NextGen Succession Planning for Kenyan Family Businesses; Including market insights into Waqf Principles
By Faizal Bhana, Director Middle East, Africa and India, Jersey Finance
Recent research conducted by Asoko has revealed that Kenya boasts close to 500 family-owned businesses that generate revenues surpassing the US$10 million mark. This diverse spectrum of businesses spans across various industries, sectors and specialisms. Furthermore, among these businesses, close to 15% achieve annual earnings exceeding US$50 million, a quarter of which exceed the US$100 million threshold.
Despite their positive impact on Kenya's economy, family-owned businesses face several structural challenges, including a lack of robust succession planning and good governance strategies, poor management, as well as challenges with the integration of the next family generation (‘the NexGen’) – all of which, if not...