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Interreg Europe debates legacy plans for shoe companies in Europe

Interreg Europe debates legacy plans for shoe companies in Europe

On July 8, 2021, the Interreg Europe Success Road Project Consortium virtually met with Greek and other European public and private stakeholders to discuss the legacy of business legacy, particularly the modernization of the legal framework for European textile, clothing and footwear companies.

The experts agreed that, through collaboration and the recognition of the value of brand heritage, founder and successor can complete a successful transfer. In addition, all panellists concluded that both parties involved need to train themselves for the productive management of the company after succession: the founder, for example, must disengage from the daily activities of the business while the successor needs managing and sectoral knowledge.

The panellists concluded that the formula to develop such successful ecosystems requires, among other things, the collaboration of private, public, academic and media stakeholders, guidance support, a system which is entrepreneur-centric as well as consideration for all kinds of business transfer and specificities from the start.

Dr Meletis Karabinis, General Director of Hellenic Clothing Industry Association, underscored the necessity of a new environment for transfer of ownership in family businesses that provides financial and fiscal support along with guidance for the development of a succession plan offered by a network of professional experts, who can take into consideration the particularities of the company and look into all types of succession.

The event marks the end of a series of four workshops in project partner countries and will follow policy guidelines on how the innovation, digitization and modernization of legal frameworks can support business transition processes in the European textile, apparel and footwear sectors.

Source: Online/SZK

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