Dear business partners and friends of Blättchen & Partner,

Blättchen & Partner has specialized in corporate finance consulting for companies for almost 35 years. During this time, corporate financing in Germany has changed, but far less than one would think. Credit financing through banks continues to dominate. The low interest rate phase that has been going on for several years supports the attractiveness of this financing alternative.

Small and medium-sized enterprises in particular should not forget the experience of the financial and economic crisis of 2008/2009: banks are sensitive to economic downturn in their lending behaviour. Credit lines can be quickly frozen or even cut, credit prolongation is not secured, or at least it will become more expensive and require more collateral.

Economic development is expected to be significantly weaker in 2019 than in previous years. It is not yet possible to say whether the economic downturn will continue next year. But there is also no evidence that the factors that weigh on the global economy are diminishing. Nevertheless, entrepreneurs in particular must not fall into pessimism. Rather, it is and remains an important strategic task for each entrepreneur to diversify its financing structure, for example through long-term promissory notes or bonds, and in particular to strengthen the equity base. Here we can help in a targeted manner.


Konrad Bösl