Taking over a company: decision and funding
Alexandra Kahn, who took over the Genaveh chocolate factory, shares her journey as an entrepreneur to make this project happen:
- why a takeover rather than a new launch
- how to fund it
- how to convince the bank
- advice for future entrepreneurs
Alexandra Kahn is at the head of the Genaveh chocolate factory since 2016. Find the chocolates here: https://www.chocolaterie-genaveh.com.
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Why a takeover rather than a new launch?
Opportunity! A takeover in the conditions I did it in is pretty… pretty OK. Because we already had a foundation to work on. There were improvements to be made, but… but a lot of work had been done upstream.
How to fund it?
The purchase was funded by the bank. We applied for government support early on in the takeover. The first couple years were hard in terms of cash flow because chocolate has a strong seasonal character…
How to convince the bank?
Several points: my background played a part. I’m a young entrepreneur who worked in banks in Hong Kong, studied entrepreneurship, finance and management at Dauphine-PSL. Next, our business plan was… I guess it was rock-solid based on the feedback we got. And my Dad too, who knew the bank quite well and has a strong network. It helps.
Advice for future entrepreneurs
Go for it, it’s cool. Do it! Sure, it isn’t always easy, you need to have support around you people who are there in the evenings, who help you, you need that support. I didn’t do enough of that. So it takes me a lot of time and a lot of stress.