The research project 'Business transfer in tourism' provides an inventory of business succession in tourism. In addition, current support services and the funding landscape in Austria and the federal states are analysed. The study was conducted on the basis of an online survey of tourism businesses in Austria.

About the research project: Business handover in tourism

The aim of the project was to develop a concept to support business succession in tourism. The study was carried out by KMU Forschung Austria on behalf of the Federal Ministry of Economics and Labour.

As a result of the research project, the Federal Ministry of Labor and Economic Affairs has developed a handover guide based on the data: Business handover in tourism (bmaw.gv.at)

Key findings of the research project on business succession in tourism

The results of the study can be divided into three thematic areas:

Succession planning

• Three-quarters of tourism businesses surveyed plan to transfer their business in the next 10 years.
• More than half (56%) of those planning to hand over the business plan to do so within the family.
• The focus is on children as successors, with sons leading the way, followed by daughters.
• More than a third of those handing over their business in the tourism sector have made initial considerations and started looking for a successor as concrete steps in the handover process.
• About six-tenths of the entrepreneurs intend to remain active in the business after the handover, mainly through informal support and advice.

Challenges in the succession process

• The economic environment is currently one of the biggest challenges for all transferors of tourism businesses, regardless of the planned handover date.
• Finding a suitable successor is perceived as (very) challenging, especially in the case of external handovers.
• In addition, the planning of the handover process, the tax burden for the successor and legal aspects are perceived as difficulties, especially in the case of intra-family handovers.
• As contingency measures for an unplanned departure from the company (due to accident, illness, death), the respondents have primarily saved passwords and built up financial reserves.
• For planned intra-family transfers, the most common contingency measures were life insurance or pension plans.

Business Succession Support Services

• The most important players in supporting business succession in tourism are the transferor's tax advisors.
• Other important advisors: Family members, friends, acquaintances, lawyers, notaries, banks and chambers/associations
• Concrete transfer advice and specific information services are used more frequently the closer the planned transfer date approaches and the older the transferor is.
• The various support services are considered (very) useful, especially tax incentives and advisory services.

Facilitation of business transfers

In the research project 'Business handover in tourism', entrepreneurs were asked what would make it easier for them to hand over their business. The answers are summarized in the word cloud above. The focus is on tax and bureaucratic simplification, followed by aspects of support and advice.