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Forward-looking succession solution for the founder and entrepreneur Prof. Dr. Martin Janssen
Within a few months, Prof. Dr. Martin Janssen handed over two of his successful business ventures to new owners: Finfox and ECOFIN Investment Consulting. With these transactions, the founder of the ECOFIN Group has proactively arranged the succession for a part of his life's work and paved the way for the next phase of development.
In May 2025, CHAPTERS Group, listed on the Frankfurt Stock Exchange, acquired all shares in FINFOX Software and Technology AG and FINFOX Research and Consulting AG through its subsidiary CHAPTERS Software Switzerland GmbH. Just a few months later, on October 1, 2025, ECOFIN Investment Consulting AG was sold to Vaudoise. With the integration of ECOFIN Investment Consulting into Vaudoise, the insurance group is strengthening its position as a leading provider of comprehensive consulting services for pension funds in Switzerland and expanding its complementary strategy beyond traditional insurance business. Finfox, in turn, benefits under its new owner from a long-term growth strategy focused on innovation, customer orientation, and scaling.
IFBC acted as exclusive Financial and Sell-Side M&A Advisor for both transactions – from strategic preparation, transaction readiness, and identification of potential buyers to support during contract negotiations and successful implementation of the transaction.
In this interview, Prof. Dr. Martin Janssen provides insight into his rationale, the importance of forward-looking succession planning, and the role of IFBC in this process.
The decision to sell was an emotional process for me. Nevertheless, I am looking ahead – you have to be able to let go.
A first reason was the interest from outside. We were approached about a potential sale – both at Finfox and at ECOFIN Investment Consulting – already years ago. In the case of Finfox in particular, we received expressions of interest from potential buyers almost every two weeks. The second reason is the finiteness of life. Every entrepreneur knows that at some point it is time to hand over the company. A third reason was a new focus: I now have more capacity to concentrate on projects related to AI, tokenization, platforms, and data models. These are the topics that currently drive me. We still have around ten companies, so my work continues. We also noticed that since the sale, the ECOFIN Group has taken a major step toward more modern technologies. That is an additional positive aspect.
No. Once the decision has been made, I don't second-guess it. Concerns about the buyer and price are part of the process, but in the end, you have to be consistent with your decision to sell. In situations like this, I always think of Max Frisch's theater play "Biography: A Game." The play explores the question: "Can a person really change their life if they were allowed to start over again?" And the bottom line is: even if you had the chance to start all over again, you would ultimately make the same decisions in the important cases – because your own personality and your decisions are intertwined. That's why you shouldn't doubt your own well-considered decisions in the first place.
On two levels: On the one hand, they shield the seller from interested parties. That's very important. It meant we weren't constantly besieged by potential buyers. On the other hand, their support with regard to the company's finances was very valuable. Even though we were well positioned and our finances were up to date, IFBC's experience helped us to quickly answer the multitude of questions that arose and move forward more quickly. IFBC is particularly strong when it comes to the details. We were able to rely completely on IFBC's expertise and presence.
As an economist, you know that you should go by the price – and yet employees and customers were at the heart of the decision. This means that the contract can go to the bidder who wants to develop sustainably, even if their price is lower.
In itself, a successful conclusion is a sense of achievement. In addition, a successful agreement on the purchase price was reached based on our solid and convincing arguments.
In some cases, offers were significantly lower than those of other bidders. The communication behavior of some interested parties was also irritating. It's good when a credible advisor like IFBC cushions that.
The M&A culture is not very pronounced in this country – with ~600,000 companies, there are only a few hundred transactions per year. It is not taxes that are slowing things down, but the information situation of the companies. That should be changed.
When you start a company, the focus is on ideas, potential customers, employees, and finances. But you should soon come to terms with the fact that a company should quickly become saleable. Even if it is never sold. As an entrepreneur, you have to try to change the world. Maybe it's a smaller or a bigger world, but the idea has to be there. And this idea must be able to stand on its own and also be viable with another entrepreneur.
Prof. Dr. Martin Janssen is CEO and Chairman of the Board of Directors of the ECOFIN Group. He taught economics and finance for over 40 years at the University of Zurich, the University of St. Gallen, the University of Rochester, and ETH Zurich, among others. The economist regularly comments on economic issues as a financial market expert.
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