18/05/2023
Why Many African Businesses Die With The Owners
•No legacy goal. Many people actually don’t have a goal of building a legacy business in mind when they start their businesses. They’re only looking for something which will sustain them and their families in that period of time. Especially in this day of high unemployment people are starting businesses just to sustain themselves. There is absolutely nothing wrong with this. It’s just that if you’re going to look at a legacy business then you have to approach your business with a whole different kind of mindset.
•The vision and values are not shared with the intended successors. Everyone who owns a business has a motivation for getting started and this motivation is what keeps them going. Now when this motivation is not shared with the others, they fail to take it over when the individual dies.
•Children are not trained to take over the business. In legacy business, training of the successor begins as soon as the child can talk. The parent starts with staking them to the office, factory or shop just to familiarize the child with the business. Then he causally speaks to the children about the different aspects of the business to drill some interest in the child. By the time the child is a young adult they are already behaving like a young CEO of the company. Through many years of working with the parent, the child is trained on the job to run the business without the parent. Training successors is a big job which takes many years of training. Many parents end up failing at this because they start when the child is already an adult and has developed interest in other things.
For more tips join us in this evening Masterclass on 'How To Build a Legacy Business. Call/text/whatsapp us on 0978458489.
I wish you all the success in the world.
Milambo Mizinga –Business & Personal Finance Coach