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
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby NEWSROOM AI
The Money Show’s Bruce Whitfield interviews Pavlo Phitidis, founder of Aurik Business Accelerator.
The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator Pavlo Phitidis.
Ray White (on The Money Show) interviews Aurik Business Accelerator founder Pavlo Phitidis.
They don’t often think about succession planning. However, it is critical for their families, staff and customers that they do.
Planning for succession is a critical challenge family-owned businesses face. It’s also a great opportunity.
Tony Balshaw, the man in charge of the Family Business Division at Mazars, gives advice on running a family business.
Automotive Journalist, Jacob Moshokoa shares his views of the Polo GTI 2018, and chats about the vrrrpha mentality among young men
Director at advocacy group Locked Up SA, Patricia Gerber describes the extent of drug trafficking from South Africa.
Gauteng residents are warned to brace themselves for another weekend of heavy rain, possible hail and damaging winds.
Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone Viral'.
Thanduxolo Jindela explains why he is running a campaign to encourage more of Omotoso’s victims to come out and testify.
Azania Mosaka catches up with Sbahle Zwane's mother to hear about developments with his schooling.