Succession in a family business often fails to deliver.
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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