GloriousGbola:
One of the problems Imho is the African expectation that the child will continue the business. Business acumen or passion is not hereditary.

So there is no proper succession plan in place.

And As others have said too many naija businesses are based on patronage and relationships.

HappyDolphinRea:

Owner did not create system
When you create a system for everything things will continue to run smoothly whether the CEO is available or not.

CheapHomes1:


so you think Abiola didnt have a succession plan?

maureensylvia:
Take a look at this

Mr Joe has been running a successful business in millions of dollars for decades with hundreds of employees working for him.

Surprisingly at his death, the business ceased to continue.

Why do you think this happened?

Share your thoughts

A case study of MKO Abiola
(He set up Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola football club)

maureensylvia:
Take a look at this

Mr Joe has been running a successful business in millions of dollars for decades with hundreds of employees working for him.

Surprisingly at his death, the business ceased to continue.

Why do you think this happened?

Share your thoughts

A case study of MKO Abiola
(He set up Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola football club)

FalseProphet1:
Lazy and wasteful children who aren't ready to make their father's sacrifice but are eager to lavish his millions.

Ekene Dili Chukwu...I cried when the owner died cos I knew the company wouldn't last 6 months before crumbling and I was right.

Most parents spoil their kids so badly that they have zero knowledge of what operating a business is all about.

This I have seen.

XXCASH:


You will be shocked.

Do you know what a succession plan means

How many of his children worked in his various company and what positions did they hold.

What training were they given. There is so much in a succession plan and not just naming someone to run it

Konquest:

Chief MKO Abiola, GCFR, had most of his businesses crippled by the repressive Military junta of that dark-goggled, Kano-born Kanuri man who brazenly stole over $4 billion of Nigeria's money into offshore bank accounts mainly through the Central Bank of Nigeria.

The business grounding and collapses had nothing to do with mismanagement or a bad succession plan by Abiola.

It was during that horrid period in the early to late 1990s that I ended up realizing how easy it is to ruin a business of a billionaire in times of political upheavals by Military dictatorships.


Nice thread.

visaclick:
Because most of these rich men give birth to the dumbest offsprings. Look at otedola for instance, imagine cuppy after all the education and everything still can't leave her father's shadow, then to add salt to injury fell in love with a tattoo artist turned mechanic. The other one is following musician around while the third one is slow. I know a very successful block industry near me, the owner is living the good life and running it smooth but guess what his children are into, yahoo! All of them including the girls are nothing but Yahoo yahoo, when they sit they are taking of the next client to con or the next bank to load and their dad is old already. Anything bad news like this company is gone.

waziri4biz:

Lol Maureen you bring the matta reach here too?
It's me Osayi

franchasng:
This is why I love Nairaland, everyday you learn new exciting lessons from everyday people. Thanks so much to the op, this is an interesting topic.

Keep them coming guys, a lot of people will learn from this

tunapawizzy:
No succession structure. Business built around CEOs image alone. Only CEO dey go meetings, network with client n industry regulators...it's all about the CEO alone. Na only CEO really understand the vision,

Kobicove:


When you open your own business in Nigeria please allow your employees too much power by attending important meetings for you, inter-phasing with important client, being a signatory to your company bank account etc.

I guarantee that the employee will set up an elaborate scheme and rob your company blind.

What do u advice then?

Ya eye go clear by force!

CheapHomes1:


so you think Abiola didnt have a succession plan?

achinu:


I believe that question has been addressed based on the non existence of the his businesses today.

Fyi, succession plans go beyond family members, that's the reason you've a lot businesses in the west that have been around long after their founder's have passed away.

achinu:


I believe that question has been addressed based on the non existence of the his businesses today.

Fyi, succession plans go beyond family members, that's the reason you've a lot businesses in the west that have been around long after their founder's have passed away.

Konquest:

Chief MKO Abiola, GCFR, had most of his businesses crippled by the repressive Military junta of that dark-goggled, Kano-born Kanuri man who brazenly stole over $4 billion of Nigeria's money into offshore bank accounts mainly through the Central Bank of Nigeria.

The business grounding and collapses had nothing to do with mismanagement or a bad succession plan by Abiola.

It was during that horrid period in the early to late 1990s that I ended up realizing how easy it is to ruin a business of a billionaire in times of political upheavals by Military dictatorships.


Nice thread.

franchasng:
This is why I love Nairaland, everyday you learn new exciting lessons from everyday people. Thanks so much to the op, this is an interesting topic.

God should please bless all honest, hardworking business and company founders with good health and long life to enable them groom reliable successors for their companies, Amen!

Keep them coming guys, a lot of people will learn from this