�鶹��

Succession is not an end in itself, but an important entrepreneurial task. With this in mind, cousins Rudolf Gasser, former Commercial Director of Gasser Ceramic, headquartered in Rapperswil, Bern, and Hans Gasser, former Technical Director, began planning the succession of the family business about 10 years ago. Rudolf Gasser wanted to be certain by the time he turned 60 that the future of the brickworks would be in safe hands under the future management.

The handover is now complete: since early 2026, Julienne Gasser and her cousin Lukas Schläppi have taken charge of the company’s day-to-day operations. Rudolf and Hans Gasser will remain associated with the company as members of the Board of Directors. �鶹�� provided advisory services and acted as a financing partner for the successful succession.

During the ten-year preparation period, succession planning was a regular topic of discussion in strategic meetings – both within the Executive Board and with �鶹��. First, we addressed some fundamental questions: Who would be a good candidate for the succession? What would be a realistic solution? When would be the right time for the succession? What kind of structures would be needed to ensure that the next generation can take over?

Seven young adults were considered as potential successors within the family. At the same time, Rudolf and Hans Gasser carefully explored external options as well, including a sale to an international group and a management buyout. However, a succession within the family had always been the preferred option for Rudolf and Hans Gasser.

Over the years, two individuals and roles eventually emerged from among the seven candidates: Hans’s daughter Julienne Gasser, a business administration graduate, would take over as commercial director. Lukas Schläppi, Hans’s nephew and Julienne’s cousin, who is a trained ceramics technician, would take on technical responsibility. Together, they will now continue to manage the company.

This will preserve the historically established dual management structure that separates the commercial and technical aspects of the business.

As the plan took shape, discussions focused on financial and legal issues. Meanwhile, the family had prepared a detailed dossier with the help of the family lawyer. It comprised a business valuation, an indication of the desired purchase price, information on the financial viability for the next generation and observations on the situation of the outgoing generation. With this dossier in hand, the family then spoke to potential financing partners – including �鶹��.

For Nils Mueller, a corporate client advisor at �鶹��, this early, structured preparation was a major factor in the success of the company’s succession planning.

“This case is a prime example of just how valuable early succession planning is,” says Nils Mueller. “The family had a clear idea of what they wanted, knew their options and had already prepared answers to many vital questions. This made it possible to concentrate specifically on the financing structure.”

During the financing phase, the ultimate goal was to convert the planned handover into a viable structure. In addition to corporate advisory services, �鶹�� also provided expertise in structured finance.

A summary of the situation was prepared with the help of the family and the family lawyer: What resources does the outgoing generation need? What is feasible for the next generation in the long term? What types of collateral, repayment terms and timeframes make sense? And how can financing be structured to reflect the company’s economic reality?

You mustn’t think you can handle everything on your own. The key is to seek out the necessary expertise.

– Rudolf Gasser, Member of the Board of Directors, Gasser Ceramic 

“When it comes to follow-on financing, both sides need to be taken into account,” explains Nils Mueller. “A financial burden must not be placed on the next generation. At the same time, the outgoing generation needs planning certainty – for example with regard to pension planning, taxes and future living expenses.”

Structured acquisition financing was a crucial part of the solution. In addition, a portion of the purchase price remained in place as a seller’s loan from one generation to the next. This approach is often a good option for family successions because the financial handover can be spread over several years.

“The advantage of this kind of setup is that you don’t have to come up with the full financing amount all at once,” says Nils Mueller. “In family businesses in particular, a seller’s loan can help reconcile the interests of both generations.”

The financial transfer was completed in the spring of 2025. The operational handover took place on 1 January 2026.

Succession processes are technically demanding and often highly emotional. At Gasser Ceramic, there was the additional factor that the buyer and seller were members of the same family. Unlike with an external transaction, the succession was not just about the price, terms and financing. It was also about establishing trust, gaining an understanding of different roles and deciding what would happen after the handover.

For Nils Mueller, everything hinged on adopting a collaborative approach: “In family successions, the people sitting around the table are often closely connected – not only financially, but also personally,” he explains. “Our job is to structure information objectively, clarify any open issues and find solutions that are sustainable in the long term.”

Negotiations regarding terms, interest rates, fees and structuring issues were also held at Gasser Ceramic. Thorough preparation and open communication within the family made the process much easier.

Despite my inexperience and young age, I was always taken seriously. In the end, we came up with a good solution together. 

– Julienne Gasser, Co-Managing Director of Gasser Ceramic 

The transition at Gasser Ceramic illustrates just how valuable a long lead-up period can be. Rudolf and Hans Gasser had 10 years to explore possible options, define the requirements for the roles to be filled and prepare the next generation.

What matters most is not only having the right structure, but also ensuring open communication among all those involved. Economic, strategic and personal factors must be considered together, especially when examining solutions within the family.