A successful ownership transition requires due diligence, not least when it involves a generational handover within the family. Conflicts can be sensitive, but if all parties communicate openly and honestly, it can bear fruit far beyond what is written on paper. At least, that is a realization that Michael Almeborg has come to.

He was given the opportunity to take over the running of Ole Almeborg A/S in 1997 with the aim of succeeding his father, Ole Almeborg, who founded the engineering works in 1967. The generational handover took 10 years, and as well as pleasing his father by keeping his life's work going, Michael himself gained a new understanding of his father.

”He must have seen that I had the competencies, because back then I was in a position where I was only responsible for operations – not the finances. There was quite a bit to learn, but the desire to try and prove that I could handle the task was, of course, crucial. My father believed that I was ready to take on more,” Michael says, describing the process as smooth.

”It was some fantastic years – but my mother probably thought we were a bit boring, because we practically always talked about the business and didn't care all that much about what was going on down in town or how far she had got with her knitting,” laughs Michael, who ran things in tandem with his father for the first four to five years. While Ole was managing director, Michael worked as technical director and gradually took on more and more responsibilities.

”I've been bloody lucky because my dad has always been on the sidelines so I could ask him if I was in doubt about anything. I went along to client meetings and could sneak a peek at how he worked alongside them, and from there I could form my own opinion and find my own style.”

Financially, the generational change was handled by establishing a new company, while Michael set up a holding company.

”The profit was distributed, and in due course I was able to buy the remaining shares. The decisions regarding the purchase and financing were carefully discussed between my father and me. We chose to handle it internally without a third party, as we felt it was a family decision that required mutual trust and understanding. But of course we sought external assistance for the valuation and the tax aspects, and then we shook hands on it, he explains, adding that an agreement was made with his siblings, who did not wish to take an active part in running the business.

”Following the generational handover, there has been an increased focus on the company's future and values,” says Michael Almeborg, who has, among other things, helped invest in greater automation. In 2021, when he celebrated his 40th anniversary with the company, the milestone accelerated his thoughts of finding a buyer who could continue the development and growth – he recognised that he was not getting any younger himself.

”It was hugely important to me that the company remained in Bornholm hands and, not least, that every single job was preserved. When I received an offer from Jensen-Group, it was therefore an obvious opportunity – and I got an offer I couldn't refuse, he says.