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Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? - Business (4) - Nairaland

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Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by sapele914(m): 5:03pm On Jan 11, 2023
jimetagambo:

This is common in shithole countries where people are waiting to steal and rob the company blind.
They are called the Rubber Barons in America, that is capitalism for you, nothing is new under the sun, if you no like you can go to North Korea.

2 Likes

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Moh247: 5:04pm On Jan 11, 2023
sapele914:
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.

I have a feeling you grew up around Ikoyi in the 90s

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by SocialJustice: 5:04pm On Jan 11, 2023
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)
To sum it up, lack of proper accounting and corporate governance.

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Allisgud: 5:06pm On Jan 11, 2023
Most of them are the juju of that company,there are things they do like sacrificial rites,once they stop doing it the company wealth stop existing

3 Likes

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Karnice600: 5:07pm On Jan 11, 2023
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.
Nice submission.
The inclination of who succeeds that system is the omen that befalls it.
That's what we're talking about here.
Everyone works for money. Understood, but the person who succeeds you needs to work for more than just money. You can't coerce anyone to do it the way you would.

2 Likes

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Alezy(m): 5:14pm On Jan 11, 2023
Because next of kin no dey think twice before then withdraw

2 Likes

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by sapele914(m): 5:15pm On Jan 11, 2023
Moh247:


I have a feeling you grew up around Ikoyi in the 90s
My hood, Vi, adetokumbi Ademola Victoria Island, next to 1G4 Na there we they play football, down to bar beach adjacent Kuramo lodge Apese corner now Eko Atlantic to chill with Igbo & shayo watching the Atlantic Ocean.

Ikoyi is the block, second Avenue, near Abacha’s crib, down Ikoyi club, onto kingsway road, Ikoyi Hotel go sell gold to Aboki, charter Chs to Reeve road, down Thompson Avenue, Pachinoos on Awolowo Road, go get a bite @ double 4 next door.

Or make we enter Obalende after midnight go find something chop before we hit town, after all back to bar beach to watch the sun rise by the Atlantic with a fat j in hand listening to Tu Pac California Dreaming?

Eko Oni Baje, Lagos no they carry second, unless maybe to Warri, Jagaban must win.

8 Likes 2 Shares

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Franklydes(m): 5:15pm On Jan 11, 2023
Check well this happens to African businesses. Its likely cause the owner never left a future plan for a candid successor. You Africans na they don't show the main skills to anyone hence the demise of the business. Sorry for the loss

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Exceed15: 5:16pm On Jan 11, 2023
No structure. It's built around the owner.

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Laverczkky: 5:17pm On Jan 11, 2023
No smooth transition plans.

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by jojothaiv(m): 5:24pm On Jan 11, 2023
Sadly, most are still hell bent on repeating the same mistake, only few get to buck the trend.

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Owutuotuo(m): 5:27pm On Jan 11, 2023
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)

I don’t have research-based facts but I think many of them are privately-owned by one person, rather that being a Partnership or PLC.

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by valentineuwakwe(m): 5:30pm On Jan 11, 2023
Becos they grew the Business as a one man show

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by CheapHomes1: 5:30pm On Jan 11, 2023
yrhuhfy113:



Simple Answer.... THEY DIED TOO EARLY ... they were not prepared for death.

It happen not just to CEOs, pastors too, kings too, etc

WHEN ESTABLISHING MULTIPLE THINGS.... the heir may still be in school or underaged... and everyone close to them may not share their vision, may only be there for the money. So only those who have reached a level where they remember that death can come for them in less than 20 years begin the process of GROOMING a successor.

Once the visioneer has not raised anyone to share the same vision, the vision dies with him.

Abiolas children from his first wife were already grown up. Kola was already into his businesses. Dr. Doyin one of abiolas wives was running concord newspapers

2 Likes

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by CheapHomes1: 5:31pm On Jan 11, 2023
valentineuwakwe:
Becos they grew the Business as a one man show

Not necessarily
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Mrfixitt(m): 5:35pm On Jan 11, 2023
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
Tell me more about this if you don't mind. Would like to know
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by yrhuhfy113: 5:36pm On Jan 11, 2023
CheapHomes1:


Abiolas children from his first wife were already grown up. Kola was already into his businesses. Dr. Doyin one of abiolas wives was running concord newspapers

They were not groomed.... they were just figure heads.
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by zoogy2007: 5:40pm On Jan 11, 2023
No succession plan. Most CEO especially the young ones believe they will live for ever. so they dont plan for the future of the business.
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by membranus: 5:41pm On Jan 11, 2023
chukkystar:
Alot also continue to the next Generation. It's all about instilling Values in Ur Offspring

E.g.?
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by olahero(m): 5:45pm On Jan 11, 2023
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)


INHERITANCES.

Family members shared the CEO properties including the said company.

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by FreeStuffsNG: 5:47pm On Jan 11, 2023
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)
Chief MKO Abiola, GCFR, was never the CEO of those companies. He still has interests in some businesses still standing till today.
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by chukkystar(m): 5:49pm On Jan 11, 2023
membranus:


E.g.?
Dantata grew to even become a Shares selling firm under his Children, he is the one the also settled Dangote when he started. Even Otedola, he is running Businesses some of which were started by his Father after he was Governor. Oil Companies like Tonimas is run by Children whose parents started it..

3 Likes 1 Share

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Bagu1(m): 5:54pm On Jan 11, 2023
Most at times, successful businesses dies when the CEO dies because the employees who already have the business idea would want to establish similar business initiatives and thus becoming the boss of themselves rather than working for the existing business as an employee.

My thought anyway.

3 Likes

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by toujurs: 5:54pm On Jan 11, 2023
Most of these indigenous business owners don't involve their family into their business.
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Nobody: 5:58pm On Jan 11, 2023
Lack of Sustainable Structure
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by kezienaira: 5:59pm On Jan 11, 2023
sapele914:
Who told you alpha beta belongs to him? No different from when people claimed he owned HI-Tek Construction.

Ok then apart from his newspaper, there's no tangible something tinubu owns.
His whole money was from drug pushing and Lagos state treasury

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by kezienaira: 6:01pm On Jan 11, 2023
meobizy:
Where is Kobojunkie when needed.

WTF!!!
Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by uchdavinci: 6:02pm On Jan 11, 2023
Approach and ideology.

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by ttmacoy: 6:03pm On Jan 11, 2023
Because we suck at succession planning and find it hard to delegate and let go of control, we went to be involved in everything and all decisions and as a result the business is too dependent on the owner.

Nigerian business owners should learn to be comfortable delegating to other people and also paying people well so you attract smart problem who can make decisions without you rather than just paying N30k and expecting a genius.

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)

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by Olaideolayemi(m): 6:05pm On Jan 11, 2023
That's the problems of one man business,if the man listed all the company to Nigeria stock exchange.. The name and the company will still exist till now..

1 Like

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by fof1: 6:06pm On Jan 11, 2023
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)

Institutional Flaws,Lack of Good Corporate Governance,Greed and infighting amongst Others

2 Likes

Re: Why Do Some Successful Businesses Fold Up After The Demise Of The CEO? by OVB123: 6:11pm On Jan 11, 2023
cassyrooy:


Present Ma.

I think what you've done is to highlight the "Key Person Factor".

When the pioneer or Key Person in a business dies, a lot of businesses folds up.

Many businesses are set up for profits taking and as such may collapse immediately the person who set it up isn't there to maintain both internal and external control over clients and employees.

Again, successive administrators may not share same vision and aggressive passion to grow the business beyond what they met so when things get out of control, they're not able to handle.

Organisational structure may not reflect current requirements. Once a key person dies, overhauling the structure of the Organisation is very important to meet the needs and demands of the challenges that may cause the business to fail.

Many don't see this until everything collapses.

1 Like 1 Share

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