{"id":26600,"date":"2024-01-08T14:24:34","date_gmt":"2024-01-08T13:24:34","guid":{"rendered":"https:\/\/businesscenterbornholm.dk\/?p=26600"},"modified":"2026-03-18T06:42:48","modified_gmt":"2026-03-18T05:42:48","slug":"generational-transition-from-inheritance-to-resale","status":"publish","type":"post","link":"https:\/\/businesscenterbornholm.dk\/en\/aktuelt\/generationsskifte-fra-arv-til-videresalg\/","title":{"rendered":"Generational change \u2013 from inheritance to resale"},"content":{"rendered":"

Generational change \u2013 from inheritance to resale<\/h1>\n<\/div><\/div>
\"Christa<\/span><\/div>

Michael Almeborg, who took over Ole Almeborg A\/S from his father and sold the company to Jensen-Group in 2023, is sharing his experiences\u2014from which other local business owners can draw inspiration\u2014at a business event at Hotel GSH in January.<\/h2>\n<\/div><\/div><\/div><\/div><\/div>
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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.<\/p>\n

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.<\/p>\n

\u201dHe must have seen that I had the competencies, because back then I was in a position where I was only responsible for operations \u2013 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,\u201d Michael says, describing the process as smooth.<\/p>\n

\u201dIt was some fantastic years \u2013 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,\u201d 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.<\/p>\n<\/div>\n<\/div><\/div>

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\u201dI'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.\u201d<\/p>\n

Financially, the generational change was handled by establishing a new company, while Michael set up a holding company.<\/p>\n

\u201dThe 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.<\/p>\n<\/div>\n<\/div><\/div>

\"\"<\/div>

It was enormously 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 \u2013 and I received an offer I could not refuse.<\/p>\n<\/div><\/div>

Michael Almeborg<\/div>
Previous owner<\/span>, <\/span>Almeborg A\/S<\/span><\/div><\/div><\/div><\/div>
A stroke of luck<\/h6>\n
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\u201dFollowing the generational handover, there has been an increased focus on the company's future and values,\u201d 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 \u2013 he recognised that he was not getting any younger himself.<\/p>\n

\u201dIt 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 \u2013 and I got an offer I couldn't refuse, he says.<\/p>\n<\/div>\n<\/div><\/div><\/div>

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Michael, who received a double-digit million amount for the deal, is pleased with his unexpected stroke of luck, but he emphasises that he would gladly have spent even more time on the process had he not been so fortunate as to find the right match.<\/p>\n

\u201dIt was important for both me, the employees and Jensen-Group to ensure a smooth transition and preserve the good culture that has been built up over the years. It will be exciting to follow things from the sidelines, and I hope and have the impression that Jensen-Group will preserve and develop those aspects of the company's identity that have made it unique.\u201d<\/p>\n<\/div>\n<\/div><\/div>

Get more inspiration and help<\/h6>\n

Starting the ownership transition process several years before you even intend to sell is an important message for all business owners \u2013 also on Bornholm \u2013 because it is good to be prepared for the future or the unexpected. That is according to Ebbe M\u00f8lsted-M\u00f8ller, senior business consultant at Erhvervshus Hovedstaden, who is an expert in generational and ownership transitions.<\/p>\n

\u201dOnce the business has been sold, many regret not having started earlier,\u201d continues M\u00f8lsted-M\u00f8ller. \u201dTherefore, business succession should be viewed as a strategic, long-term decision on a par with many other decisions in your company,\u201d he says, adding that the rule of thumb is simple:<\/p>\n

\u201dStart five years before the sale is to take place \u2013 at least. The larger and more expensive a business is, the more important it is to be prepared and ensure you clarify whether there is anyone in the business, children or grandchildren, who can take over. If, for example, there are several children in the family, you must find a way to compensate them if they do not wish to take over the business.\u201d<\/p>\n

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Once the business has been sold, many regret not having started earlier. Therefore, business succession should be viewed as a strategic, long-term decision on a par with many other decisions in your company. Start five years before the sale is to take place \u2013 at least.\u00a0<\/p>\n<\/div><\/div>

Ebbe M\u00f8lsted-M\u00f8ller<\/div>
Senior Business Developer<\/span>, <\/span>Business Hub Greater Copenhagen<\/span><\/div><\/div><\/div><\/div>

This and much more can be heard about by attending the business event on 23 January, coordinated by Ebbe M\u00f8lsted-M\u00f8ller, at Hotel GSH in R\u00f8nne. The title is \u2019Do you value your business?\u2019, and Michael Almeborg will be participating as a panel member, among others.<\/p>\n

\u201dThe idea behind the event is to open the eyes of Bornholm businesses so that they will consider having some no-obligation meetings with us or other relevant parties and start getting closer to having a professional exit plan made. You certainly do not need to have concrete thoughts about selling here and now.\u201d<\/p>\n

On the day, information will also be provided on state support schemes that can be utilised for this purpose, which can be a great help, because one should not underestimate the number of details that need to fall into place \u2013 and all parties must be satisfied, after all, he points out.<\/p>\n

\u201dA kind of condition report must be made, the financial figures must be in order, and the buyer's accountant and lawyer will dive into them to see if the agreed price is the right one, so that you don't buy a pig in a poke.\u201d<\/p>\n

BY TINA TOFT M\u00d8LLER<\/p>\n<\/div><\/div><\/div><\/div>

<\/strong><\/span><\/h4>\n

About the event \u2019Do you value your business?\u2019<\/strong><\/span><\/h4>\n

The event will be held on 23rd January 2024 from 14:00 to 17:00 at Hotel GSH in R\u00f8nne.<\/p>\n

Program highlights:<\/strong><\/p>\n