University of Oulu
The University of Oulu, established in 1958, is an internationally active scientific university and one of the largest and most multidisciplinary in Finland. It is home to 14,200 students and 3,800 employees, working together to solve the challenges of building a sustainable future. Annually, the university publishes nearly 3,000 scientific articles and ranks among the top 3% of universities globally.
The needs of ownership transfer as the foundation of the project
Ownership transfers are critical but often challenging for the continuity of businesses. According to the 2021 SME Barometer, nearly 40% of Finnish SMEs plan to implement an ownership transfer within the next ten years. However, a significant challenge is that too few entrepreneurs take steps to move the process forward.
Entrepreneurs may find it difficult to initiate the process due to fragmented information, complex procedures, or personal challenges such as uncertainty and emotional attachment.
Challenges, opportunities, and support needs in business succession
Entrepreneurs may find it difficult to initiate the process due to fragmented information, complex procedures, or personal challenges such as uncertainty and emotional attachment.
Additionally, rural areas face accessibility issues, leaving many reliant on scattered online information when contemplating ownership changes.
Another issue is that prospective entrepreneurs may not consider purchasing a company as a viable way to start a business.
Acquiring an established company has clear benefits, such as having ready-made products, market position, and customers. New entrepreneurs often grow and expand the business, having a significant impact on the vitality of their region, especially in sparsely populated areas.
Many viable businesses lack successors due to these challenges, endangering rural vitality and business continuity.
Both sellers and buyers need clear guidelines and practical tools to help them navigate the process. At the same time, business advisors and other professionals require resources that support their work.
Omistajanvaihdosinfo (OV-info) project was developed as part of the VALO – National Competence Center for Ownership Changes initiative, to address these needs. The project concluded in June 2024.
Design and implementation of the OV-info to support ownership transitions
The OV-info was designed to meet the needs of businesses and experts by creating a centralized digital platform to support business ownership transitions. The purpose of OV-info is to compile all essential information into one place for buyers, sellers, and experts. The online service does not compete with face-to-face counseling but is designed to complement it and guide users to the appropriate expert.
The completed service includes clear learning paths, self-assessment tests, and a comprehensive knowledge base that make finding and understanding information easy. In the service, ownership transitions are presented as a gamified journey, making it easier for sellers or successors to take the first step when they have a clear understanding of the process and key considerations.
Project phases
The project was implemented in collaboration with the software company Huld.
Huld was responsible for the design sprint and UX/UI design during the project’s initial phase. Their design emphasized the service’s intuitiveness and accessibility, ensuring the platform was easy for users to adopt. Huld also created a Look-n-Feel demo, which visualized the service’s appearance and user logic before the actual technical implementation began.
At Hurja, we were responsible for the technical implementation of the service, utilizing WordPress.
Thanks to WordPress’s open-source nature, the service is flexible and can be further developed without dependence on a single provider.
We implemented several tailored features, such as learning paths, the knowledge base, and gamified elements. These features motivate users and support their progression through different phases of the ownership transition process.
The service was designed to accommodate diverse user groups, with a modular structure ensuring it meets both current and future development needs.
Additionally, the service was prepared for multilingual versions as part of future enhancements.
The development work adhered to strict security standards, leveraging modern technology and widely accepted design principles. Open-source solutions ensure the service is portable and guarantees its flexibility for future development. We also ensured the service meets the required AA-level accessibility standards, making it easy for all user groups to use and operate smoothly across various devices.
The service includes an animation video produced by a third party, which visually and clearly illustrates the key stages of the ownership transfer process. The video supports learning and makes the service even more attractive to users.
Gamification was a key element in designing the learning paths, allowing users to test their knowledge and deepen their understanding of the process’s different phases
The OV-info was implemented as part of the EU co-funded VALO – National Centre of Excellence for Business Transfer. The project was led by the Micro-Entrepreneurship Center MicroENTRE® of the Kerttu Saalasti Institute at the University of Oulu, with Northern Ostrobothnia Entrepreneurs as a partner.
Micro-Entrepreneurship Center MicroENTRE® is a unique research group and service provider that produces research-based knowledge about micro-entrepreneurship. It aims to foster the sustainable growth of businesses and build an entrepreneurial society. This regional entrepreneurial organization promotes entrepreneurship and supports businesses in the Northern Ostrobothnia region.
Comprehensive benefits of the OV-info
The end result is a visually appealing, functional, and accessible learning environment that consolidates all information related to ownership transitions in one place. This streamlines the ownership transfer process and supports entrepreneurs and experts at all stages of the process. With OV-info, entrepreneurs and business advisors can address and manage the challenges of ownership transfers more effectively.
Benefits for different user groups:
- For Entrepreneurs: the service makes the ownership transfer process clearer and more approachable. Learning paths and self-assessment tests provide concrete tools and information to help entrepreneurs make better decisions and confidently manage the transfer.
- For Business Advisors: the knowledge base and training series support advisors’ work. The service helps advisors effectively and professionally guide their clients, enhancing both their own and their clients’ readiness for complex ownership transfer processes.
- For Society: The service aims to improve the success of ownership transfers, promoting business continuity, supporting local economies, and strengthening business vitality throughout Finland.
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