Germany’s retiring Mittelstand owners struggle to find successors

Rudolf Kiessling would like to retire after years spent building his heating, ventilation, and air-conditioning business. But he faces a challenge common to many German company bosses: finding someone to take over.

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The 62-year-old is among thousands of owners of small and medium-sized enterprises (SME) — some 99% of German firms, known collectively as the Mittelstand — who may have to wind up their businesses if they cannot find a successor.

The issue is a growing risk to Europe’s largest economy, already suffering its longest downturn since World War Two.

“I have no one. I have a son, but he can’t do it because he has done something completely different professionally,” Mr. Kiessling told Reuters. “Some employees may have interest, but they are a bit afraid of the responsibility.”