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

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our mailing list

* indicates required

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Want to start a business? How to know if it’ll work before you take the plunge

Want to start a business? How to know if it’ll work before you take the plunge

"Idea validation" is the process of testing your idea before launching your business, says Yiedi CEO Jayshree Naidoo.

10 most-read 'small business' articles from The Money Show in 2018

10 most-read 'small business' articles from The Money Show in 2018

Small business guru Pavlo Phitidis from Aurik Business Accelerator broke the internet with these helpful articles.

How to start your own business (by a guy who started his with almost no money)

How to start your own business (by a guy who started his with almost no money)

The Money Show’s Bruce Whitfield interviews NicHarry founder Nic Haralambous.

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

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

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

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

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

Succession in a family business often fails. Aurik Business Accelerator’s Pavlo Phitidis on how to make it work…

Succession planning for business owners 101 (it’s an act of love)

Succession planning for business owners 101 (it’s an act of love)

They don’t often think about succession planning. However, it is critical for their families, staff and customers that they do.

Popular articles
Why 'prescribed assets' is (mostly) a terrible idea – Magda Wierzycka (Sygnia)

Why 'prescribed assets' is (mostly) a terrible idea – Magda Wierzycka (Sygnia)

Bruce Whitfield interviews Wierzycka about the ANC’s flirtation with forcing pension funds to invest in ailing SOEs such as Eskom.

I might go back to court - Vodacom 'Please Call Me' inventor Nkosana Makate

I might go back to court - Vodacom 'Please Call Me' inventor Nkosana Makate

The Money Show’s Bruce Whitfield interviews "Please Call Me" inventor Nkosana Makate.

[WATCH] Solidarity heads to court to fight Schweizer Reneke teacher's suspension

[WATCH] Solidarity heads to court to fight Schweizer Reneke teacher's suspension

Trade union Solidarity says it plans to file an urgent court application by the end of this week, reports EWN's Thando Kubheka.

We need an honest conversation about African institutions says Eusebius

We need an honest conversation about African institutions says Eusebius

Eusebius McKaiser says there needs to be a conversation about African institutions and how they can help Zimbabwe.

[WATCH] Gymnast's routine has internet buzzing

[WATCH] Gymnast's routine has internet buzzing

Khabazela shares tweets and Facebook posts that have gone viral.

Bryan Habana opens up about money, and now having to buy his own clothes

Bryan Habana opens up about money, and now having to buy his own clothes

Bruce Whitfield interviews the legendary Springbok about his attitude toward money (hopes and fears, successes and failures, etc.)