In Armenia, a smooth succession of a business is not only a matter of the existence of that business, but also a matter of the security of the Armenian economy. Succession in a business is a very sensitive and long-term process, which involves the Heir (the founder of the business), the Heirs (the children of the owner), and the staff working in the business.
The process of generational change in Armenian business is already a reality. The management of businesses established in the 1990s is being passed from the founding fathers to their heirs. In some cases, the process is proceeding naturally and smoothly, in some cases with big and small problems, and in most cases with shocks.
It is a clash of generations. It is a question of the degree of trust. It is a conflict of business management models.
Who bears the greatest risk: the heir, the heirs, or… the employees?
The heir to your business: family member or loyal employee?
Interview: Smooth generational change in business
In Armenia, business companies formed in the 1990s are facing a serious challenge after nearly three decades: generational change. Banks.am spoke with Samvel Gevorgyan, founding director of the BSC Business Support Center (BSC) consulting company and author of the book “Your Own Business in Armenia,” about the risks of transferring a business that has already achieved some success and is built on solid foundations to the second generation, as well as how to overcome those risks and ensure generational change.
We present the text of the conversation with the link below:
www.banks.am/am/news/interviews/…
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