family business Archives - AfricaBusiness.com

19Aug

By Africa BusinessNo Comments

Problems And Prospects Of Family Businesses: Trusts, ESG, NextGen, And What Is Needed For Success

Interview with Faizal Bhana - Director – Middle East, Africa and India Jersey Finance. Interview with Faizal Bhana, Director, Middle East, Africa and India, Jersey Finance, delves into the evolving landscape of family businesses and how they navigate the diminishing trust advantage amid rising ESG (Environmental, Social, and Governance) demands and NextGen aspirations. How has the use of trusts evolved for family businesses over the past decade? Over the past decade, the use of trusts has evolved significantly for family businesses. Increased regulatory scrutiny and transparency demands have led to more structured governance frameworks and a more planned approach. Families are increasingly using trusts to manage succession, mitigate long-term risks and ensure long-term sustaina...

Why do you need a succession plan?

Last year, the world was abuzz with commentary around the final season of the popular HBO series, Succession. The show follows the ruthless battle between three siblings as they vie for the position of heir to their father’s media empire. While this is, of course, a fictional story, one aspect of it can be applied to the real world: the Roy Family could really have benefited from a comprehensive succession plan. While the lack of a solid succession plan makes for great television ratings, it has a far less desirable outcome for you and your business. So, what is a business succession plan, why should you consider it, and what does it involve? What is a succession plan? As a business owner, you’ve probably worked tirelessly to create something of value. When the time comes to move on, ho...

Robust Governance and Planned Succession are Key for African Family Businesses

Faizal Bhana, Director – Middle East, Africa and India, Jersey Finance The pandemic underscored the importance of integrating the next generation, or NextGen, into the family business. Many families experienced tragedies, losing their patriarch or matriarch, propelling their next generation to senior roles, for some reluctantly. Succession planning and governance for families has been back in the spotlight since, highlighting its critical importance for business continuity. At the same time, regulatory and political landscapes are becoming increasingly complex and those working to advise families must adapt and be ready to navigate an ever-changing business environment. Family businesses in Africa make a considerable contribution to the economic prosperity of the continent and this is...