► The door and gate manufacturer Hörmann, now operated by third and fourth Generation, it sends the employees in Headquarters and distribution in the short-time work. The company explains:
As an internationally active company, the developments in the major export countries, such as, for example, in Italy, Austria or France have already very negative.“ The Person
Gabor Steingart is one of the most famous journalists in the country. He is editor of the Newsletter “Steingarts Morning Briefing”. The eponymous Podcast is Germany’s leading Daily Podcast for politics and the economy. In the spring of 2020 Steingart moves in with his editorial on the editorial ship “Pioneer One”. Prior to founding Media Pioneer was Steingart Chairman of the Board of management of the Handelsblatt Media Group.
Be free Morning Briefing, you can find here: www.gaborsteingart.com
► Also Miele with its approximately 11,000 employees in Germany to adjust to the new Situation – the production was shut down, as of today, the short work begins. The company sees a scary pincer movement exposed: Reuters/Ina Fassbender/dpa, The household appliance manufacturer Miele to be shed until the end of 2021 the world around 1070 Points.
“on The one hand the supply, supply is shared on a daily basis difficult, on the other, the most retail are closed shops.“
► The slump in trade and the standstill in the event business have consequences for the newly renovated microphone and headphone manufacturer Sennheiser. In the 75. Year after Foundation of the company is not celebrated, but short-time working applied for. Andreas Sennheiser says:
“We are experiencing a Situation that was for us a few weeks ago, hard to imagine.“
► Also in the case of Bosch, the works are at a standstill. The excellent record of the company’s founder Robert Bosch – “we would Rather lose money than the trust of our customers” – saves the company from too great impatience. Health first, is the Maxim.
But, as it goes to those who are not in the spotlight of the media because they are small, silent, or simply desperate. To find out, has questioned the Association of The family business almost 1500 of its members, according to mood and situation. In the protection of the anonymity of the whole extent of the Corona is here-drama visible:
► 65 per cent of family companies is decreased the company’s activities noticeable, with an average of 50 percent. As the lights begin to flicker on the dashboard already. Only 28 per cent can continue on as before, while at seven percent, the crisis has a stimulating effect on the business model.
► 87 percent of those Affected indicate that the failure is mainly due to the demand shock, i.e. the closure of the points of sale. Eleven percent report a lack of personnel or lack of precursors. Six percent complain of too few or no raw materials, while seven percent of the companies in the access to transport remains currently the options failed. Media pioneer
► Nearly one-third (31 percent) of companies have already applied for short-time work, a further third (33 per cent) intend to do this by the end of next week. Racing To A Standstill. Media pioneer
► Many German family companies, and the Central point of the survey is – threatens the liquidity to be expected. The majority of the surveyed companies believe that their liquidity under the present conditions has not been sufficiently secured. 26 percent believe that they are up to three months. 28 percent expect it to create only eight weeks. Five percent say, after a maximum of two weeks to be final.
keep up to date with the FOCUS-Online-Corona-Ticker PUSH – Coronavirus outbreak in the News Ticker More than 67,000 Infected in Germany – the number of dead rises dramatically
For many family businesses, it is so in these weeks to Survive. As the seriously ill Corona-patient hope that a sufficient number of respirators, are in need of these companies on life support at the end of the financial injections by the government.
family-owned company in the terminal
About the previous actions of the Federal government and the state of the family business, I speak at the Morning Briefing Podcast with Reinhold von Eben-Worlée. He is the managing partner of E. H. Worlée & co., a company that provides more than 165 years, the raw materials for the chemical, food and cosmetics industry, refined and produced. The family entrepreneur Reinhold von Eben-Worlée is the head of the Association “The family business”, as well as of the family business “Worlée”, a supplier for the food, cosmetics or chemistry industry
At the same time, Eben-Worlée, the President of the Association of family entrepreneurs. The results of the survey, particularly those relating to liquidity, have startled him. Because if a third of the family business in a few weeks to disappear, the consequences reaching far beyond the circle of those Affected also:
“The result is that the other two-thirds of companies got in trouble because the are also suppliers and service providers of these companies. Then the whole economy into a tailspin.“
“It is, above all, the small and medium-sized enterprises, which have participated in this survey. The are also the ones that get the most difficult loans.“
the Federal government promised money to flow in the Form of loans, quick and unbureaucratically, according to the Ministry of Finance. Eben-Worlée can’t confirm the veracity of this statement so far:
“does not seem to work, because the credit assessments of the banks must be carried out according to the same criteria, as has previously been the case. And if someone has previously gotten no credit, then the Bank will find it hard to give it to him today for a loan. Even if these loans up to 90 percent guarantees of the Covenant be given.“
The Financial institutions, which are subject to strict Supervision by the Bafin, which ensures, in turn, to the reduction of credit risks makes the family business no charge:
“The banks are in a quandary, from the only release by the Federal a 100-percent guarantee for a period of – let’s say – three months of taking over.“
for taxpayers, possibly expensive solution holds Eben-Worlée, nevertheless, for urgent offered:
“If the Finance Minister is now no way to quickly bring money into the company, at least in the 30 percent or 35 percent, and the anxious now to loans, because you will have to sign up in two months of bankruptcy, then collapse our entire economic system in itself.“
the government expected Eben-Worlée, in view of the medical drama no fixed date for an end to the shutdown, but clear criteria for the termination – so that the economy can prepare for the restart:
“I am calling for a clear scenario of the conditions under which it can be sought easing.“
In the discussion of Eurobonds for the financial support of the countries in southern Europe – has recently been driven primarily by the large – scale industry takes on Eben-Worlée a negative Position:
“is available in the southern countries, especially in Italy, not a funding problem, but there is a Problem in the local health system.“
conclusion: family businesses are worried, but threatened. And a Minister of Finance is only as good as the practical functioning of its auxiliary activities. A parachute that will not open, accompanied the Dying, but not helping him.
Amazon is benefiting from the Corona-crisis
A winner in the Crisis is already emerging: the shipping giant Amazon. With considerable sophistication the Amazon holds the world’s supply chains intact.
a Particularly bitter this comet-like rise for the German mail-order house-the kings of the post-war period who have not heard the shot in the Zero hour of the Internet. The families Neckermann, Schickedanz (source) and Otto may feel quite addressed.
Jeff Bezos is the Hero of the new time. Amazon is currently rated 880 billion euros – around seven times of the SAP, the most valuable German company. Amazon 1.769,80 EUR +3,80 (+0,22%) Tradegate
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