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)

Cos no one can clean your ass properly than you.
Some fold up cos
1. The owner is the only one that knew the mode of operation (peculiar to small scale biz)
2. The owner is the only one that has the vision
3. The biz is lacking funds cos the owner is no more
4. Unwillingness of survivors of the deceased to propel the biz (a case of MKO Abiola's children not trying to revive their dads biz after his release before death). Read how the eldest son tight fisted on the properties
5. The Nigerian factor that affects biz of those alive and dead.

judedwriter:
Could be indiscipline, extravagance or lack of business acumen on the part of the inheritors of the business.

Don't forget the late CEO'S spiritual covenant (godly or ungodly) with with the businesses.

No need to invoke ecclesiastical forces for explanation. Nigerian businesses often die with their CEO's because most of these businesses start and end with them. They may push their sons up to take over the mantle but a lot of these boys are often spoiled and have not been forged by the experience of lifting themselves up with their own hands, and even when they prove capable they often fight among each other for the lion share of the business.

Until you have s business that can run it self without your presence in 5 yrs till then you don't have a legacy business yet

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

meobizy:
Africa. The success of a business is tied to its director’s wellbeing. Many successful businessmen don’t bother teaching their relatives the ins-and-outs of the business. Once he dies and family members can’t catch up fast enough, it dies.

The white man prefers keeping a legacy. His name lives as long as his achievements. Disney died long ago yet his company owns 92% of present day Hollywood. Nobody knows when Einstein was born or when he died. His scientific findings still guide rockets sent to space yearly.

Stop making it an African thing, many white and European companies have died down immediately the owner passed

chop alone mentality.
most successful business owners make the business highly dependent on their influence, their name , ideas and skills. where they could get into a partnership they ignore. instead of them to create a system and favorable environmental conditions to grow the business. that's when they only invest in themselves, upgrade business equipment's, some may even expand the business facilities. but you see the human resources. lol.
they don't care much, they would get many certifications, attend many conferences, but are comfortable if their staff remain the same after 2 years. Once they die, the show ends.
the average workers without proper training and important business experience cant get results.

smart people grow a business and sell it off , but many black people don't understand this. they remain in business for so long that the business only thrives based on relationships , so when such business owner dies, the business immediately goes.

The final reason is spiritual. all business have a spiritual foundation, could be God almighty or demons. some use the money to donate to church, others use that money to cause and promote sin.
the money is now being backed by a altar.
A business backed by evil altars, when the person dies, if the new person in charge doesn't continue what the other person was doing, the business would lose the spiritual backing and it would become irrelevant.
The lesson here, is not to make the business about you.

rita25:
when you spoil children because you are rich and when you die the little spoilt brats who become NOK will just mess things up killing themselves that they are draging inheritance

A poor person should not interfere with matters of the rich?

How does a rich person spoil their child because they are wealthy?

Ask humble man Peter Obi which secondary school & university his son attended in the United Kingdom?

That's how Peter Obi's businesses will fold up when he's gone, because he doesn't like involving people. Na their lone ranger mentality dey make the business fold up when dem die. Their children don't even hang around them. They are always so stingy, even to their own children. Do whatever you want with this update.

kezienaira:


Stop making it an African thing, many white and European companies have died down immediately the owner passed

Where is Kobojunkie when needed.

No structure when the boss was alive.

Everything starts and stop at his table

Moh247:



Abiola still has a oil Mining lisence held by his son Kola, Abiola spent his money researching and getting the oil field and that's a mega business

Abacha intentionally killed most of Abiola's business

Concord fleet of aircraft where grounded, his farm siezed , account frozen, and he got imprisoned...

Abiola and General Yaradua had the biggest shipping company in Africa... Both where murdered business killed

What MKO suffered for this same Democracy isn't easy

The good thing is Bola Ahmed Tinubu Jagaban is smart enough not to have any business interest in his name, everything is in trust





.

Don't mention tinubu in same sentence as abiola
Can you name any tangible tinubu business apart from alpha beta?

ghiloman28:
When they can’t continue with the Ritual

With this your mentality ,you will never go far .
Same mentally of the poor dad in rich dad ,poor dad . The poor always believe the boss or the rich are evil that is why they have alot of money.

kezienaira:

Don't mention tinubu in same sentence as abiola
Can you name any tangible tinubu business apart from alpha beta?

Who told you alpha beta belongs to him? No different from when people claimed he owned HI-Tek Construction.

kezienaira:

Don't mention tinubu in same sentence as abiola
Can you name any tangible tinubu business apart from alpha beta?

The nation newspaper is like concord and he has similar stake like Oando shares

Nawttiboi007:
You’re not just beautiful, but with brain.

awww thanks

vickydevoka:

No be for buying n selling business. Most distributors If the die the business continues wella

We're not talking about shop in Idumota here and even then and there one can see the recipe for successful perpetuation of business being used. Bring your sons in young, train them in the business, showing them all the ins and outs, and when you are ready to retire they will be as fit as you were when you raised the business with your own hands and vision. The lesson to learn here is that perpetuation requires bringing others into the business and revealing secrets to them that you would otherwise not allow to see the light of the day.

Moh247:


The nation newspaper is like concord and he has similar stake like Oando shares

Tinubu & co probably the highest shareholders in Oando.

Wale Tinubu London school of Economics trained is their point man.

I always laugh, when they undermine Jagaban, Bola Tinubu will send his boy Wale Tinubu to educate Peter Obi on Economics.

Lampass:

It's because MKO Abiola sank millions of Holy Bible in the Ocean, that was why he lost everything including his life. Some idiots in Nigeria haven't learn a lesson from this

Really?

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)

The answer is simple,Sell Ur share rights,Dangote is a wise man,even in his demise the company will continue,founding fathers of CocoaCola,PZ,and others are late but cos shares were sold many directors won't allow their interest to die.

In case of Innoson,Coscharis and many Igbo business men,their death means death of their business as no continuity.By now Innoson suppose don sell shares and go full public but No he will prefer to be called Chairman while the wife called Chair lady and first son inherits after fathers demise and makes rubbish of father's investment,this Innoson is working on preventing as his son outside learning a great deal on automobile.But passions vary.
Assume EkenediliChukwu sold shares,by now will be stronger and still existing but as family biz it died with him.

sapele914:
Tinubu & co probably the highest shareholders in Oando.

Bro this people don't know Chaigaoury, Volpi or even Tinubu's family

They just assume..

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



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



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

Na so, dey collect nor add your own put you hear, doctor husband

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)

This trait is predominantly Nigerian/African.
Guinness, McDonalds, Coca cola, Julius Berger, Walmart..,you obviously know these brands. The joke here is most of them, their founders are no more, but the legacies still live on.
The day Dangote dies, something also dies in the company. The drive and dream.
The whites love profits just like we black do. But they uphold that ideology of robust delivery in all they do. They believe in working
out dreams and enhancing productivity.
Their kids inherit their assets and keep pursuing or even expanding their father's dream.
Here our kids inherit our assets and start battling with uncles on apportioning profits, from yesterday's vision. The consuming nature takes over and what is left after some years later is history.

Fuckyoumod:
how can you just take over and overhaul a successful team?

Some "Organisational Structures may not reflect current realities", by this I mean when someone runs a business and dies, whatever you can do to keep that business flowing is needed.

A sole entrepreneur may not have board of directors but if the son/daughter takes over and sees need for a stronger organisational structure with a board, it meets current realities for him or her.

Changing organisational structure can positively affect a business or negatively affect it.

Warehouse arithmetically instituted businesses tend to fold up at d demise of the oga.

Again people especially Africans set up businesses that doesn't have long term prospects.

Again is lack of partnership in business. A business setup in partnership will survive beyond time.

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)

Entrusting business to children is always funny to me.

You can make your children shareholders and give them a chance at the big table but dashing them the company is a recipe for failure.

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)

The main reason why these sole proprietorships albeit very successful fold at the demise of the sole owner is because they are unincorporated businesses owned by a single individual, unlike a corporation that exists as a separate entity from the owner.

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)

This is common in shithole countries where people are waiting to steal and rob the company blind.

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,

Weak corporate governance,
Poor sustainability plan,
Absence of succession planning
Nepotism and favouritism in appointments
Owner micromanaging attitude
Etc

lsoul:
it happens mostly here in nigeria or africa
Guinness is run by the fourth generation now
KFC
Colgate
Pabst Brewing Co.
JPMorgan Chase
.Baker’s Chocolate
lever brothers now unilever
Brooks Brothers
etc

God bless you for this.

The answer is simple. Next of kin no they do deposit. They only withdraw and transfer. Most successors in Africa prefer to leave a lavish lifestyle than to invest time in the business.

Moh247:


Bro this people don't know Chaigaoury, Volpi or even Tinubu's family

Simone Vospi, Abubakar Atiku’s former partner that has ditched the Turaki, and has pledged allegiance to Tinubu?

Maybe they are not aware that Jagaban & Trust scooped up Atiku’s shares in Intels, which Turaki intends to spend gambling on politics.

Roland & Kenneth Chaugoury, Tinubu’s business partners starting from sale of Lagos State shares in Eko Hotel, to Hi-Tek, Ideal Technologies, & now Eko Atlantic Just to mention the known?

Please let Jagaban take his throne, who the cap fits, let them wear it.