Small Business Focus

Succession planning 101 (or how transfer power from one generation to the next)

The founder needs a better plan than ‘me’.

Pavlo Phitids, Aurik Business Accelerator

Beware of a candidate in your business with a particular strength… You need a better-rounded person…

Pavlo Phitids, Aurik Business Accelerator

Beware of someone who is technically strong…

Pavlo Phitids, Aurik Business Accelerator

Many businesses fail at succession planning.

To ensure sustainability – and to build on the momentum of the past – you need to know how to transfer power from one generation to the next.

This may, for example, entail bringing family into the business.

The Money Show’s Bruce Whitfield interviewed Aurik Business Accelerator founder Pavlo Phitidis.

Phitids elaborated on how to approach succession and successfully pull it off.

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

Are you attached to the sentimental idea of a legacy?

Pavlo Phitids, Aurik Business Accelerator

What is going to drive the growth of the business going forward?

Pavlo Phitids, Aurik Business Accelerator

What is going to be the biggest impact of technology?

Pavlo Phitids, Aurik Business Accelerator

Look for someone who has complimentary skills to the rest of the team.

Pavlo Phitids, Aurik Business Accelerator

Are you going to go family first? Are you going for an insider? Or are you going for an outsider?

Pavlo Phitids, Aurik Business Accelerator

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This article first appeared on 702 : Succession planning 101 (or how transfer power from one generation to the next)


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