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Step 5 - Acquisition of management authority

It is very difficult for owner-managers to give up their authority. As a buyer, you must have discussions with the owner to acquire his or her strategic knowledge.

Objectives and actions

There are many important issues to cover for the new owner:

  • Making the right strategic business development decisions
  • Becoming familiar with business and human resources management
  • Evaluating the duties and responsibilities of a business owner
  • Sharing and passing on authority
  • Establishing interdependent relationships

The Powers and knowledge transfer tool helps you understand and determine what knowledge and authority you need to transfer and how to do so.

The next step
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