My people, make we gist small on wetin dey happen for Nigeria business world. E get as e be say many businesses wey don grow for our side no dey fit survive after their founders waka pass this earth. Na wetin dem dey call succession planning wey sabi people dey talk about.
Last year, one oga wey sabi business, George Onafowokan, lead im family business Coleman Technical Industries join 50 years party. This man no just dey celebrate years, him dey fight for wetin dem call ‘business legacy’. Na so e talk say, if dem no plan well for who go carry the matter after dem, na wah be that!
According to wetin PwC talk, family businesses dey very important for Naija economy. Dem contribute roughly $200 billion every year! But my people, e hard to find companies wey don pass 50 years for dis side. E be like sey only few don reach that milestone, while other countries dey boast of businesses wey don dey operate for more than a thousand years.
Make we no lie ourselves, Nigerian businesses dey face plenty wahala! You fit see some children no even sabi say dem dey run family business, or dem go just enter am without any plan. Many founders dey expect say their pikin go just continue where dem stop, but abeg, make we talk true: e no dey happen like that without proper training!
We get one report from Moniepoint wey say 60% of businesses for Nigeria na family-owned, but wetin dem go do now? Many dem no dey focus on plan for who go take over the leadership roles! Na wetin make many businesses dey collapse when owner waka go. No be say dem no fit run am, but e be like sey dem no dey ready to mentor or prepare dem well.
George Onafowokan don talk am well, say discipline na the foundation wey dey help business survive. He talk say during 2016 currency wahala, dem fit survive by cutting staff, instead of just folding hand. Na discipline and vision ensure sey dem no close shop.
Also, wetin come follow be the issue of financial realism! You no fit dey shine teeth for big turnover if money no dey enter pocket. “Na when you collect your money na im you go sabi if you dey make profit,” George talk. Na so dem suppose dey focus on wetin go bring real profit instead of just packaging.
Nigeria dey dangerously dey lack good succession plans. As Dr. Muda Yusuf talk, many family businesses wey no get plan go just vanish when their founders comot. E get as e be say ownership no mean sey dem sabi run the business. Greet the founder well, make dem teach you beta ways to run am!
For family business, na passion and training dey matter pass anything! If you go just hand over business to your picking without proper training, e no go last. Dem say one person wey dey lead no fit carry all the load. Leaders wey no dey empower people go soon see their businesses disappear!
One other key issue na governance. According to Andersen report, 70% of family businesses no fit survive the second generation! Na wetin strong governance structure fit do na to make sure sey the business no dey scatter when oga don japa.
To wrap am up, we dey encouraging family business owners make dem start to plan well. Get mentors, create governance structures, and for the love of money, begin dey teach those wey go succeed you. Na only if we fit properly plan succession we go fit truly grow our economy and secure a legacy for future generations!
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