Challenges of Governance and Succession; A Focus on the Integration of the NexGen in Family-Owned Businesses in Kenya
Written By Faizal Bhana, Director – Middle East, Africa, and India, Jersey Finance
Family-owned businesses in East Africa have been instrumental to the socio-economic development of the region and a catalyst for the growth of the private sector. With a long multi-generational history, their focus has been on manufacturing industries, consumer goods, construction, and agriculture. Hence the need to ensure a more integrated and structured wealth transfer method, particularly with the next family generation (‘the NextGen’) for longevity purposes.
According to research by Asoko, there are 645 family-owned businesses earning between US$10m and US$100m in East Africa. Nearly three-quarters of these companies are Kenyan with Uganda, Rwanda, and Tanzania accumulating 2% of the total figure each....