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
See Useful links.