May 22, 2023

Annual Family Business Day: Succession and Wealth Planning and Management for Family Businesses

Juliet Hinga

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Small and Medium Enterprises are among the leading drivers of growth, innovation, and employment in most parts of Africa. In Kenya, they represent more than 80% of businesses and employ up to 75% of the active working population.

Out of this 80 per cent, 70 per cent of these business enterprises are family-owned, but only less than 10 and 15 per cent of them survive to the third generation (Letiwa, 2010; Steier, & Le Breton-Miller, 2003).

Family-owned firms can be top-performing companies in their respective industries while nurturing the common identity and care within a family. But at the same time, they are at the risk of family hazards that can overspill and engulf them. Family relationships are a double-edged sword for the family business.

The strong network of family relationships, the clear and shared objectives among family members are key benefits, as they enable the family business to forge a strong identity and common purpose. Yet the closeness of family relationships can also lead to disaster, due to conflicts between family members, and the difficulty in managing the relationship between the family and the business. https://sbs.strathmore.edu/family-business-executive-programme/

It is against this background that on Thursday, 18th May 2023, we hosted the Annual Family Business Day 2023, an event that brought together more than 50 family businesses to network and share knowledge and insights on succession and wealth management & planning for family businesses.

The event culminated in a graduation ceremony for participants of the Enterprise Development Programme and the Family Business Executive Programme.

The Enterprise Development Programme is designed for entrepreneurs running SMEs, it is a 16-week enterprise development course that takes place once a week. It is tailored to meet and solve some of the needs and challenges SMEs face. The June 2023 intake is ongoing! Apply here!

The Family Business Executive Programme aims to impart on participants practical skills and best practice insights needed to sustain family businesses through generations.

Learn more about this Programme here

Article by Juliet Hinga

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