Small Business Focus

How to successfully pass a business from one generation to the next

Succession in a family business often fails to deliver.

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis for his weekly small business feature.

Phitidis discussed how to approach succession and successfully pull it off.

In other words; how do you ensure that the momentum built by the first generation continues when the second one takes over?

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Only 30% of family businesses succeed in getting to the second generation. Of that only 12% make it to the third generation.

Pavlo Phitids, Aurik Business Accelerator

An asset of value can be successfully transferred to the next generation, or it can be harvested through a sale if the next generation is not interested.

Pavlo Phitids, Aurik Business Accelerator

Transferring skills to the younger generation is the key to successful succession.

Pavlo Phitids, Aurik Business Accelerator

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Article brought to us by Old Mutual.

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