840,000 Retirements: The Powerhouse Of Europe's Biggest Economy Faces A 5-year Succession Crisis

Sean Gallup/Getty Images Germany's class of small or medium businesses — known as the Mittelstand — faces a looming succession crisis, according to an FT report. Over the next five years, the heads of 840,000 businesses are set to retire, and need to find successors. "The Mittelstand is going to be hit by a wave of succession that will change its face," KfW chief economist Jörg Zeuner said. Germany's small and medium-sized businesses, which act as the country's economic backbone, faces a looming crisis of succession as retiring entrepreneurs struggle to find people to take over their work. According to a Financial Times report, which cites a survey by lender KfW, around 840,000 owners of small or medium businesses — often known as the Mittelstand — will face have to find successors in the coming five years.See the rest of the story at Business InsiderNOW WATCH: Jim Chanos explains the most important asset class in the worldSee Also:This inexpensive TV antenna gets you the most mileage for the money9 famous predictions by Nostradamus that some people say foresaw the futureHow to see all the apps tracking you on Facebook — and block themSEE ALSO: Workers at BMW, Mercedes and Porsche can now work a 28-hour week