Business transfer: A banker one day, an entrepreneur at Chalet au Gourmet the next

Jeff Schmitz made the move from banker to entrepreneur. He traded his tie for an apron, taking over the “Chalet au Gourmet”, well known on local fairgrounds, and a “Gromperekichelcher” production site that sells its wares around the country. A bold and inspiring career move and a genuine success story. We met Jeff at the “Mäertchen”, where he told us about his life change and his daily life as an entrepreneur. The business transfer was accompanied by Johny Basher, our expert in “Transfer of Business” team at Spuerkeess. Happy reading!

After several years in banking, where he worked with SMEs, Jeff Schmitz gained a taste for entrepreneurship. He was not necessarily destined to become his own boss, because until then he had followed in his father’s footsteps by starting his career in the financial sector. However, the years he spent closely monitoring and supporting companies gave him the skills and knowledge needed to take the plunge.

So, in 2024, he took over the “Chalet au Gourmet”, a chalet whose culinary specialities tickle the tastebuds: its famous “Gromperekichelcher”, the must-have traditional Luxembourg potato fritter, which are impossible to resist at fairgrounds, festivals and other local events.

They are so well known that the “Chalet au Gourmet” has made them a national brand, producing more than 5.000 each day at its production site in Differdange.

Portrait de Jeff Schmitz devant le Chalet au Gourmet

It all happened by chance, nothing was really planned! I was just in the right place at the right time. When I met the owner of the Chalet au Gourmet, something sparked. During our discussions, the idea of taking over his company began to take shape... and it eventually became the obvious solution.

Originally, the owner was simply looking for a manager for his business. But during our discussions, his expectations changed, and it became clear that he wanted to pass on his company. That's when it clicked for me. We then started to discuss the terms for a possible takeover in more detail.

The Chalet au Gourmet has an excellent reputation among fairgoers in Luxembourg. It seemed like a rare opportunity to take over a brand that was already well established in the local landscape. Its flagship product, the “Gromperekichelcher”, is a great success beyond fairgrounds: today they are sold in several supermarkets and at many restaurants across the country.

The development potential, combined with an activity that is not limited to festive periods, convinced me. Production continues throughout the year, which ensures stability. All these factors clearly weighed on my decision to take over the company.

I took over an already well-established company, with a solid reputation and high-quality equipment. My main contribution was to modernise tools and digitalise processes. For example, we have rolled out a new, more efficient cash register system, as well as automated drinks dispensers that record the volumes sold. This saves a lot of time for day-to-day financial management.

I also wanted to maintain and develop one-off business collaborations, such as that with Pizza Hut for example, for which we had created an ephemeral product for a specific season.

As a local company, our scope for diversification, is limited, but our long-term ambition is to continue growing. This includes participating in more festivals and events. However, we are cautious so we will carefully analyse every opportunity before deciding on any expansion.

It all started with a series of open discussions with the owner, so we could determine together the best way to complete the transfer. Once the terms of the transfer were established, we agreed to implement a gradual transition over several years.

In 2022, I acquired an initial stake in the company’s capital and began to work actively for the company. By immersing myself in the day-to-day work of the company, I was able to familiarise myself with a completely new world. I learned all aspects of the business: production, logistics, team management, accounting, recruitment - everything that makes an entrepreneurial structure like this work.

Initially planned for three years, in the end we reduced the transition phase as the owner wished to withdraw sooner. We then put together a business transfer file that we presented to Spuerkeess to finance the buyout of the remaining shares. The transaction was completed in 2024, enabling me to officially become the new owner of the “Chalet au Gourmet”.

Spuerkeess was already the company’s bank, so it had a solid track record and good knowledge of its operations. The owner and the advisors had a relationship of trust, which naturally facilitated the discussions.

For me, it was clear that I would continue with the same bank, provided that the terms proposed were adapted to my project — which was the case. The continuity of the banking relationship ensured a smooth and stress-free transition.

Business transfer and takeover - How to best prepare yourself

Passing on your business to a third party or within your family is a crucial stage in the life of your company, just as taking over a business marks the start of a new life for a business owner. At Spuerkeess, these two important steps are taken with the advice and support of dedicated experts. Whether you are the assigner or assignee, our experts Johny Basher and Franck Alter, both business transfer advisers at Spuerkeess, reveal the keys to a successful transfer in this article. Happy reading!

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First and foremost, each buyer must find a path that really suits them. We all have different traits, and each company has its own history, culture and way of operating. It is essential to immerse yourself in a project where you feel comfortable and that is aligned with your values.

Taking over a business is clearly not a nine-to-five office job with quiet weekends to rest. It’s a constant commitment, the business is constantly on the go, and it follows you home when you are with your family. You must be fully aware of this and, above all, want to succeed.

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