On BU$I₦£$$ DIG£$T this morning, October 14, 2021
BUSINESS CONTINUITY and SUCCESSION PLANNING Part 2of2
In 2011, while building my house in Jos, I went with the Electrician who did the electrical wiring job of the house to get some equipment he needed.
We got to the shop owner who obviously is his regular customer. We bought all and I never went there again.
Sometimes this week, I needed to get some electric bulbs and I drove to that shop and I asked of the man, whom I met 10years ago. I was told he passed on in 2017 after a brief illness. Waoow!
I met his wife and his daughter still running the business with a bit of expansion from what I saw in 2011.
Immediately, succession planing for system struck me deeply.
How did you continue the business seamlessly without any hitch, I asked her? She said she had always been part of the business and knew all that it entailed, but was always at the warehouse. I was too impressed. This is a business that will be transferred to the 2nd generation, possibly
Most Nigeria Businesses will not live beyond the founder or first owner.
Succession Planning is at the core of generational business world over, but we seem not to do well with in here.
See what is happening to a religious organization whose founder recently died? No succession planning at all and that is the bane of sustainability of any endeavour.
Even though the Igbo Apprenticeship and Business Mentoring Model has received the nod of Harvard Business School, it needs to grow beyond the 1st generation.
What ownership Model do you run or want to adopt for your business?
Talk to me NOW for a fee in setting this structure up for you.
_If you learnt anything from this, kindly share with someone out there._
_*Dr. Emmanuel Idenyi Shaibu*_
_animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA, ACCrFE_
The Millennium Entrepreneur!