Founders are getting older and older. What is to their advantage now is that they have weathered a few "storms" in their lives and are more willing and able to act in a considered manner than younger people. This includes realistically assessing the opportunities and risks of a venture as well as their own strengths and weaknesses. Older founders are usually very familiar with their profession and the industry in which they want to start up. That is why they are less likely to make the mistakes that newcomers to the profession make. In addition, many years of professional activity usually require more and more responsibility at the workplace. This is particularly important for founding a company.
Guarantees, participations, microcredit
Lenders generally expect equity capital and collateral for a loan. However, older founders are often not prepared to risk property or savings intended for old-age provision. Guarantees or equity investments can serve as a substitute here. Alternatives to bank loans can also be the Berlin microloan from the SME Fund of Investitionsbank Berlin or a microloan from the federal government (Mein Mikrokredit). The following applies to microloans: standard bank collateral is not required.
Loans and repayment period
Founders over the age of 60 sometimes have difficulties obtaining a loan. The reason: many credit institutions fear that the time as an entrepreneur will not be sufficient to repay the money borrowed. The problem can be solved by arranging the succession in the boss's chair at an early stage. This way, the bank knows who will take over the management of the company (especially in an emergency) and repay the loan.
Garnishment protection
If you have to give up your business and can no longer pay outstanding bills, you face the threat of seizure. But: retirement provisions are protected by law from garnishment. This applies above all to life insurance and private pension insurance, but also to fund and bank savings plans and also pensions from tax-subsidized pension assets. There is also attachment protection for the private supplementary pension provision of GmbH managing director.The total amount protected is 256,000 euros.