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Business infrastructure

Government launches plan to usher in new generation of business leaders

A handover plan has already been prepared for five companies as part of a pilot project.

A  program to support the generational change of business leadership was launched under the name “Evolution – Renewable Business Program,” for which applications are expected until August 31, 2022, László György, State Secretary for Economic Strategy and Regulation of the Ministry of Innovation and Technology, announced on Wednesday.

According to the data of the Hungarian National Bank, there are 53,000 enterprises in Hungary where the leaders are over the age of 65. These companies account for 8 percent of those employed in the private sector, 6 percent of total corporate loans and 4 percent of total corporate turnover.

The key to stable employment and a secure livelihood is not only to have strong Hungarian businesses, but also to be able to survive, for which change is inevitable. László György emphasized that the program also aims to ensure that companies remain as Hungarian-owned as possible upon the retirement of the company leader.

The state secretary said that the program allows companies to use a complex advisory service, with free advice to plan the transfer process, and to find the form of financing needed to move forward.

Further information and an application can be found at www.evolucio.ifka.hu

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