Females As Transferors and Successors. The Greek Perspective

REINO PROJECT WORKING PAPERS NO.
6
(June 2008)
FEMALES AS TRANSFERORS AND

SUCCESSORS
Greek perspective
Ninetta Chaniotou
DO NOT FORGET THE FUTURE

www.reinoproject.eu
ISBN 978-952-5721-18-8 (NID)
ISBN 978-952-5721-19-5 (PDF)
KOSEK, Kokkolanseudun Kehitys Ltd

Ristirannankatu 1
FI-67100 Kokkola, Finland
Mainostoimisto Heinäkuu / Kirjapaino A. Välikangas, Kokkola

Kokkola 2008
PREFACE
This report is carried out in the context of the transnational REINO pro-
ject (Renewal and Innovation to Business Transfers of Micro Companies).
The REINO project is co-ordinated by a Finnish development company
KOSEK and is funded by the DG Employment of the European Commission
under the European Social Fund, Article 6 - “Innovative Approaches to
the Management of Change” programme. During the two-year project,
partners in Denmark, Finland, Greece, and Italy create a support structu-
re and tools that assist entrepreneurs in carrying out business transfers
successfully.
The European Commission has emphasised within the framework of va-

rious policies and initiatives the special role of the female entrepreneurs
in business transfer situations. The outcomes of this report can be utilised
for activating females as successors and also to increase awareness of
the needs of the female entrepreneurs in business transfer situations.
This report contributes also directly to the issue of enhancing business
transfers.
The working paper “Women as transferors and as successors” is the sixth

published report of the REINO project and it describes the results of the
pilot project implemented by the Greek partners of the project. This report
analyses gender equality issues in the context of business transfer pro-
cess. The objective of the present working paper is to better understand
women’s role and options related to the business transfers, especially
in Greece. This objective is considered from two view points: (i) how do
women transferors and successors differ from men in similar situations,
and (ii) identification of barriers hindering the involvement of women in
business transfers.
Kokkola, June 2008
Antti Porko Ari Peltoniemi

Managing Director Transnational Co-ordinator
FEMALES AS TRANSFERORS AND SUCCESSORS
Greek perspective
Ninetta Chaniotou
for European Profiles SA
CONTENTS
SUMMARY .�� 1
1. Introduction.��3
2. Background.�� 5
3. Greek Pilot Action.�� 12
3.1. Methodological Aspects. 12

3.2. Results obtained. 18
3.3. Case studies. 20
3.4. Findings, conclusions & recommendations. 32
4. Selected references.�� 39
4.1. The ideal business transfers flow chart of the Greek sub-project. 39
4.2. EU Legislation on Gender Equality. 40
4.3. Good Practises in Women Support Structures. 43
4.4. Best project ‘Promoting Entrepreneurship amongst Women’. 44
5. Bibliography.�� 45
SUMMARY
The main findings of this pilot project are that female behaviour in bu-
siness transfers does not differ very much to that of their male coun-
terparts. However there are entry barriers and sometimes operational
barriers.
Entry barriers relate to the values of the society as a whole regarding

female entrepreneurship, and this is not an issue covered by the REINO
project, while operational barriers can be better addressed. These are
awareness, financial / funding, educational and market barriers. The pi-
lot action confirmed what was identified through the Baseline research,
the Ideal Flow Chart and Tool Box SME contacts, i.e. that awareness and
a systematic, coherent support to business transfers are of primordial
importance. It is important that CCI:s institutionalise the Ideal Flow
Chart and build on it.
Funding / financing do not seem to be an issue at the present. Friends

and family, not bank loans, finance the business transfer and the subse-
quent business development. As there are no subsidies supporting busi-
ness transfers in Greece, this option was not brought up. Consequently,
most succession businesses, try to minimise their development costs,
they do not think of maximising their development initiatives. Therefore,
addressing business transfers relevant funding tools is a priority.
Education is an important precondition leading to the development rat-

her that just survival and continuation of the transferred business. In
the case studies, for example, only 50% of the businesses are using
ICT. The percent is much lower in the total SME sample that has been
contacted during the Baseline research, the Ideal Flow Chart and the
Tool Box project stages.
None of the discussions showed that transferors and successors were

aware of the need to make any structural changes in the way they are
running their business. Sometimes problems were admitted, but they
were explained as results of market problems, such as more conserva-
tive consumption patterns. It implies that it is necessary for institutional
support initiatives to link explicitly business transfers to development
actions, and reinforce this with suitable funding options.
Two factors seem to be very important in having positive impact on fe-

males as successors: firstly, the appreciation of entrepreneurship in the
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family, and secondly the position of the mother in the family and her
occupation. The main support for the businesses that formed the pilot
group has come from two sources: the long experience, tacit knowledge
and concern / commitment of the transferor in helping the successor,
and the practical knowledge of their auditor/tax adviser. The pilot action
confirmed that a successful business transfer involves three types of
knowledge: explicit business development knowledge, explicit branch
expertise, and transfer of tacit knowledge. It has also shown that tacit
knowledge transfer depends on the attitude, the mentality of the trans-
feror, and it appears that the transferor is the best mentor. The question
is what to do when the transferor cannot or will not act as mentor. There
is where local CCI:s could help by setting mentoring teams in collabo-
ration, for example, with their old members.
One of the most important aspects of a business transfer is the prepara-

tion. The family transfers were tacitly assumed for decades. In the case
of a transfer outside the family, it took one year to find the successor,
train her on job and transfer the knowledge.
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1. Introduction
The purpose of this working paper is to position gender equality issues

in the context of business transfers. Gender equality deals with remo-
ving the explicit or hidden and tacit barriers hindering full female parti-
cipation in the full range of social activities. “The Treaty of the European
Union obliges Member States to promote equality between women and
men. Over the years, the principle of gender equality has been reinfor-
ced with legislation. In the 1990s, the policy of gender mainstreaming
was introduced. This new strategy strived to include gender equality is-
sues in all activities – in the “mainstream”. Gender mainstreaming calls
for all EU policies to take into account the different situations of women
and men”1. Similarly, the European Union promotes female entrepre-
neurship2 through policies and through projects3.
However, the issue of gender equality in the context of business trans-

fers has not been studied exhaustively yet. The objective of the present
working paper, made in the context of the REINO project, is to under-
stand better women’s role and options when it comes to business trans-
fers in Greece. This objective is considered from two points of view:
(i) how do women transferors and successors differ to men in similar
situations, and (ii) identification of barriers hindering the involvement
of women in business transfers. The work done is based mostly on field
work, i.e. direct contacts through interviews and phone calls, during
the period 1.1.2007 – 30.4.2008. It is not in any way an exhaustive
research. But what it aims to achieve is to bring in focus key aspects of
female involvement in the context of business transfers.
The structure of the working paper is as follows:

• Introduction (this section)
• Background (business transfers and women, overview of the inter-
national and the Greek contexts)
• The Greek pilot
1 http://www.gender-equality.webinfo.lt/results/european_union.htm
2 Women entrepreneurs and co-entrepreneurs; http://ec.europa.eu/enterprise/ent-

repreneurship/craft/craft-women/women-dgentr-activities.htm; http://ec.europa.eu/
enterprise/entrepreneurship/craft/craft-women/conference/women_led.htm
3 CHAMBERS AGAINST STEREOTYPES IN EMPLOYMENT – CH.A.S.E._ A project sup-

ported from the European Community – Program relating to the Community Framework
Strategy on Gender Equality (2001-2005); GREEK REPORT ON THE IDENTIFICATION OF
STEREOTYPES AGAINST WOMEN, Union of Hellenic Chambers of Commerce & Industry,
2005.
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• Methodology
• Results obtained
• Case studies (4)
• Findings, conclusions, & recommendations
• Selected references
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2. Background
Business transfers and women, a general overview
Extensive research indicates that the most important thing for busines-
ses that are nearing their ‘generation shift’ age, is to consider as early
as possible the transfer, sell, or close down options. For example, in the
article Succession Planning in SMEs1 the authors study the differences
between bigger and smaller businesses. The study reports the results
of field research focusing on 368 family-based businesses, with regard
to the importance, nature, and extent of succession planning. It breaks
down businesses into a typology reflecting annual revenues, total num-
ber of employees and number of family members employed in the bu-
siness: “Consistent with extant literature, the findings reveal that most
family members join the firm for altruistic reasons. Issues related to fa-
mily relationships were rated as significantly more important in firms in
which more family members were employed within the firm. Moreover,
for firms with less than US$1m in revenues, a high priority is placed on
selecting a successor who possesses strong sales and marketing skills.
The findings show that regardless of their size, it is important for family-
owned businesses to develop a formal plan for succession, communica-
te the identity of the successor, and provide training/ mentoring to the
incumbent CEO”.
Another important, characteristic study2, deals with the likelihood that

a succession plan of a business and tries to correlate it with business
characteristics. In the review of the business transfers literature, the
1 Motwani, Jaideep Grand Valley State University, USA, et al; Succession Planning in
SMEs: An Empirical Analysis; International Small Business Journal.2006; 24: 471-495
2 Lee, Yoon G. et all; A Profile of Succession Planning among Family Business Owners;
Financial Counseling and Planning, Volume 14 (2), 2003; ©2003 Association for Financial
Counseling and Planning Education.
--> “Using data from the 1997 National Family Business Survey, this study analyzed 673
family-owned businesses….. the findings indicated that only 20 percent had a written
succession plan. Among 673 family business owners, only about 14% developed a net
worth statement and 13% met with a financial planner or business consultant to dis-
cuss estate planning. Those family business owners with a succession plan tended to be
older, worked longer hours in their family businesses, had fewer numbers of children,
and had higher business management scores than did those business owners without a
succession plan. Those who started their own business were less likely to have a written
succession plan than those who inherited the business. Female family business owners
were less likely to have a succession plan than were male business owners. Based on
the findings, implications for financial counsellors/planners and family business consul-
tants are presented”. page 1.
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study stresses the findings of early authors (such as Ambrose as early

as 1983), who proposes that the family owner not only starts planning
early the business transfer, but gives early rights to the transferor. As
far as the position and role of women is concerned, the study points out
“the role of women and succession issues are addressed to a limited
extent in the literature. Problems unique to transferring the family bu-
siness from mother to son is explored by Kaslow3 (1998), while others
(Janjuha-Jivraj & Woods, 20024) have examined the role of women in
the transfer process, contending that mothers of the heirs often found
themselves in the role of mediator and buffer between the generations.
Like the Canadian farmer study, Kaslow (1998) contended that histo-
rically family businesses were most frequently passed from father to
son or to another male relative. However, with more women owners of
family businesses, succession issues took on new relevance”. This study
is important in the sense that it is correlating transferors’ and business
profiles with key business transfer parameters.
The succession plan, in this study, is positioned to be influenced from

many parameters, such as5
• the business characteristics: a) gross business income, b) number
of employees, c) whether or not the business is home-based, d)
whether the business is a first-generation family business, and e)
whether the business is a recent start-up.
• the business owner’s characteristics: a) age, b) education level, c)

hours worked in the business, d) owners’ managerial activities, e)
gender, f) number of children, g) race/ethnicity, h) marital status,
and i) health status.
• engagement in financial planning: a) talk about their goals to their

families regarding the future of the business; b) develop a net worth
statement; c) meet with a lawyer; d) meet with an accountant, fi-
nancial planner, or business consultant; e) make or update their
wills?
3 Kaslow, F. W. (1998). Handling transitions from mothers to son in the family busi-
ness: The knotty issues. Family Business Review, 11(3), 229-238
4 Janjuha-Jivraj, S. & Woods, A. (2002). Successional issues within asian family firms:
Learning from the Kenyan experience. International Small Business Journal, 20(1),
77-94.
5 ibid., previous, page 34.
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And
• the attitude towards transferring of the business ownership: a) trea-
ting all their children equally; b) getting their children started in the
business; c) proving financial security for themselves and survivors;
d) keeping the business within the extended family.
The results of the study confirm that “Those with a written succession
plan had a much higher mean level of business income ($2,396,763)
than did those without a succession plan ($582,775). Those with a suc-
cession plan had more non-family employees and had fewer children
than those without a succession plan”6. Moreover, the research also
shows that men are more likely to have succession plans than women
entrepreneurs: while 17,1% of men say they have a succession plan,
only 3,3% of women confirm the same7.
In the EU, a survey in 2000 for the Commission8 found that many of the
problems faced by start-up companies and entrepreneurs were common
to all, whether male, female, young, old, or from an ethnic minority.
Such problems included difficulties in accessing finance, problems in es-
tablishing or expanding markets, limited management experience and
qualifications, varying attitudes and competence in using IT, and prob-
lems with administrative and regulatory requirements. Nevertheless,
the research suggests that some of these factors are magnified in the
case of minority groups such as women entrepreneurs. The survey
suggests that access to finance, both for starting a firm and for growing
one, is seen as the biggest problem for women entrepreneurs. This may
be exacerbated by limited assets and lack of a track record in business.
And this is linked to a perception of discrimination (whether intentional
or unintentional) on the part of finance providers. According to the sur-
vey, these problems are significantly greater for women entrepreneurs
than for small businesses in general.
Among the measures which appear to have been most effective are
those which involve mentoring and showing role models. “One com-
mon problem for women considering setting up in business is a lack of
6 ibid., previous page 37.

7 ibid., previous page 37.
8 Innovation & Technology Transfer 03/04, Dg Enterprise, pp 10-20; http://europa.

eu.int/comm/enterprise/entrepreneurship/craft/craft-studies/entrepreneurs-young-
womenminorities.htm
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confidence. When they are shown that they have the ability,….”9. This
statement is taken up by ACCA:
ACCA, the Association of Chartered and Certified Accountants (UK), ar-

gues that women face discrimination in business transfers, only this
discrimination is not understood and acknowledge yet10, 11:
• “women face barriers when transferring businesses. However, the

extent of the problem is not known as there is no firm data and only
anecdotal evidence. Government must conduct research on gender
and ethnicity to identify any barriers, whether they are perceived or
real.
• women’s businesses tend to be lifestyle based, in the service in-

dustry and are more likely than men’s businesses to operate from
home which means that the ‘value’ of the businesses may make the
transfer process more difficult. Whilst banks and other agents may
not give these businesses a high value for sale, they may be valued
by women who wish to run a lifestyle business. This market should
be explored by government.
• women face greater financial barriers than men when starting up

businesses with women receiving a third of the start-up funding as
compared with men. Given that buying an existing business poten-
tially requires more capital than starting up a business, the financial
barriers for women may be so much greater.
• women are disproportionately more likely to be excluded in family

businesses and passed over in succession even though they may
have been running the business. Government and business support
organisations should identify case studies and role models for wo-
men to aspire. There should be an awareness raising campaign to
value women working in business”.
9 Leonidas Intzipeoglou, European Commission, Enterprise DG

http://europa.eu.int/comm/enterprise/entrepreneurship/craft/craft-women/women-
dgentr-activities.htm
10 Association of Chartered Certified Accountants (ACCA), Successful business trans-

fers – do women face discrimination?, policy briefing paper, July 2005; ACCA 29 Lincoln’s
Inn Fields London WC2A 3EE / 020 7059 5751 or 5726 / www.accaglobal.com
11 European Commission. European Seminar on the Transfer of Businesses Final Report,

2003 and 3 ACCA report (2002) Family planning for small business
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These assumptions have been put to test through the Greek pilot acti-
on. As it happens, only the last statement has been confirmed. But this
is a very important issue. It is related also with the lack of sophisticated
structures supporting women in business transfers. For example, men-
toring among women is not developed at all: “Such senior-level women
could serve as role models and mentors for other women, something
that female workers overwhelmingly want, Forte research suggests. On
a scale of one to 10, 88% of women surveyed rated the importance
of female role models to their future success as a seven or higher.
Also, 77% say there is an insufficient amount of female role models in
business”12.
Again, the problem is for the smaller not the bigger businesses, in
which, gender roles tend to not be very important13. In the very in-
teresting presentation (Are Male Entrepreneurs more Productive than
Female Entrepreneurs? Evidence from Transition Economies) it is con-
cluded that “Women owned firms are on average smaller than men’s (in
terms of sales, no. of employees, and capital) but the growth in their
sales is equivalent”, and that access to land is the only constraint14 that
impacts differently men and women. The report hints that this might
indicate an insider’s and outsider’s model of business market entry.
In conclusion, this brief review of women’s role in business transfers

shows that the obstacles, if any, are first of all in the family values
and social attitudes, and secondly in the lack of women-specific sup-
port structures and services. On the other hand, it also indicates that
women-transferors need more intense mobilization and more encoura-
gement than men to prepare a succession plan.
12 Kelley M. Butler ; Wooing women: Today’s working women seek mentors, mother-
hood transition , 1 April 2006,Employee Benefit News; (c) 2006 Employee Benefit News
and SourceMedia, Inc. All rights reserved.
13 Are Male Entrepreneurs more Productive than Female Entrepreneurs? Evidence

from Transition Economies; Shwetlena Sabarwal PREM-Gender, Katherine Terrell, PREM-
Gender and U. of Michigan, World Bank Workshop on: “Women in the ECA Region” Jan.
24, 2008
14 Constraints studied: Permits, Regulations, Anti-competitive Practices of others,

Corruption, Access to Land, Electricity, Transport, Access to Finance.
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Business transfers and women, an overview of the Greek

context
In Greece, at the moment, there are no special measures aiming to

support female transferors and successors. Greece has made legislative
interventions facilitating business transfers in the sense of tax relieves
and continuation of the validity of the operational licences of certain
categories such as bread-producing enterprises. Moreover, Greece has
done very few steps to improve day-to-day services provided to faci-
litate transferors and successors. REINO project, for example, is very
important, because it exactly promotes such kind of services.
One of the key findings of the baseline research that as done in the con-
text of the REINO project, and which was confirmed during the detailed
interviews with Greek businesses, is that Greek potential transferors
start preparing their successor many years before their planned retire-
ment time, and the successor is most often a person within the family.
Otherwise the pattern is to close down the company rather than look for
a successor at the last moment; selling the business is not so common
yet. The positive aspect of this pattern of business transfers is that the
transfer happens in a controlled way, at the same time transferring the
tacit knowledge of the business’s operation. This might be one reason
that transferors & successors do not see the reason neither for external
consulting or mentoring, nor for funding. The negative aspect of this
same pattern is that very often, the business transfer is just a transfer
of ownership rather than a moment of revitalisation of the company.
Thus succession plans are still rare in small and micro companies, and
this applies to both men and women transferors.
Otherwise, women, in Greece, seem to be in transition: on the one hand

they face the stereotype problems that women face elsewhere in the EU,
for example, women salaries are still lower than their male counterparts
are15. On the other hand, Greek women do not necessarily confirm the
ACCA assumptions. For example, in a project led by EUROCHAMBERS16
a few years ago, among women entrepreneurs between 20-39 years
old, in Greece showed that
15 http://www.kethi.gr/equalpay/ KETHI
16 CHAMBERS AGAINST STEREOTYPES IN EMPLOYMENT – CH.A.S.E._ A project sup-

ported from the European Community – Program relating to the Community Framework
Strategy on Gender Equality (2001-2005); GREEK REPORT ON THE IDENTIFICATION OF
STEREOTYPES AGAINST WOMEN, Union of Hellenic Chambers of Commerce & Industry,
pages 18-20.
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• They are more educated than men and that they are active in all
branches of economic activity. They confirm the need for and the
lack of effective institutionalized practices/structures for career
counselling with special focus on women.
• Only 2,4% of the survey participants said they have been sup-
ported by a career advisor, while for those that have received such
a support, 6,3% came from teachers and professors. The majority
(40,1%) said they made the decision of their ‘dream profession’ all
by themselves, or that parents influenced (26,8%).
• Family obligations are an area of consensus, in the sense that they

usually hinder professional advancement; pregnancy for example is
seen as a big problem.
• Traditional stereotypes regarding women’s attitudes seem to have

been reversed. Considering for example self confidence: the majo-
rity (about 67%) said they are not afraid to express their opinions
openly, also among a male audience.
In conclusion, the preceding, very brief discussion on the one hand

confirms the lack, the lagging behind of support structures for both wo-
men entrepreneurs and business transfers involving women; it confirms
women’s positive attitude and confidence to fully participate in the bu-
siness world; and, finally, it refutes traditional barrier and behavioural
patterns.
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3. Greek Pilot Action
3.1. Methodological Aspects
Timeline
The Greek pilot was implemented between 1.1.2007-30.4.2008. This

is a slightly longer period than originally planned in REINO project. In
Greece, the identification of gender-related transferors and successors
has been a challenging practical issue to solve.
Objectives
1. To identify practical barriers influencing women’s positive involve-

ment in business transfers.
2. To identify characteristics of women’s context that influence positi-

vely women’s involvement in business transfers.
3. To understand how women’s attitudes differ to men’s in as far as

business transfers are concerned.
4. To identify business transfers services that the public sector (e.g.

Chi’s and the UHCCI) could set up, tailor and offer to women trans-
ferors and successors.
5. To describe 3 case studies of successful business transfers in which

women are involved.
Assumptions
Following background readings on female entrepreneurship in the world,

the EU and Greece, it appears that it is a highly probable assumption
to claim that in Europe in general and in Greece in particular, the bar-
riers to women’s involvement in business transfers are not structural or
institutional, but they are more social, mental, education related, and
reflecting family values, practices and female models.
Thus it was hypothesised that
• The possibility for women to become involved in business transfers

as successors is positively related to the mother’s occupation and
her position in the family as well as the educational level in the fa-
mily.
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• The possibility for a female business –transferor to select to transfer

the family business to her daughter rather than her son –all other
things being equal- is related to her family’s values and he own edu-
cation.
A set of criteria, reflecting the assumption, was agreed to test the hy-
pothesis and see how they correlate with positive women’s involvement
in business transfers, Table 1 below.
Table 1 Criteria to test the assumptions
CRITERIA COMMENTS, RATIONALE

Branch of economic activity Addressing ”female” branches
Is it a family business? Understanding dynamics + tacit knowled-
ge transmission
Why was it given to a girl? Was it a selection or a no alternative si-
tuation?
Who is the transferor? Internal or external to the extended fa-
mily?
Dominant person in the family Position of mother; family dynamics
Education of the dominant person in the Who is influencing the values and the
family mentalities
Mother’s occupation Evident
Education of successor Potential for developing the transferred
business
Length of transfer process Transfer of tacit knowledge; also assu-
ming early responsibility
Business situation, difficulties Is it internal or external?
Support form the local CCI Availability of reliable support
Expectations from REINO Understanding that a project might be
useful, soft support options...
Target group, region, activities, results, difficulties
• Region: The Greek pilot foresees one main Business Renewal Centre
(BRC) unit supported by two peripheral units (two antennas) and
operating respectively in Athens, Piraeus and Voiotia (Leivadia). The
e-registry has been a problem to all 3 organisations. Its lack actually
challenged the identification of potential transferors. Thus the pilot
action focused more in Voiotia, because the Voiotia CCI had already
decided to prepare a software identifying businesses according to
age and gender.
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• Stage of the business transfer: The Greek pilot needed to iden-

tify businesses that were in the actual process of or just starting
their transfer. The baseline research offered ample opportunity to
discuss with potential transferors both male and female, and their
successors when they were already working in the business. But that
was not enough, i.e. the discussion with the potential transferors
(or successors) did not lead to the actual business transfer, while
the discussion with the successors had more historical value. It was
therefore necessary to find a way to identify businesses in actual
transition. To address this, it was decided to identify businesses that
had been transferred during the last year. It implies that, even if
the project intervention would not be at the beginning of the trans-
mission process but at more mature stage, it would still be able to
understand the transfer process better and to support both parties,
i.e. transferors and successors.
• Business transfers, how to know that a company has been

transferred and type of business selected for the pilot acti-
on: Some CCI:s in Greece register the change in the shares’ ow-
nership of a company; but they do not register the management
change. Other CCI:s do not register even the change of ownership.
This made it difficult to address ltd companies. Thus the pilot ac-
tion was concentrated on personal companies1. However, personal
companies cannot be transferred per se. The need to close down
and then be re-established. This process helped the researchers to
identify the relevant transferred companies, through gender, name
and time matching, facilitated by a software programme. Limiting
the sample space to personal companies does not pose any problem,
as many small and micro companies in Greece have this legal form
of operation. For example in 2004, out of a total of 897 377 registe-
red enterprises, 713 628 were sole proprietorships, i.e. more than
79%2. This form if business is popular because, it is, among other
things, the simplest, most flexible and cheapest to set up.
• Profile of the target group: According to the baseline research,

Voiotia has a total of 123 913 population, out of which 59 273 are
females. The GDP of the region in 2004 was some 3 914 million€,
70% out of which came from manufacturing, energy and constructi-
on, 23% from services and the rest 7% from agriculture. The % of
1 Sole proprietor businesses
2 REINO project, Baseline research Greece; page 18.
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active population is some 90,10%. The active, employed populati-

on between 45 to 65 years old is 60 987 and the over 65+ years is
4 1393. These two age groups formed the target sample of the pilot
action. Thus, companies 20+ years older, owned by women / men,
which were closed during the last year, and which re-opened during
the last year as well, and are owned by women.
• Activities of the pilot action: The pilot action has covered seven
steps. The work was organised through the pilot e-registry for the
Voiotia businesses. The main processing was done by the UHCCI4
staff and the national coordinator. The process was supported by the
EP5 partner and discussed in the LAG6. Thus it has been a very cent-
ralised and controlled process. One reason for this is that the local
BUSINESS RENEWAL CENTRE (BUSINESS RENEWAL CENTRE (BRC))
antenna (of the Voiotia CCI) was still under preparation. But another,
more crucial reason is that the CCi:s in Greece are not so much used
yet to offer development services and to interact with their members
in fields other than administration and bureaucracy.
1. Identification of relevant transferors and successors: this was

done through the mini e-registry software.
2. Recruitment of transferors and successors: a lot of motivation

and mobilisation was necessary to attract the interest and trust
of businesses-in-transition. For example, an advertisement was
made through the local press, and only one company showed
interest.
3. Screening and identification of suitable transferors and succes-

sors: through the e-registry and those companies that proactively
showed interest.
4. Initial contacts through phone calls: in the event that not enough
companies were coming to the project, the project started ma-
king individual phone calls. It made phone calls to the cases that
fulfilled the pilot action criteria (see previous § Profile of the tar-
3 See REINO project, Baseline research, Greek baseline research, pages 5-19.
4 UHCCI= Union of Hellenic Chambers of Commerce and Industry; REINO project

partner
5 EP = European Profiles SA; REINO project partner
6 LAG= Local Advisory Group
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get group). A total of 1623 female businesses that closed during

the last year and of 225 female businesses that started during
the last year were identified and matched. Ten (10) suitable cases
were identified; there were phone calls to all of them. Six (6 ) of
them accepted to discuss more; and finally four (4) are interes-
ting to deal with more deeply, active in the following branches:
local newspaper; dry cleaners; kitchen furniture franchise; car
dealer.
5. Regular contacts with the pilot cases; also when the entrepre-
neurs asked for them, and offer of support. There have been
some 5-6 visits per company, a in some 11 months.
6. Monitoring and writing of the case studies.
• The ideal flow chart7. The REINO staff used the ideal flow chart to
benchmark the stage and service needs of the business transfers
case studies.
• Questionnaire for female entrepreneurs, in which the criteria listed in

Table 1 above were integrated. However, these criteria were tested a
number of times. They were more indirect issues of the unstructured
discussions with the companies rather than a once-a-time response
to the structured questionnaire.
• Tools for structuring the case studies. The tools are a combination
of the Bank of Cases approach8 “refined” to target more the Greek
context. The tools for structuring the case studies are in Table 2 and
Table 3 below.
7 Reminder of the ideal flow chart in the section Selected References.
8 Good practice developed in REINO by the StudioCentroVeneto partner, and largely

adopted by the partners.
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Table 2 Transferor’s profile for the case study
Name (if she /he accepts to disclose it)

Age (about)
Role (transferor, parent, friend, stranger…)
Type of business
Why was the business transferred?
When the transfer process was actually initiated?
Was there a business transfer plan?
How long did it take to complete the transfer?
Do you use ICT?
What do you feel should improve to make the business better?
Involvement into the transferred business
• during the transfer period
• on going
Key daily support
Mental support / empowerment
Contribution of local CCI
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Table 3 Successor’s profile for the case study
Name (if she accepts to disclose it)

Age (about)
Role (transferor or successor)
Type of business
How she became involved
• education
• interest in entrepreneurship
• family transfer
Any development initiatives she took to develop the company
• technological investments
• construction and / or infrastructures
• ICT
• training of staff
• other…
Was there a business plan?
How long did it take to complete the transfer?
Did she receive any funding / financing support?
Any support from the local CCI?
Expectations, plans for development
Involvement of transferor
• during the transfer period
• on going
Key daily support
Mental support / empowerment
Would she require some help from REINO?
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3.2. Results obtained
• Identification of relevant transferors and successors through

a matching process
A total of 1623 female businesses that closed during the last year and
of 225 female businesses that started during the last year were identi-
fied and matched. Ten (10) suitable cases were identified; there were
phone calls to all of them. Six (6) of them accepted to discuss more;
and finally four (4) are interesting to deal with more deeply, active in
the following branches: local newspaper; dry cleaners; kitchen furniture
franchise; car dealer.
• First step identification of those factors making a difference

in promoting females in business transfers
We have identified that two are the key factors for motivating women to
entrepreneurship & business transfers: (i) the occupation of the mother
and her position in the family (actual and moral power-related aspects;
behavioural model); (ii) the values of the family, and especially their
views and tacitly transmitted ideas of how they are viewing and valuing
entrepreneurship.
On the other hand, we identified one factor as a precondition ensuring

the growth and the development of the business: branch-relevant edu-
cation. In many of these small family businesses the Greek pilot has
been dealing with, the parent who in most cases set up the business has
received not any higher education. But the business has grown when the
successor has made both business and higher, branch relevant studies.
For example, the successor of one of the pilot cases studied furniture
design including kitchen furniture, i.e. studied one of the key competiti-
veness aspects of contemporary products. Following the official transfer
of the business, she made some significant changes in the products that
are being promoted and in the marketing of the business as a whole.
Today, knowledge and business development and growth tend to be

more and more intertwined. Through the project a distinction was con-
firmed: while motivation is a key precondition for an entrepreneur, it is
education, i.e. branch-specific specialisation that makes the business
grow.
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• Processing phase
Four female business transfers have been processed and are described
below as the REINO pilot action case studies.
• Other
(i) Formulation and application of new tools; (ii) increased understan-

ding on the support needs of business transfers and the limits / challen-
ges of the CCI:s; (iii) mainstreaming in the antennas (CCI:s) the need
for soft, process tools.
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3.3. Case studies
In the following pages are presented four (4) case studies, dealing with
business transfer. They are in the press (local newspaper), dry cleaners,
children’s clothes, and kitchen furniture branches.
Each case study is presented in two parts: firstly is presented an

Overview which contains the story line of the transfer; secondly the
profiles of the transferor and the successor (according to the case) are
described. Two of the case studies are represented by either the trans-
feror or the successor, while the other two are represented by both.
The tools for presenting the profiles are described in the preceding §,
Tables 2 and 3. Most of the information for filling in these two tables
was collected more through open discussions with the entrepreneurs,
after they had been acquainted with the project, i.e. not by asking di-
rect questions.
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1st case study: LOCAL PRESS; TRANSFEROR
The first case study regards the transfer of ownership and operations of
the local newspaper. The project has been able to discuss mostly with
the transferor (mother). The successor (daughter) had been active in
her university studies and also in setting up a new journal.
Overview
This is a family business; it was actually set up by the transferor (mot-

her). Press requires a special type of expertise and has a higher social
profile. There is one child in the family, and she is a girl. The successor
has been active in the family business since she was a very young child.
The successor has accepted her role as such, and has been proactive in
setting up a new magazine. All family members have university educa-
tion.
The transferor was polite during the contacts, but a little surprised. This
can be explained from the fact that the local CCI –as she mentioned-
does not have close cooperation with the members. The transferor exp-
lained that she is supporting her daughter for the succession mentally,
psychologically and financially. No especial expectations were expres-
sed from the REINO project.
The situation of the business seems stable. The challenge of the suc-
cessor is –maybe- to create a new vision for the contribution of the two
publications to the local society. The press company owns both the real
estate and the technology of the company.
This is one example of a well in advance planned business transfer. It

is interesting that the transfer is made while the transferor is still very
young. It is reminded that by Greek social standards the 42-55 age is
understood as among the most productive in a person’s life. In this case
the transfer is made early enough for the transferor to be in apposition
to be of real help to the successor. This seemed to be reinforced by the
evident atmosphere of complicity between the transferor and the suc-
cessor.
The lesson from this case study is that the weakness of the local CCI in
service provision to its members should be addressed as soon as pos-
sible.
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Summary of the transferor’s profile:
1. Name: Not disclosed

2. Age (about): More than 42 less than 55
3. Role: (transferor, parent, friend, stranger…)
Transferors; mother of successor.
4. Type of business: Local political newspaper.
5. Why was the business transferred?
The transfer was being discussed
since many years.
6. When the transfer process was actually initiated?
About 1,5 years ago.
7. Was there a business transfer plan?
Not really, but financial plan, yes.
8. How long did it take to complete the transfer?
Last 6 months.
9. Do you use ICT? Yes.
10. What do you feel should improve to make the business better?
The business is –as far as it could be
inferred- at a stable level. Maybe
technological update. However, the
market situation is a little challenging
as demand for local press tends to be
decreasing.
11.Involvement into the transferred business
- during the transfer period
- on going
12. Key daily support The transferor provides all the
support.
13. Mental support / empowerment
The transferor.
14. Contribution of local CCI None. As a matter of fact the
transferor expressed many complaints
regarding the local CCI.
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2nd case study: DRY CLEANERS; SUCCESSOR
The second case study concerns the transfer of a small dry cleaners
business. The contacts were made with both the transferor and the suc-
cessor. However, finally the focus was on the transferor
Overview
The dry cleaners is an old company with own, long term loyal clientele.
It had been operated for many –some 30-35 years- by a male entrep-
reneur. However the real estate was rented, it belonged and belongs to
a lady. When the entrepreneur grew older, he introduced his daughter
to the job. His daughter worked there for a few months. She got mar-
ried and very soon she was pregnant. At that moment she gave up the
business. The real estate owner asked the ageing entrepreneur to find
a successor so that the business could go on and she could continue
receiving income from the rent.
The ageing entrepreneur started searching for suitable successors

among the families he knew, i.e. his extended circle of friends. Some
4 persons expressed their interest to take up the business. He inter-
viewed, rather discussed with each one of them, and finally there was
successful matching with a young girl.
The young successor started working with the ageing entrepreneur, so

that she would be able to learn the job in every sense. During this same
period, the transfer of ownership was processed and the financial issu-
es solved. The legal issues were dealt with by the successor’s family
lawyer and the financial issues by the successor’s auditor. The auditor
provides the key professional support to the successor. The costs of the
transfer were covered by the whole family, i.e. no subsidy and no loan
have been used.
When the business passed totally to the young girl, the ageing ent-
repreneur stayed on for 3 more months and then he retired. Thus the
transfer of the tacit knowledge was ensured.
The social background of the successor is a family, where both father

and mother are working. The mother is especially constructive, dealing
with life in a positive way. The whole family is very supportive towards
each other.
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This transfer is a good example how, when there is a convergence of

interests, cooperation and common sense, can help transfer a business
safely and effectively also outside the family. It is also a good example
of how the local CCI through the BRC could assist through consulting,
guidance and facilitation of identifying suitable successors.
Summary of the successor’s profile:
1. Name (if she accepts to disclose it) Undisclosed

2. Age (about) About 20 -22 years old
3. Role (transferor or successor) Successor
4. Type of business Service provision
5. How she became involved
education
interest in entrepreneurship
family transfer
other: The successor became aware of
the business and occupation
opportunity that the dry clea
ners business transition offered.
6. Any development initiatives she took to develop the company
a. technological investment
There have been technological
investments, i.e. to have more
effective dry cleaning machines.
b. construction and / or infrastructures

c. ICT
d. training of staff
e. other
7. Was there a business plan? There was a controlled, gradual
transfer. But no “official”
transfer or business plan.
About 1 year.
9. Did she receive any funding / financing support?
No. Family and relatives helped.
10. Any support from the local CCI? No.
11. Expectations, plans for development?
To keep on having a good
clientele.
12. Involvement of transferor
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a. during the transfer period

b. on going
13. Key daily support Auditor; mother; family
14. Mental support / empowerment Auditor; mother; family
15. Would she require some help from REINO?
Here is the unique case that the
entrepreneur accepted special
financial consulting support.
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3rd case study: CHILDREN’S CLOTHES SHOP; TRANSFEROR &

SUCCESSOR
Overview
This transfer involves a 3-generation family business. The children’s

clothes shop was established some 70 years ago by the grandparents of
the present successor. It as established as an SA company. The discus-
sion with the transferors and the successor indicates that the initial ven-
ture brought something innovative to a small and rural provincial town
–as Leivadia was 70 years ago: it brought quality children’s clothing.
The business was going very well for many years. It was transferred
to the son of the family, who took up business in collaboration with his
then fiancé and later wife. For a while it had some 5 employees, but the
company form changed from SA to ltd.
The family has had two daughters and no son. Both daughters followed
and finished university studies, but none of them was initially interested
in the family business. It is possible that this led to some kind of intro-
version in the business activity.
During the recent years, i.e. after the 1990s, the economy of the area
has changed, and consumers have become more demanding. Little by
little the old family business was losing momentum. It could not emp-
loy many people; its legal form changed once again from ltd to sole
proprietor (personal company). Recently the younger daughter (who
studied business administration in English-language school in Athens)
married an auditor from her ‘family’ town. This proved a motivation not
only for returning there but also for taking up the family business.
The business transfer has been completed during the past year. As she
is no responsible for the family shop, she is being supported by her
mother who is still very active there.
The shop, located in a very central area of the town has good chances
to develop and grow and employ people again. But it needs a good
understanding of today’s market and of the specific branch. This is one
example where specialised experts and support from the local CCI could
prove very crucial, especially as the young successor is still new in the
specific branch –in spite of the fact that she has very good business
development knowledge.
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Summary of the transferors’ profile:
1. Name: Not disclosed

2. Age (about): 55 -60
3. Role (transferor, parent, friend, stranger…):
Parent (mother) & transferor
4. Type of business: Commerce; selling children’s
clothes
Gradual transfer; age
Last 2 years
No. Only the need to ensure it
within the family.
It is still going on in a way.
The market has changed; it
poses problems to growth.
10. Involvement into the transferred business
during the transfer period
on going
11. Key daily support Family
12. Mental support / empowerment Family
13. Contribution of local CCI None
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1. Name (if she accepts to disclose it) not disclosed
2. Age (about) 28- 31
3. Role (transferor or successor) Successor & daughter
4. Type of business Commerce; children’s clothes
a. education
b. interest in entrepreneurship
c. family transfer No boys in the family; other
sister not interested in the
business
d. other Husband is auditor
a. technological investment
b. construction and / or infrastructures
c. ICT
d. training of staff
e. other…
7. Was there a business plan? No; gradual transfer and on the
job training
Legal and financial issues 3
months; “real “ transfer is on
going
Internal transfer; family helped
10. Any support from the local CCI? No
Market challenges
a. during the transfer period
b. on going
13. Key daily support Family; husband
14. Mental support / empowerment Family; husband
15. Would she require some help from REINO?
Market development plan
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4th case study: KITCHEN FURNITURE FRANCHISE; TRANSFEROR

& SUCCESSOR
Overview
The transferred business is a part of a strongly branded, foreign fran-

chise, offering state of the art kitchen furniture. It was established by
the father. The father started out as a carpenter, i.e. as self-employed
skilled worker, with entrepreneurial dreams and talent. As years went
by, and reflecting the market trends, he decided to become part of a
high quality franchise chain. The father does not have higher education.
But in his case this does not seem to have mattered. He has also been
very active in the local society and is member if the board of directors
of the local CCI.
This business has been going well and expanding. He is married, but no
sons, only two daughters; both daughters have had higher education.
One of them in interested in banking; the other one, studied design,
and has been a born entrepreneur. Before she became involved in the
family business, she established her own shop, selling design female
lingerie. The shop was going well and had no problems. But the yea-
rs were passing and the family business needed to be considered. At
the same time, the design lingerie market in this town was becoming
saturated. She decided to sell out the lingerie shop and become the
successor of the family business. She started working with her father
and the transfer formalities were finalised during the last year. However
she had started taking initiatives with the style of the products that is
promoted and the marketing already when she was in the “business
transfer” phase.
Today, she is working as the new business manager, while her father
is still involved in the business. The challenges that the business is fa-
cing have to do with the market changes in demand, but also with the
problem of finding skilled carpenters in the area. The business has a
very strong local profile –for example, by employing locals rather than
immigrants, and the new manager tries to maintain this profile and the
close connection to the local society.
Evidently, this is business transfer reflects a rare case, where there is,
so to say, in-house confluence of most or all the necessary positive ele-
ments. But this is not accidental: it reflects the structured development
that the company has followed for years and the added value on which
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it relies. It therefore confirms the importance of expert support in any

business transfer.
Summary of the transferor’s profile:

1. Name: not disclosed
2. Age (about): 60-65
3. Role (transferor, parent, friend, stranger…):
Father & transferor
4. Type of business: Kitchen furniture; franchise; Production
& commerce
Ageing
Some 4 years ago
No, but very careful steps
1 year
Successor has new ideas; but concern
about the local market
10. Involvement into the transferred business
on going
11. Key daily support Himself
12. Mental support / empowerment
Himself; family
13. Contribution of local CCI Yes; some subsidies for business
development programmes through
EOMMEX
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1. Name (if she accepts to disclose it) not disclosed
2. Age (about) 28-34
3. Role (transferor or successor) Successor & daughter
4. Type of business
education
interest in entrepreneurship
family transfer No boys in the family
other
technological investment
construction and / or
infrastructures
ICT
training of staff
other… Yes design & marketing
7. Was there a business plan? Yes, internal; but no transfer
plan
1 year
Internal transfer; family helped
10. Any support from the local CCI? Yes, but not for the transfer
Yes; but market challenges
(quantity of demand, and
availability of skilled labour)
on going
13. Key daily support Father
14. Mental support / empowerment Father
Would she require some help from REINO?
Not much
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3.4. Findings, conclusions & recommendations
Findings
• Gender barriers:
1. There are entry barriers. They have to do with the values of the per-
son but most importantly with the values of the family and society.
For example, still, today, boys are preferred to girls when conside-
ring the succession of the family business. But this can be explained
also by the women’s attitude who often give up their professional
activities once they become pregnant.
2. There are no evident operational barriers. Once a female successor

is committed to take up this activity, it is then ‘business as usual’.
However, again, it is values that create some barriers: once a fema-
le successor becomes pregnant, it is probable that they give up the
business, which in turn reinforces the traditional view that women’s
space is in the family and in the kitchen.
3. There appeared some activity related stereotypes (but not real bar-
riers). For example, a woman is not suitable to do technical work,
i.e. to make furniture herself, confirms a stereotype.
These findings are summarised in Table 10, see below.
• Financial / funding barriers
Funding / financing does not seem to be an issue. The business transfer

and the subsequent business development are financed by friends and
family, not through bank loans. As subsidies supporting business trans-
fers do not exist in Greece, this option was not brought up.
• Educational barriers
Education is important. It is important precondition leading to the de-

velopment rather than just survival and continuation of the transferred
business. In the case studies, for example, only 50% is using ICT. The
ICT usage is basic: communication exchange and marketing (web si-
tes).
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• Business condition / market barriers
None of the discussions showed that transferors and successors were

aware of the need to make any structural changes in the way they are
running their business. Sometimes problems were admitted, but they
were explained as results of market problems, such as more conserva-
tive consumption patterns.
• Decision making, career attitudes

Two factors seem to be very important in having positive impact on
females as successors: (i) the appreciation of entrepreneurship in the
family, and (ii) the position of the mother in the family and her occupa-
tion.
• Maximising the benefits, awareness, knowledge of the issue,

controlling the transfer
None of the businesses that form our pilot group have benefited of any
special support by their local CCI nor by the national business support
organisation (EOMMEX), nor by the national incentives & development
law. On the other hand, they have benefited from the lately introduced
tax alleviations. The main support has come from two sources: the
lengthy experience, tacit knowledge and concern /commitment of the
transferor in helping the successor, and the practical knowledge of their
auditor/tax adviser. For example, it is important to remember that only
one of the pilots asked practical help from the project.
• Family transfer, external transfer: is there a difference?
The pilot action has strongly confirmed the importance of the transfer of
the tacit knowledge, and that this is not an exclusive benefit reserved
for family transfers only. It has also shown that tacit knowledge transfer
depends on the attitude, the mentality of the transferor. It appears that
the transferor is the best mentor. The question is what to do when the
transferor cannot or will not act as mentor. There is where local CCI1:s
could help by setting up mentoring teams in collaboration –maybe- with
their old members.
1 CCI= Chamber of Commerce and Industry
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• Tacit knowledge and explicit knowledge: all types are neces-

sary
The pilot action confirmed that a successful business transfer involves

three types of knowledge: explicit business development knowledge,
explicit branch expertise, and transfer of tacit knowledge. The issue of
tacit knowledge has been commented above. The BRC2:s, eventually,
must set up registries not only of business experts, but also of branch
expert consultants, reflecting the local economy’s needs.
• Being prepared
The family transfers were tacitly assumed for decades. In the case of
a transfer outside the family, it took some 1 year to find the successor
and train her on job and transfer the knowledge.
2 BRC:s = Business Renewal Centres, i.e. the special units that Greek CCI:as will set
up to facilitate business transfers.
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Table 4 Summary of key findings of the Greek pilot action Females as transferors and as successors
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Branch of Family Why Who Domin- Educa- Mother Education Trans- Role of Business Difficulties Supp- Expectations
economic busi- given to is the ant tion of works of succes- fer transferor situation ort
activity ness the girl trans- person domin- sor proc- after the from
feror? in the ant ess transfer the
family person local
CCI
info consulting
guidance nothing
Local 2 1 child, mother mother uni- yes univer- long strongly surviving market, no
36
news- gene- not a versity sity, term supportive, external x
paper rations boy relevant both within conditions
the business
and outside
Dry no delibe- exter- mother middle yes secon- 1 strongly good, market, no
cleaners rate nal dary year supportive, slightly external x x
outside the expanding conditions
business
Kitchen 2 2 father father self no univer- long strongly good, market, yes,
furniture gene- children, made sity, term supportive, slightly external sub- x x x
franchise rations no boys relevant inside expanding conditions sidies
Childrens' 3 2 father father self yes, univer- long strongly surviving market, no
clothes gene- children, made in the sity, irre- term supportive, external x x
rations no boys family levant inside conditions
busi-
ness
Car 2 no boys father father self no univer- long strongly good, market, no
dealer gene- made sity, term supportive, slightly external x
rations relevant inside expanding conditions
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Conclusions
Female behaviour in business transfers does not differ very much than
that of their male counterparts. That’s why the recommendations made
below are not meant only for women.
However there are entry barriers and sometimes operational barriers.

Entry barriers relate to the values of the society as a whole regar-
ding female entrepreneurship, and this is not an issue covered by the
REINO project. However, operational barriers can be better addressed.
For example, for young -and not so young- mothers, day care centres
for babies and children are very important.
Recommendations
• See the problem for what it is: crucial
In Greece, we remind, only between 10%-15% of the small and micro

ageing businesses change hands, the rest close down3. It implies negative
impacts on the economy, the employment and society. This challenge has
not been addressed by the Greek relevant authorities yet: the govern-
ment has taken measures to alleviate taxes and facilitate the transfer of
operational licenses; but addressing the massive closing down of ageing
businesses has not been a first priority. The REINO project has shown
how crucial is to address the issue of generation shift business trans-
fers; it has also allowed identify, through the field research of the Greek
sub project, the services that Greek transferors value most & prioritise:
information, guidance and business viability assessments. But these fin-
dings do not solve the problem only contribute to target the solution.
It is necessary that relevant state and business organisations mobilise
companies massively, and raise awareness across branches and types of
businesses, insistently aiming at the improvement of the transfer rates.
• Institutionalise the ideal flow chart
The challenge, in Greece, regarding the support of business transfers, is

to speed up the process service provision, and catch up in the range of
sophisticated business services. Maybe institutionalising the ideal flow
chart and committing to its application, is one way to do it. For examp-
le, intense, systematic awareness raising activities must start; guidance
for making a business transfer must be there; and so on.
3 REINO project, Baseline research, Greek sub project.
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• Take more effective measures to support female entrepre-

neurship.
It is not enough to promote female involvement in business transfers,

namely as successors. The larger challenge has to be addressed in pa-
rallel, i.e. holistic, integrated measures promoting female entrepreneur-
ship in general.
• Make the BRC:s4 operational and focus their services
The BRC:s are at the moment part of the CCI:s and the UHCCI, i.e. of the
public sector. As it has been said many times during the REINO project,
this is a mixed blessing. The CCI:s are not used to provide development
services to their members, while customer oriented approach is not
common yet. Moreover, workshops with KETA representatives (Centres
for the promotion of entrepreneurship) showed that the understanding
of process tools lags seriously behind. So, maybe a first step would be
to describe the qualifications of public sector business support staff and
then reinforce them with training.
• Keep the transition of the knowledge, encourage mentoring,

encourage female role models
The advantages of mentoring are well known, and its key role in tacit
knowledge transmission is well known. However, mentoring is often
discussed but rarely practiced in Greece. Mentoring is one case where
the female and male services can be differentiated. Making a mentors’
registry should be one of the priorities of the BRC:s.
• Business transfer is a special part of entrepreneurial acti-

vities, reinforce the knowledge resources and the available
skilled experts
Succession entrepreneurship is one integral unit of entrepreneurial stu-

dies and expertise. Greece does not have at the moment (May 2008)
this kind of studies. Therefore, it is a challenge to set up a business
transfers experts’ registry. In the USA, such studies at M.A. level take
some 1-1,5 years. Maybe the UHCCI or EOMMEX or key CCI:s could
promote such these skills by proposing a jointly financed study pro-
gramme to colleges and universities.
4 Business Renewal Centre
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• Stress and explicitly link business transfer to business deve-

lopment through the provision of specially formulated subsi-
dies.
• Stress and explicitly link business transfer to increased ICT

uptake, through the provision of specially formulated subsi-
dies.
Greece is one of the very few countries that does not have special fun-
ding tools to facilitate business transfers. This should be addressed and
linked to development actions, so that transmitted businesses are acti-
vely encouraged to not just continue, but mainly to develop.
39
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4. Selected references
4.1. The ideal business transfers flow chart of the Greek

sub-project
Figure1 The action-units and

structure of the ideal flow chart
in the context of the Greek sub-
project
40
www.reinoproject.eu
4.2. EU Legislation on Gender Equality1
The EU legislation established in the area of gender equality enforces

equal pay for women and men for same work and work of equal value;
equal treatment in employment and vocational training, promotion and
working conditions; equal treatment in social security (statutory and
occupational schemes). It protects workers in cases of pregnancy and
maternity; paternity in member states recognising such rights; specific
rights for parental leave for fathers and mothers. Protection is ensured
against direct and indirect discrimination based on sex, including marital
or family status, as well as protection against harassment based on sex
and sexual harassment. Victims of discrimination can go to Court and
are protected by measures against retaliation. The legislation ensures
reversal of the burden of proof (the presumed author of discrimination
must prove that he/she did not make any discrimination) and sanctions
for those who perpetrated the discrimination, as well as compensation
for the victims. The EU promotes preventive measures against disc-
rimination by employers, especially in cases of harassment based on
sex and sexual harassment. Positive actions are endorsed for under-
represented groups, equality plans in companies encouraged, the role
of Social Partners and dialogue with non-governmental organisations
emphasised. Moreover, EU legislation establishes a requirement to have
bodies for the promotion of equality between women and men in every
Member state.
One of the effects of the Amsterdam Treaty is that equal opportunities

for women and men are now considered one of the fundamental aims
of the Union. In the Treaty the Member States lay down that gender
equality issues will be taken into account in all of the Union’s doings, or
in other words that the Union will adopt what is known as the mainstre-
aming strategy.
An important task in the EU is to supplement the treaties with laws –

directives – that go into more detail about the goals that the Member
States have agreed on in the treaties. In the field of gender equality
there are a number of joint directives:
• Council Directive of 10 February 1975 on the approximation of the

laws of the member states relating to the application of the principle
of equal pay for men and women (75/117/EEC) stipulates equal pay
for equal work and work of equal value;
1 http://www.gender-equality.webinfo.lt/results/european_union.htm
41
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• Equal Treatment Directive (76/207/EEC) establishes prohibition

against direct or indirect discrimination (the latter means that a rule
that appears to be neutral might in actual fact be disadvantageous
for a particular group, as in the case of a decision by an employer to
pay lower pensions to part-time workers, as almost all of those who
work part-time are women);
• Directive 2002/73/EC of the European Parliament and of the Council

of 23 September 2002 amending Council Directive 76/207/EEC on
the implementation of the principle of equal treatment for men and
women as regards access to employment, vocational training and
promotion, and working conditions (Text with EEA relevance)
• Council Directive 97/80/EC of 15 December 1997 on the burden of

proof in cases of discrimination based on sex stipulates who has to
prove what in cases involving gender discrimination (it is up to the
employer suspected of discrimination to show that there has been
no discrimination based on gender in the workplace);
• Council Directive of 19 December 1978 on the progressive imple-

mentation of the principle of equal treatment for men and women
in matters of social security (79/7/EEC) guarantees equal rights to
social security;
• Council Directive of 24 July 1986 on the implementation of the prin-

ciple of equal treatment for men and women in occupational social
security schemes (86/378/EEC) protects women’s and men’s right
to be treated equally where company or occupational social securi-
ty schemes are concerned, with regard to pension entitlement, for
instance;
• Council Directive of 20 December 1996 amending Directive 86/378/

EEC on the implementation of the principle of equal treatment for
men and women in occupational social security schemes (96/97/
EC)
• Council Directive of 3 June 1996 on the framework agreement on pa-

rental leave (96/34/EC) stipulates that both women and men should
have the right to at least three months unpaid parental leave;
• Council Directive 92/85/EEC of 19 October 1992 on the introduction

of measures to encourage improvements in the safety and health
at work of pregnant workers and workers who have recently given
42
www.reinoproject.eu
birth or are breastfeeding establishes the rights of the women who

are pregnant or who have just given birth: the right to at least 14
weeks leave in connection with the delivery and the right to retain
their wages or other forms of remuneration.
• Council Directive 86/613/EEC of 11 December 1986 on the applica-

tion of the principle of equal treatment between men and women
engaged in an activity, including agriculture, in a self-employed ca-
pacity, and on the protection of self-employed women during preg-
nancy and motherhood.
43
www.reinoproject.eu
4.3. Good Practises in Women Support Structures
1. THE ‘BUSINESS WOMEN CENTRE’ (Austria) www.bfc.at
2. THE ‘WOMEN’S ENTERPRISE AGENCY’ (Finland) www.naisyrit-

tajyyskeskus.fi
3. THE ‘FLYING ENTREPRENEUR’ PROGRAMME (Belgium) www.

markantvzw.be
4. THE ‘GUARANTEE FUND FOR WOMEN’ (France) www.esfin-

ides.com
5. THE ‘REINFORCEMENT OF FEMALE ENTREPRENEURSHIP’

PROGRAMME (Greece) (EOMMEX) www.ypan.gr
6. WOMEN IN BUSINESS SKILLS TRAINING’ (Ireland) www.

wceb.ie
7. THE ‘ENTERPRISE CREATION SHOP’ (Italy) www.confartigia-

nato.it
8. ‘MENTORING MAKES SUCCESS’ (Luxembourg) www.zarabina.

lu
9. ‘WOMEN IN FOCUS’ (Norway) www.snd.no
10. THE ‘SUPPORT OF FEMALE ENTREPRENEURSHIP’ PROGRAMME

(Portugal) www.poefds.pt
11. THE WOMEN’S INSTITUTE SERVICES: THE ‘EMPRESARIAS-NET’

PROGRAMME (Spain) www.mtas.es/mujer
12. ‘BUSINESS ADVISERS FOR WOMEN’ (Sweden) www.nutek.se
13. ‘ON LINE COURSE FOR FEMALE ENTERPRISE STARTERS’ (Germany)

www.gruenderinnen.de
14. ‘WOMEN INTO THE NETWORK’ (United Kingdom) www.networking-

women.co.uk
44
www.reinoproject.eu
4.4. Best project ‘Promoting Entrepreneurship amongst

Women’
DG Enterprise ran the Best project ‘Promoting Entrepreneurship amongst

Women’ aimed at identifying best practices for the promotion of female
entrepreneurship and at disseminating them across Europe. This was
done principally via a study and a subsequent European stakeholder
forum. The evaluation criteria for the Best project are listed in Table 5
below.
Table 5 Examples of indicators for monitoring and evaluating programmes promoting

female entrepreneurship in the various domains (see the next page)
45
www.reinoproject.eu
Measures Output Result Impact

Number of supported % of business start ups Gross value added in
business by women in high tech newly established bu-
1. Start ups
start ups by women sectors sinesses after one year

survival rate of as-
Number of one-stop- Number of businesses sisted start ups by wo-
shops established for started by women follo- men after three years
potential female entrep- wing assistance
reneurs
Number of supported IT Number of women who Number of business
training course for female have attended the cour- start ups in the IT
2. Training
entrepreneurs ses and improved their branch by women ent-

IT skills repreneurs
Number of training cour- Number of female ent- survival rate of enter-
ses financed for female repreneurs who have prises run by women
entrepreneurs gained a qualification who participated in the
training
Number of hours of con- Rate of satisfaction % of women entrep-
sultancy services financed among women entrepre- reneurs who have inc-
consultancy
3. Advice and
for female entrepreneurs neurs who received con- reased their activities
sultancy services due to consultancy
Number of female ent- % of women entrep- % of increased tur-
repreneurs who received reneurs who increased nover due to impro-
advice in the field of pro- their marketing activity ved due to improved
duct marketing due to advice marketing activities in
these enterprises
Number of paid or vo- Number of successful Number of women

4.Mentoring
lunteer mentors with ap- matches between mentor starting their own bu-
propriate skills and mentee siness due to mento-
ring service
frequency and lengths of Rate of satisfaction with % of women with an
meetings between mentor the mentoring relation- improved work life ba-
and mentee offered ship among mentees lance due to mentoring
Number of female ent- number of female ent- % of export sales in

repreneurs provided with repreneurs’ becoming the turnover of as-
5. Information
information on export new exporters sisted enterprises after

markets 18 months
Number of inquiries rela- Number of women ent- Number of patents

ted to research and deve- repreneurs doing rese- applied for or provided
lopment issues arch and development to women entrepre-
neurs
Number of female ent- Number of investment Annual value added
repreneurs who received projects realised success- generated by invest-
6. Funding
grants for investment fully by female entrepre- ments of female ent-

projects neurs repreneurs after one
year
Number of guarantees Number of enterprises Survival rate of enter-
provided for business take successfully taken over prises taken over by
-overs by women by women entrepreneurs women after the first
3 years
7.Networking
Number of conferences Average number of newly Number of long term

and exhibitions organised established contacts by commercial business
for female entrepreneurs participating female ent- relationships establis-
repreneurs hed by female entrep-
reneurs
46
www.reinoproject.eu
Measures Output Result Impact

Number of women visiting Number of women parti- Number of women re-
7.Networking the web site of a networ- cipating in online discus- gularly using network
king service sions technologies for busi-
ness opportunities
Most of these best practice measures and evaluation criteria have been
integrated into the business plan of the Business Renewal Centre.
47
www.reinoproject.eu
5. Bibliography
1. European Commission. European Seminar on the Transfer of

Businesses Final Report, 2003
2. DG Enterprise EC, WOMEN’S ENTREPRENEURSHIP PORTAL,

European Commission
Enterprise Directorate-General B/3 B - 1049 Brussels
http://ec.europa.eu/enterprise/entrepreneurship/craft/craft-wo-
men/womenentr_portal.htm
3. DG Enterprise EC, Innovation & Technology Transfer, March 2004:

Women entrepreneurs; ftp://ftp.cordis.lu/pub/itt/docs/itt04-3_
en.pdf
4. Women entrepreneurs and co-entrepreneurs, European

Commission
Enterprise Directorate-General B/3 B - 1049 Brussels, 2005,
5. Leonardo da Vinci programme report, Good Practices: about Equal

Opportunities in enterprises, 2004
6. The Entrepreneurship Gender Gap in Global Perspective:

Implications for Effective Policymaking to Support Female
Entrepreneurship; Go Insights Journal, Briefing Note Number 22
October 2005
7. DTI, UK Passing the baton – encouraging successful business trans-

fers: Evidence and key stakeholder opinion, December 2004
8. Irene Mandl, Project Manager, KMU FORSCHUNG AUSTRIA

(Austrian Institute for SME Research), Business Transfers and
Successions in Austria; 2004, www.kmuforschung.ac.at
9. Female business advisers for female entrepreneurs: the Swedish

Review.
10. Susan Henry, Community Economic Development Specialist, Good

Practice in Business Development Services: How Do We Enhance
Entrepreneurial Skills in MicroFinance Integartion Clients?; Toronto,
Canada; July 2006
48
www.reinoproject.eu
11. CHAMBERS AGAINST STEREOTYPES IN EMPLOYMENT – CH.A.S.E._

A project supported from the European Community – Program re-
lating to the Community Framework Strategy on Gender Equality
(2001-2005); GREEK REPORT ON THE IDENTIFICATION OF
STEREOTYPES AGAINST WOMEN, Union of Hellenic Chambers of
Commerce & Industry, 2005.
12. Association of Chartered Certified Accountants (ACCA), Successful

business transfers – do women face discrimination?, policy briefing
paper, July 2005; ACCA 29 Lincoln’s Inn Fields London WC2A 3EE /
020 7059 5751 or 5726 / www.accaglobal.com
13. Association of Chartered Certified Accountants (ACCA), Business

Transfer, policy briefing paper, June 2005; ACCA 29 Lincoln’s Inn
Fields London WC2A 3EE / 020 7059 5751 or 5726 / www.accaglo-
bal.com
14. Bedman, Narteh; Knowledge transfer in developed-developing

country interfirm collaborations: a conceptual framework, Journal
of Knowledge Management, January 2008, Volume 12, Issue 1,
Emerald Group Publishing ltd.
15. Sambrook, Sally; Exploring succession planning in small, growing

firms; Journal of Small Business and Enterprise Development,
2005, Vol 12, Issue 4, Emerald Group Publishing ltd.
16. Frankel, July; Supporting the Family Business; 27.05.2008, http://

buswire.ocr.wisc.edu/leadstory/20041001.php
17. Motwani, Jaideep Grand Valley State University, USA, et al;

Succession Planning in SMEs: An Empirical Analysis; International
Small Business Journal.2006; 24: 471-495
18. Lee, Yoon G. et all; A Profile of Succession Planning among Family

Business Owners; Financial Counseling and Planning, Volume
14 (2), 2003; ©2003 Association for Financial Counseling and
Planning Education.
19. Dr. Sonja Hornsteiner , Management Academy for Female

Entrepreneurs: 3 electronic platforms for female entrepreneurs;
Austria; local Interreg III 2002-2003; sonja.hornsteiner@wktirol.
at
49
www.reinoproject.eu
20. OECD REVIEW OF CAREER GUIDANCE POLICIES, France - National

Questionnaire, IEKEP – Institute of Training and Vocational
Guidance, Zoe Albani - April 2001. (See Section 5 “Targeting
and access”) http://www.trainingvillage.gr/etv/Upload/Projects_
Networks/Guidance/Policy_review_survey/National_Responses/
Greece_EN.doc
21. CAREER GUIDANCE: A handbook for policy makers, OECD & The
European Commission 2004. (See Section 8 “Expanding access to
career guidance”),http://www.oecd.org/dataoecd/53/53/34060761.
pdf
22. Website of the Research Centre for Gender Equality (KETHI)

http://www.kethi.gr/ and http://www.trainingvillage.gr/etv/
upload/Projects_Networks/Guidance/policy_practice_examples/
Guidance_for_women_in_Greece.pdf; -à ANNEX B
Table 1 Annex B: Integrated action plan for gender equality
Εισαγωγές Σχέδια δράσης Αποτελέσματα Δείκτες «απτά»

Ομάδα στόχος Συμβουλευτική Τοποθέτηση στην Αξιοποίηση
Ατομική αγορά εργασίας υφιστάμενων
κεντρικών και
τοπικών δράσεων
για ένταξη στην
Ομαδική αγορά εργασίας
Δεδομένα σε σχέση Συμβουλευτική Ανάπτυξη
με την ομάδα στόχο προς την κοινότητα επιχειρηματικότητας
Υφιστάμενες θέσεις Ευαισθητοποίηση Ανάπτυξη απόκτηση
απασχόλησης και δικτύωση δεξιοτήτων
Κατάρτιση
Υφιστάμενες Ανάπτυξη τοπικών
αναπτυξιακές αναπτυξιακών
δυνατότητες πολιτικών
50
www.reinoproject.eu
Εισαγωγές Σχέδια δράσης Αποτελέσματα Δείκτες «απτά»

Συμβολή στην Συμβολή στην
δημιουργία εδραίωση μιας
«αναπτυξιακού αναπτυξιακής «συν-
Το σχέδιο δράσης κλίματος» στην αντίληψης» στην
είναι σύμπραξη τοπική κοινωνία τοπική κοινωνία,
τοπικών φορέων και της θέσης των
της περιφέρειας γυναικών σε αυτή
οι οποίοι έχουν
συμφωνήσει
στην υλοποίηση
ολοκληρωμένης
ενέργειας
Σε εθνικό επίπεδο:
Ανάπτυξη επαφών
και σχέσεων
ανάμεσα στα σχέδια
δράσης για την
αλληλοενημέρωση
και την μεταφορά
εμπειρίας
Υφιστάμενες Υποκίνηση δομών Δημιουργία τοπικών
δράσεις και και δημιουργία συμπράξεων που
πολιτικές από 3ο υποστηρικτικών υποστηρίζουν την
ΚΠΣ και άλλες μηχανισμών «συναντίληψη»
παρεμβάσεις (π.χ.
Leader, Equal,
Καινοτομικά κλπ)
Υφιστάμενα φορείς Συμβολή στην Εκπόνηση ή
εκτός σχεδίου ανάπτυξη τοπικών συμβολή στην
δράσης πολιτικών εκπόνηση τοπικών
αναπτυξιακών
πολιτικών

23. ”Η ανισότητα των αμοιβών ανδρών και γυναικών σε επιλεγμένους

κλάδους και επαγγέλματα στην Ελλάδα.”, ΚΕΝΤΡΟΥ ΕΡΕΥΝΑΣ
ΘΕΜΑΤΩΝ ΙΣΟΤΗΤΑΣ (ΚΕΘΙ- KETHI),, Athens, March 2003
24. Ισότητα των αμοιβών μεταξύ γυναικών και ανδρών στις συλλογικές
διαπραγματεύσεις, ΚΕΝΤΡΟΥ ΕΡΕΥΝΑΣ ΘΕΜΑΤΩΝ ΙΣΟΤΗΤΑΣ (ΚΕΘΙ-
KETHI), Athens 2002.
25. Προσδιοριστικοι Παραγοντες Του Μισθολογικου Χασματος Μεταξυ

Ανδρων Και Γυναικων, ΚΕΝΤΡΟΥ ΕΡΕΥΝΑΣ ΘΕΜΑΤΩΝ ΙΣΟΤΗΤΑΣ
(ΚΕΘΙ- KETHI), Athens 2003.
51
www.reinoproject.eu
26. Christos Kitsos (Athens TEI), Stamatina Hadjidema (University of

Piraeus), George M. Korres(University of the Aegean): A Study For
The Determinant Factors And The Role Of Female Entrepreneurship
In Greek Enterprises, Ελληνικό Στατιστικό Ινστιτούτο (Greek
National Satistical Service), Πρακτικά 18ου Πανελληνίου Συνεδρίου
Στατιστικής (2005) σελ.451-457
27. ACCA report (2002) Family planning for small business
28. Smith, J. (2005) [untitled] - Presented at a networking reception

at Lancaster House on International Women’s Day, 8 March 2005
(http://www.sbs.gov.uk/default.php?page=/press/news192.php)
29. Mari Jylhäkangas, The Motivational Factors of Finnish Women to

become Entrepreneurs, Jyväskylä UAS, bachelor’s thesis, October
2007.
30. Initiative for Start-ups and Business Transfer, Baden Wűrtenberg

(http://www.regstrat.net/download/stuttgart/2007-01-30_upfold.
pdf, www.frauen.newcome.de)
31. Heike Mayer, Urban Affairs and Planning Program - Virginia

Polytechnic Institute and State University; Darrene Hackler, George
Mason University-Public and International Affairs; Christiana
McFarland,Urban Affairs and Planning Program Virginia Polytechnic
Institute and State University: Skills, Capital and Connections,
too: A Regional Social Environment Perspective of Women
Entrepreneurs, Forthcoming in the Canadian Journal of Regional
Science
52
www.reinoproject.eu
PUBLISHED REINO PROJECT WORKING PAPERS
5. Tapani Hirvonen. 2008. Employee-Buy-Out (EBO) Model in

Business Transfers.
4. Toni Brunello. 2008. The Bank of Cases: Manual, Tool and

Example Cases.
3. Jan Sten - Sakari Oikarinen. 2007. Process Flow Chart for

Business Transfers.
2. Johanna Salmi - Veli-Matti Koljonen. 2007. The Outcomes and

the Evaluation of the Pilot Project “Anticipation Method”.
1. Ari Peltoniemi (ed.). 2007. Baseline Analyses: Denmark, Finland,

Greece and Italy.
53

Females As Transferors and Successors. The Greek Perspective

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REINO PROJECT WORKING PAPERS NO.

FEMALES AS TRANSFERORS AND

DO NOT FORGET THE FUTURE

KOSEK, Kokkolanseudun Kehitys Ltd

Mainostoimisto Heinäkuu / Kirjapaino A. Välikangas, Kokkola

The European Commission has emphasised within the framework of va-

The working paper “Women as transferors and as successors” is the sixth

Kokkola, June 2008

Antti Porko Ari Peltoniemi

3. Greek Pilot Action.������������������������������������������������������������������������������ 12

3.1. Methodological Aspects. 12

Entry barriers relate to the values of the society as a whole regarding

Funding / financing do not seem to be an issue at the present. Friends

Education is an important precondition leading to the development rat-

None of the discussions showed that transferors and successors were

Two factors seem to be very important in having positive impact on fe-

One of the most important aspects of a business transfer is the prepara-

The purpose of this working paper is to position gender equality issues

However, the issue of gender equality in the context of business trans-

The structure of the working paper is as follows:

2 Women entrepreneurs and co-entrepreneurs; http://ec.europa.eu/enterprise/ent-

3 CHAMBERS AGAINST STEREOTYPES IN EMPLOYMENT – CH.A.S.E._ A project sup-

Business transfers and women, a general overview

Another important, characteristic study2, deals with the likelihood that

study stresses the findings of early authors (such as Ambrose as early

The succession plan, in this study, is positioned to be influenced from

• the business owner’s characteristics: a) age, b) education level, c)

• engagement in financial planning: a) talk about their goals to their

5 ibid., previous, page 34.

6 ibid., previous page 37.

8 Innovation & Technology Transfer 03/04, Dg Enterprise, pp 10-20; http://europa.

ACCA, the Association of Chartered and Certified Accountants (UK), ar-

• “women face barriers when transferring businesses. However, the

• women’s businesses tend to be lifestyle based, in the service in-

• women face greater financial barriers than men when starting up

• women are disproportionately more likely to be excluded in family

9 Leonidas Intzipeoglou, European Commission, Enterprise DG

10 Association of Chartered Certified Accountants (ACCA), Successful business trans-

11 European Commission. European Seminar on the Transfer of Businesses Final Report,

In conclusion, this brief review of women’s role in business transfers

13 Are Male Entrepreneurs more Productive than Female Entrepreneurs? Evidence

14 Constraints studied: Permits, Regulations, Anti-competitive Practices of others,

Business transfers and women, an overview of the Greek

In Greece, at the moment, there are no special measures aiming to

Otherwise, women, in Greece, seem to be in transition: on the one hand

16 CHAMBERS AGAINST STEREOTYPES IN EMPLOYMENT – CH.A.S.E._ A project sup-

• Family obligations are an area of consensus, in the sense that they

• Traditional stereotypes regarding women’s attitudes seem to have

In conclusion, the preceding, very brief discussion on the one hand

3. Greek Pilot Action

3.1. Methodological Aspects

The Greek pilot was implemented between 1.1.2007-30.4.2008. This

1. To identify practical barriers influencing women’s positive involve-

2. To identify characteristics of women’s context that influence positi-

3. To understand how women’s attitudes differ to men’s in as far as

4. To identify business transfers services that the public sector (e.g.

5. To describe 3 case studies of successful business transfers in which

Following background readings on female entrepreneurship in the world,

Thus it was hypothesised that

• The possibility for women to become involved in business transfers

• The possibility for a female business –transferor to select to transfer

CRITERIA COMMENTS, RATIONALE

Target group, region, activities, results, difficulties

3. Greek Pilot Action.�� 12

3.1. Methodological Aspects. 12