Germany’s Backbone of Family-Owned Firms Is Up for Sale

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(Bloomberg) — Steffen Cyris, the owner and chief executive of Schrutka-Peukert, a Bavarian manufacturer of refrigerated deli counters and dry-age beef rooms, boasted at last year’s Christmas party about the company’s packed order books, brushing off Germany’s broader economic woes and telling employees to prepare for some extra work this year.

But within a matter of weeks, that optimism was gone. Butchers and bakeries canceled their orders, pointing to subsidies Germany stopped at the beginning of January. Now, with the country sliding deeper into recession, Cyris is increasingly concerned about the long-term prospects of his business.