The Malta Chamber of Commerce participated in ‘A Helping Hand for SMEs – Mentoring Business Transfer’, a project financed by the European Commission and coordinated by EUROCHAMBRES.

Through this project, run between January 2007 and August 2009, 890 entrepreneurs, including five Maltese companies, which had recently taken over a small company, benefited from 10 days of free personal coaching delivered by Chambers of Commerce from 18 Member States participating in the initiative. The project identified essential areas of knowledge and competence for the successful transfer of business ownership. In particular, buyers expressed the need for training in the areas of accounting and finance, strategic management, human resources and access to finance.

The innovative mentoring scheme tested during the project demonstrated how support after a business transfer maximises the chances that the company will survive and indeed gain a new lease of life under a new owner. Further such schemes at national or regional level would contribute to the continuity of thousands of viable companies in the EU. Practical support like this must be integral to the delivery of the Small Business Act.