the topic of business succession in the SME sector. My guest is Dr. Nikita Gontschar from our partner GxG Legal. He advises companies on all matters relating to corporate law, M&A and succession, and I am sure he can answer all my questions on the subject. Dr. Gontschar, it is great that you have the time.   <\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>Thank you very much for the invitation. I am pleased to be here today. <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_7 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_8 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_5 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 02<\/div><\/div>\n\n<div class=\"et_pb_heading_2 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">00:23 \u00b7 Succession in transition: from automatism to a decision<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_1 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><\/p>\n<p>When people think about succession, they often first think of inheritance within their own family, the next generation. How has that perspective changed in recent years? <\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>It has changed significantly. In the past, the standard case was that the business would be continued by the next generation. Family members were prepared for the takeover, and in practice there was no real alternative. Increasingly, we now see that the next generation has plans of its own. Or the business owner does not see the next generation as capable of filling such big shoes. That raises the question: What happens to the business? Can it be sold, or does it have to be liquidated?      <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_9 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_10 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_6 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 03<\/div><\/div>\n\n<div class=\"et_pb_heading_3 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">01:10 \u00b7 Early planning creates options<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_2 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><\/p>\n<p>In your view, what are the advantages of planning business succession early, as a strategic project?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>If you plan early, you create options. If you address the issue years before retirement, you can make use of options you no longer have when, figuratively speaking, your back is against the wall. Or when the market turns and geopolitical upheavals make it impossible to transfer the business sensibly to an investor or a potential successor. These options take time: structuring tax matters, implementing a second management level. That does not happen overnight.    <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_11 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_12 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_7 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 04<\/div><\/div>\n\n<div class=\"et_pb_heading_4 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">01:53 \u00b7 The right time: seven to ten years<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_3 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><\/p>\n<p>From when should companies specifically start dealing with their own succession?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>In an ideal world, we realistically recommend seven to ten years to our clients. This is because there are tax holding periods and it is often necessary to implement a reorganisation of the corporate structure. That sounds like a long time at first. But structural changes, building a management level, finding suitable staff:<br \/>\nThat takes time. Filling the role and getting up to speed does not take months; as a rule, it takes years.    <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_13 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_14 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_8 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 05<\/div><\/div>\n\n<div class=\"et_pb_heading_5 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">02:32 \u00b7 Saleability: when the business works without the owner<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_4 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><\/p>\n<p>We have just discussed why succession should not be left to chance, but should be a strategic project. Now we want to look at how to assess whether a business is even saleable. Dr. Gontschar, what should an entrepreneur keep in mind to ensure the business is saleable?  <\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>A business is saleable whenever it ideally functions even without the current owner. When there is a management level that works. When there are processes that work. When accounting and contracts are documented and the business is not run on verbal agreements and promises. When customer and supplier relationships are diversified. When it is stable and there is an expectation that a potential investor can generate returns from it in the future. Because the buyer is not buying the past; they are buying the future. And the future is only bright if the business actually generates profits.       <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_15 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_16 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_9 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 06<\/div><\/div>\n\n<div class=\"et_pb_heading_6 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">03:35 \u00b7 Typical weak points: key-man risk and concentration risks<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_5 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nWhat typical weak points do you often encounter when you look at a company\u2019s saleability?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>The classic issue in the SME sector is key-man risk, the one-man show. There is no second management level; the entrepreneur has all information exclusively in their head. Second: concentrations and cluster risks. Customers that are too large, that do not have long-term contracts, that leave or themselves run into financial difficulties. Suddenly<br \/>\nyou can no longer rely on that cash flow. Then things take on a life of their own: banks cancel credit lines because the cash flow no longer fits. Added to that are new topics such as digitalisation, IT security and data protection, which were not on the radar because the business grew and the structures did not become more professional at the same pace<br \/>\n. These are the most common points we identify as part of a due diligence.       <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_17 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_18 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_10 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 07<\/div><\/div>\n\n<div class=\"et_pb_heading_7 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">04:26 \u00b7 Signals of readiness to sell: disentanglement and stand-alone capability<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_6 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nHow do you recognise that a business is truly ready to be sold?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>They are the same signals, framed positively. When the financial figures are reliable. When the cash flow is strong from a business perspective. When the company\u2019s organisational structure is in good shape. The classic case is that the owner has run the business as if it would continue forever: property they bought privately, or an office bought privately and rented to the business. The private and business spheres are intertwined. This disentanglement, establishing stand-alone capability, takes time and first has to be identified at all. In addition, a certain continuity among employees and good internal communication are important:<br \/>\nbuilding trust, communicating the story of the new generation in good time\u2014not too early, but early enough\u2014so that no one has to worry about their job.       <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_19 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_20 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_11 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 08<\/div><\/div>\n\n<div class=\"et_pb_heading_8 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">05:24 \u00b7 The four buyer groups in the SME sector<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_7 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nWe have talked about a company\u2019s saleability. Now we want to take a closer look at the buyer\u2019s perspective. Because acquiring companies instead of founding new ones is also a business model. Which buyer groups do you typically encounter in a business sale, Dr. Gontschar?   <\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>In the SME sector, there are typically four groups.<\/p>\n<p>First, the strategic buyer. This can be a competitor or a company from an adjacent industry. They are considered as a buyer whenever they intend to realise synergies and consolidate functions.  <\/p>\n<p>Second, private equity investors\u2014financial investors who want to improve and develop the business and then sell it on at a profit.<\/p>\n<p>Third, the company\u2019s own management, the so-called management buy-out. A very interesting group because management already knows the business, but often does not have the financing. That creates its own challenges.  <\/p>\n<p>And fourth, so-called search funds. These are individual, often younger entrepreneurs who want to become self-employed through an acquisition. Acquisition entrepreneurship. We have been seeing this more and more recently.   <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_21 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_22 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_12 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 09<\/div><\/div>\n\n<div class=\"et_pb_heading_9 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">06:33 \u00b7 Search fund vs. strategies<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_8 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nHow does the perspective of a search-fund investor differ from that of a classic strategic buyer?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>The strategic buyer wants to consolidate functions, minimise overhead costs and realise synergies. They may acquire an additional product portfolio to broaden their offering to customers. Whether that then requires duplicate HR, duplicate legal, duplicate sales departments, or whether it leads to rationalisation, is obvious.  <\/p>\n<p>The search-fund investor, by contrast, buys the business and wants to continue running it as a stand-alone operation, as it is, and then develop it further through so-called add-on acquisitions. The goal is for the business to continue in its identity and with its workforce. Continuity is the priority here.  <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_23 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_24 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_13 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 10<\/div><\/div>\n\n<div class=\"et_pb_heading_10 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">07:29 \u00b7 Purchase price and purchase price mechanics<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_9 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nWhat opportunities and what challenges can arise for entrepreneurs when they sell to such buyer types?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>You always have to ask: Why is someone paying what purchase price, and what purchase price can a potential investor actually afford?<\/p>\n<p>A strategic buyer who can calculate how many costs they will save in the future can afford a different purchase price than management, which may have earned very well over many years but cannot fund a purchase price from its own equity.<\/p>\n<p>There are also differences in how the purchase price is paid: whether you receive a large part of the purchase price\u2014or even the entire purchase price\u2014immediately, whether there is a seller loan or other deferral elements, such as an earn-out. In other words, components that make the purchase price dependent on the company\u2019s future success. <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_25 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_26 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_14 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 11<\/div><\/div>\n\n<div class=\"et_pb_heading_11 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">08:23 \u00b7 Timing: three levels<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_10 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nDr. Gontschar, what role does the right timing play in the decision to sell a business?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>Timing is crucial. Three levels come into play.  <\/p>\n<p>First, the macroeconomic environment. In times like these: interest rates, industry cycles, geopolitical issues and valuation levels in the M&A market. Are we in a buyer\u2019s market or a seller\u2019s market?  <\/p>\n<p>Second, the company\u2019s development. Where does the business stand right now? Is it being sold at a time when the business is at its peak, or are the figures already at risk of turning?  <\/p>\n<p>And the third level is also crucial: the shareholder\u2019s personal situation. How is their health? Can he or she continue to work for the business during a transition period? These are issues of decisive importance.   <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_27 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_28 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_15 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 12<\/div><\/div>\n\n<div class=\"et_pb_heading_12 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">09:12 \u00b7 Who to sell to: the criteria<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_11 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nIn your view, what criteria should an entrepreneur use to decide who they want to sell to?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>The first point is obvious: the purchase price is of material importance for most sellers. However, we repeatedly observe that the purchase price alone is not decisive. When you are in a competitive process and several offers are on the table, you are tempted to give preference to the highest bidder. It is worth scrutinising the offer: Is the purchase price paid immediately or in tranches? Is it dependent on the company\u2019s future development? And how certain is it that the purchase price will be paid at all? Is there already a financing confirmation?      <\/p>\n<p>For most entrepreneurs we advise and support, the fate of the employees is also very important. And also what happens to the business\u2014whether the name is retained. Because most SME owners live in the same town, regularly drive past the premises after the sale, and are proud of their life\u2019s work. Rightly so.   <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_29 et_pb_group et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_30 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_16 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 13<\/div><\/div>\n\n<div class=\"et_pb_heading_13 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">10:12 \u00b7 The biggest mistakes<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_12 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nIn your view, what should one definitely avoid when considering selling a business?<\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><\/p>\n<p>The biggest mistake is starting too late and addressing the issue too late. On a human level, I can understand why people put it off. <\/p>\n<p>The second mistake: most businesses are running well and already have one or two offers on the table, without any structured buyer outreach having taken place. It would be a mistake to conduct bilateral discussions with this single offer, with this single interested buyer, without obtaining a market sentiment from other interested buyers. Approaching more interested buyers creates competition. You gain an additional perspective, you can compare. And as a seller, you are in a completely different negotiating position.    <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_group_31 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_group_32 et_pb_group et-last-child et_pb_module et_flex_group et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_code_17 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\">Chapter 14<\/div><\/div>\n\n<div class=\"et_pb_heading_14 et_pb_heading et_pb_module et_flex_module\"><div class=\"et_pb_heading_container\"><h3 class=\"et_pb_module_header\">11:07 \u00b7 Conclusion<\/h3><\/div><\/div>\n\n<div class=\"et_pb_testimonial_13 et_pb_testimonial et_pb_testimonial_no_image et_pb_bg_layout_light et_pb_module et_flex_module zitat\"><div class=\"et_pb_testimonial_inner\"><div class=\"et_pb_testimonial_description et_flex_module\"><div class=\"et_pb_testimonial_description_inner\"><div class=\"et_pb_testimonial_content\"><p><span class=\"radio\">Klassik Radio <\/span><br \/>\nYou can find much more information on business succession online at gxglegal.com. Dr. Gontschar, thank you very much for taking the time today. It was a very interesting conversation.  <\/p>\n<p><span class=\"radio2\">Dr. Nikita Gontschar <\/span><br \/>\nMy pleasure, and thank you very much for the invitation. If there is one thing entrepreneurs should take away from the programme, it is this: succession cannot be accomplished overnight. You should start as early as possible.  <\/p>\n<p><span class=\"radio2\">Klassik Radio <\/span><br \/>\nThank you for listening. Have a pleasant evening, and see you next time on the Klassik Radio Special. <\/p>\n<\/div><\/div><div class=\"et_pb_testimonial_meta\"><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_section_2 et_pb_section et_section_regular et_flex_section\">\n<div class=\"et_pb_row_4 et_pb_row et_flex_row\">\n<div class=\"et_pb_column_4 et_pb_column et_flex_column et_pb_css_mix_blend_mode_passthrough et_flex_column_8_24 et_flex_column_8_24_tablet et_flex_column_24_24_phone\">\n<div class=\"et_pb_text_1 et_pb_text et_pb_bg_layout_light et_pb_module et_flex_module\"><div class=\"et_pb_text_inner\"><p><span>Podcast<\/span><\/p>\n<\/div><\/div>\n<\/div>\n\n<div class=\"et_pb_column_5 et_pb_column et-last-child et_flex_column et_pb_css_mix_blend_mode_passthrough et_flex_column_16_24 et_flex_column_16_24_tablet et_flex_column_24_24_phone\">\n<div class=\"et_pb_code_18 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/5Hj1NQFiJtozEhJPjwUSJY?utm_source=generator\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\">\n<\/iframe><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-5289","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Media - GxG Legal<\/title>\n<meta name=\"description\" content=\"GxG Legal\u2019s media section: specialist publications, expert commentary for the media, and contact details for press inquiries. 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