Strategic Sale to STRABAG/ZÜBLIN: Why I Sought a Partner & What I'd Change

Strategic Sale to STRABAG/ZÜBLIN – Why I Sought a Partner and What I Would Do Differently Today

28 Years as CEO. 100+ Employees. A Life's Work – and the Search for the Right Growth Partner.

I didn't sell HUMMEL Systemhaus because I wanted to quit. I sought a partner because I couldn't move forward alone anymore. This isn't an exit guide from a textbook. This is the honest story of how it really was – and what I learned from it.

Why I Needed a Partner

After almost 30 years, I had built HUMMEL Systemhaus to over 100 employees. Electrical engineering, technical building equipment, over 1,000 projects completed. The company was doing well. But I saw where the market was heading.

The development of products and the distribution of charging infrastructure as a general contractor – that was simply not possible in my setup as an owner-managed medium-sized company. For the next growth step, I needed a strong partner with reach in the German market, with structures for scaling, and with access to large projects.

I didn't want to take money off the table and retire. I wanted growth in the German market – with a partner who brought the infrastructure and sales channels that I, as a sole proprietor, lacked.

How the Asset Deal Came About

I didn't go to an M&A advisor. I asked my house bank what possibilities there were. What constellations might be conceivable. And that's how contact with STRABAG/ZÜBLIN came about.

This wasn't a classic sales process with a bidding procedure and data room. It was a conversation between entrepreneurs – about perspectives, synergies, and common goals. The result was an asset deal that made sense for both sides.

I wasn't looking for the highest bidder. I was looking for the right partner.

What I Would Do Differently Today

I would make the sale to STRABAG/ZÜBLIN again. But I would have arranged some things earlier and more clearly.

1. Clearly Define Integration – From the Beginning

The most important thing I would do differently today: From the outset, clearly define how the integration will take place. Especially if the field of activity is different and also the ratio of company size. A medium-sized system house with 100 employees and a European construction group with tens of thousands – these are two different worlds.

How are decisions made? Who has what responsibility? Which processes remain, which are adapted? These questions must be answered before signing – not afterwards.

2. Take Corporate Culture Seriously as a Decisive Factor

Corporate culture is an extremely important factor if the companies and the previous owner are to work together in the future. A company that one has built up over almost 30 years has a culture that cannot be captured in a due diligence. The way decisions are made. How employees are treated. The speed at which things are implemented.

If these cultures clash – and with different company sizes, this almost inevitably happens – a clear plan is needed for how to deal with it. Otherwise, friction losses will occur that frustrate both sides.

3. Do Not Underestimate the Topic of Emotions

A company that one has built up oneself over almost 30 years – one must not underestimate the topic of emotions. This is not an abstract asset. These are employees who trust you. Customers who are used to shaking hands with the founder. An identity that has been built up over decades.

The hardest negotiation in an exit is not with the buyer. It's with yourself.

I experienced what it feels like when decisions are suddenly made differently. When processes that one has established oneself are changed. This is rationally understandable – but emotionally an enormous challenge. One must be prepared for this.

My Most Important Advice: Get a Sparring Partner Early

If you are considering a sale, in my experience, it is extremely important to bring in an independent sparring partner with practical experience early on.

Not a consultant who tells you how to maximize your EBITDA multiple. But someone who has built, managed, and handed over a company themselves. Who understands what it means to put a life's work into other hands. Who asks the right questions – not just the financial ones, but also the human ones.

I would have wished someone had told me early on: "Clarify the integration. Define the culture. And prepare yourself emotionally." That is exactly my role today as a sparring partner for entrepreneurs facing similar decisions.

What Came After the Sale

After the asset deal with STRABAG/ZÜBLIN, I continued to work for three years as CEO and division manager in the group. At the end of 2023, the final exit came. And then the new beginning: Frank Hummel Consulting, the Innovation HUB, REVOLUTION E.

The sale was not an end. It was a strategic decision – and the beginning of something new. But only because I knew where the journey should go.

Conclusion: Plan Your Exit Strategically – Not Emotionally

If you are an entrepreneur and are considering a sale, don't start with the valuation. Start with three questions:

1. What exactly am I looking for? A financial investor, a strategic partner, or a successor?
2. What should the integration look like? And am I prepared to bear the consequences?
3. Who will accompany me through this process? Not as a transaction advisor – but as someone who understands what is at stake.

Everything else follows from that.

Frank Hummel strategically sold his company HUMMEL Systemhaus to STRABAG/ZÜBLIN (asset deal) after 28 years of management. Today, as a sparring partner, he supports entrepreneurs in strategic decisions, succession, and transformation.