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You are here: Home > Business > Business projects > Transfer, buy or sell a business > Process for buyers and future farmers > Step 5 - Acquisition of management authority
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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.
- Powers and knowledge transfer - Business successors (PDF, 43 KB)
- Powers and knowledge transfer - Farm successors (PDF, 46 KB)
The next step
See Useful links.