Small Business Focus

Family business succession - what often goes wrong (and how to get it right)

If there’s a big [age] gap… in order to maintain stability, you need to find a professional manager…

Pavlo Phitidis, Aurik Business Accelerator

Family businesses often struggle to survive succession.

How can you ensure that the momentum built by the first generation continues when the second one takes over?

In other words; how do you transfer power from one generation to the next, escpecially when there's a large generation gap?

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

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

Family bonds can intimidate…

Pavlo Phitidis, Aurik Business Accelerator

…It was impossible for families to work together, so I left to start my own business… I made a mistake to bring my own children into the business…

The Money Show listener

There are instances where professional interim management must be brought in play…

Pavlo Phitidis, Aurik Business Accelerator

In families there are, typically, a lot of baggage…

Pavlo Phitidis, Aurik Business Accelerator

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This article first appeared on 702 : Family business succession - what often goes wrong (and how to get it right)


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