By Pavlo Phitidis
Your appetite for action, or tendency towards inaction, will save or sink your business. This week, on The Money Show with Bruce Whitfield, we delved into how you can change the destiny of your business, and your future as a business owner, when faced with change:
Why do only 27% of businesses succeed in moving from one generation to the next? And whats even scarier, is that only 7,2% get successfully transferred to the third generation!
Avoiding being on the wrong side of these statistics even though the odds are against you!
Come join us and get insights into what goes wrong, why it goes wrong and most importantly, what can be done to prevent succession going wrong. Starting off with a breakfast, good coffee, followed by a talk and discussion and ending with networking with fellow entrepreneurs and business owners, you should not miss it.
Hosted by 702 in Johannesburg.
Hosted by Cape Talk in Cape Town.
Attendance is free thanks to the sponsorship of Nedbank.
How creating simplicity enables scaling. Simplicity is only possible with strategy and a clear understanding of who you serve. It's found in product design, supplier selection, business systems across the organisation and especially in customer segmentation and engagement. It's rare in any business and especially so in a 3rd generation business. It's also key to next generation succession.
By Pavlo Phitidis
Building a family business, and passing it down as both a legacy and an asset, is seldom achieved. A mere 30% of family businesses passed on to the next generation survive, and only 12% making it to the second generation. A tiny 3% survive to the third. This week, on The Money Show with Bruce Whitfield, we outlined the ways succession plans go wrong, and how you can ensure your family business enjoys not only longevity, but long-term success too:
What’s it like to be the significant other or the spouse of a business owner? People generally believe that when you are in a relationship with a business owner, your life will be easy, that it’s great to be involved with someone who is passionate about their work, and that you will both enjoy more money and flexibility in your lives. But this is far from the truth.
How did Liquid Movers quadruple their baseline turnover? The family-owned business joined the Aurik programme to grow its business and increase its market share in the pump service and technology industry. It made the successful transition from a small, family-owned business to an operation that is now recognised internationally for being at the forefront of specialised pump technologies. Thecompany was established in 1996 with a focus on the mining, chemical, fuel, process plant and food industries.Liquid Movers now supplies pumps, valves and related equipment to customers all over South Africa, African neighbours Botswana, Namibia and Zambia, and Kenya.
Smart and successful businessmen have faith in their vision for their companies, but they need to be aware of their limitations and see themselves and their situations in the proper light.
A failure to do this leads to the business blind spot, a place where we can’t see what is going on around us. It’s also a place where we see things not for what they are, but what we perceive them to be. It grows from a history of how things have always been done in the business and a narrow view of what the business needs going forward. On The Money Show with Bruce Whitfield this week, we discussed business blind spots, how they develop, what they cost your business and how to prevent them.