Interview with Frerk Siefken
As your name mistakenly suggests, Siefken GmbH is not a family business at all. Tell us, how long have you been part of Siefken and what has your path in the company been like?
It feels like I’ve always been part of Siefken. Before I started there as a journeyman in 1992, I had already completed holiday jobs and internships. I then completed my technical college entrance qualification and left to study. I returned to the company in 2001 as a graduate engineer in gardening and landscaping and never left.
In 2007, I was appointed Managing Director and became a co-partner. In 2015, I then took over the entire business on my own.
Why did you decide to sell?
It was clear that I would sell my company, but it was planned for a later date. One day, I received a letter from an agent and honestly wanted to throw it away, but then I was curious and made a phone call. The conversation was very interesting, so the idea of selling earlier and to an investor slowly took root.
How were we able to convince you to become part of the group?
My gut feeling was very good with you. You were committed and the process went quickly.
Who was involved in the process up to the signature at the notary?
Just me at the beginning. When I realised that I was seriously considering selling, I brought Stephan Deberding on board. He was already planned as my successor at the time and was toying with the idea of possibly buying the business. After he decided against it, I finally decided to sell it to you. I then involved other colleagues, our tax advisors and a lawyer, who worked with me to collect and prepare the data for the sale.
What was your biggest concern?
I couldn’t really imagine working together. I was worried that I would constantly have to explain myself and implement instructions from above. I asked myself, what entrepreneurial freedom would I still have? As an independent entrepreneur for many years who was able to do what he thought was right, you start to worry about that.
And were the worries justified?
I would say partly.
The operational business continues as usual and we make the decisions alone. However, major issues such as investments in the company premises, machinery or vehicles are very much agreed and decided jointly. I understand that the interests of the entire Group are the focus there. But you have to get used to this way of thinking first, as you’ve only ever had your own company in mind.
“The future of my company is assured thanks to Greenovis.“
FRERK SIEFKEN
Was there anything you expected to be different?
I imagined, or rather underestimated, the amount of time it would take. In addition to the day-to-day business, there are now calls and appointments with the group, project work, data collection and preparation as well as reporting.
What do you think is the biggest benefit of the group?
The central HR department is a great relief for us. Our colleagues actively support us in all aspects of recruiting and bring knowledge to the table that we were previously unable to cover.
How did your employees and business partners react to the sale?
When I told my employees about the sale, there were a lot of questions and uncertainty. Fortunately, I was well prepared and with a bit of tact and intensive dialogue, this phase was quickly overcome. Six months later, it felt like many people had forgotten that I had sold the business.
With the sale, we also promptly changed the company form from GmbH & Co.KG to GmbH.
However, neither piece of information was an issue for our business partners, as neither the sale nor the change of legal form had changed anything in our work and therefore didn’t affect our business partners.
What’s next for you in the company?
Stephan Deberding has now joined me as Managing Director. As I will be stepping down as Managing Director at the end of 2024, I am currently familiarising him with the issues bit by bit. After I leave, I’ll be working as a consultant for the Group for a few more years.
Wow, that’s not long now. Do you already have plans for what you’ll do with your free time?
No, that’s not long at all. I’m afraid I’ll still be travelling to the yard here regularly out of habit for the first while 🙂
All joking aside. I definitely want to go travelling and discover new places and cultures. Africa, for example, is supposed to be very beautiful. 🙂 I’ll probably have to find a suitable hobby for my time at home. I’ve missed out on that in recent years.
What are your tips for shareholders who are thinking about becoming part of the group?
Oh, I have quite a few.
Firstly, realise that selling your business involves work and time. That sounds very negative, but I don’t think you should sugarcoat it. Yes, you get something in return, but the effort is there, even after the sales process.
I used a legal advisor with experience in this area for the contract negotiations and can only recommend this to everyone. I would say that the majority of business owners who are thinking about selling have never had to deal with such contracts before. A legal advisor has this expertise and provides security and confidence in the process.
In conclusion, I can only say that anyone who does not have a clear succession plan in their company should take advantage of an opportunity like Greenovis. It brings more security and peace of mind for you, but also for the continued existence of the business.
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