– We sat down with our fathers several years ago and talked about the gradual change of generations, which is now fully in place.
– We sat down with our fathers several years ago, says Martin Søgaard. Stock photo: Bo Lehm
That’s what it sounds like from Martin Søgaard, who together with his cousin Mikael is today both director of and owner of 50 percent of the shares in Idealcombi.
An owner of an unlisted company cannot simply gift the shares in the family business to the next generation without triggering major legal and financial challenges.
Therefore, a plan is needed, where the end goal is that the next generation will own the company completely.
The first step in the family’s plan was taken back in 2006, when Martin and Mikael took over 20 percent of the company.
In 2015, their holdings reached a total of 50 percent, and two years later they held the majority of the shares.
And now the two cousins own all the Idealcombi shares.
The two founders of Idealcombi, who are both in their seventies, are still members of the company’s board.
– But that is of course the next thing we have agreed to look at, says Martin Søgaard.
A coincidence
The story of Idealcombi began in a stable, where the brothers Henning and Bent Søgaard started their own company back in 1973.
– Among other things, we made some windows, and when a small window factory came up for sale in Hurup, we bought it. That was actually the starting point. So it was not a conscious choice that it was precisely windows that we wanted to bet on, Bent Søgaard has previously told Nordjyske.
At the beginning of the eighties, growth began to pick up, and Idealcombi grew explosively when it launched its popular wooden and aluminum windows in 1989.
Idealcombi is one of Denmark’s largest manufacturers of windows. Thy is part of the company’s DNA. Stock photo: Bo Lehm
Today, Idealcombi is one of Denmark’s largest manufacturers of windows, together with the Velux group and Swedish-owned Inwido.
Regression
The annual accounts for 2023/24 are on the way.
Martin Søgaard will not talk about it in detail.
But he would like to state that it will not be a repeat of the annual accounts for 2023/23.
Here, as mentioned, the turnover was up to DKK 700 million and the profit after tax of DKK 58 million.
– Both revenue and profit have fallen in the new annual accounts, says Martin Søgaard.
Idealcombi is sensitive to fluctuations in construction, to which the company is a subcontractor.
– The construction activity has been negatively affected by the rising interest rates, and we can of course feel that in the demand. But the fact that construction is sensitive to economic conditions, it is a condition of life that we live with, he notes.
2024-11-27 04:56:00
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