By Abigirl Phiri
Worth Noting:
- Most of the times, this sad ending is attributed to lack of interest in the business itself on the part of those who will be left governing it. Needless to mention that, starting a business requires passion. Thus, when there is none then the care is less which results in the downfall of the entrepreneurial family owned business regardless of its glorious past. Also, the issue of fighting over the possessions left over by the owner is the one that results in the falling apart of the whole empire.
- It baffles the mind that many people are moved by jealousy that they end up fighting over somebody’s possessions. At least if you cannot work for yourself, have the decency to be able to uphold somebody’s empire.
The poignant reality about entrepreneurial family owned business is that when the owner kicks the bucket, that is the sorry end of the legacy. Research has tried to get to the root cause of why this continues to go on in different parts of the world without much success. This is because hell must freeze over before people let entrepreneurial family owned businesses meet their end.
Truth be told, this should be the mantra that not for all the tea in China must these family owned entrepreneurial ventures cease to exist. Although many businesses have faced this sorry fate, this should not be the case. Frankly speaking, starting an entrepreneurial venture from the grass root level up until it become a big family owned giant is a major thing.
It requires a lot of zest and unwavering grit amongst other personal positive attributes. One would have sacrificed a lot to attain and realize such a colossal dream. The clarion call of this piece is for the remaining family members to continue with the legacy that would have been started by the founder.
Most of the times, this sad ending is attributed to lack of interest in the business itself on the part of those who will be left governing it. Needless to mention that, starting a business requires passion. Thus, when there is none then the care is less which results in the downfall of the entrepreneurial family owned business regardless of its glorious past. Also, the issue of fighting over the possessions left over by the owner is the one that results in the falling apart of the whole empire.
It baffles the mind that many people are moved by jealousy that they end up fighting over somebody’s possessions. At least if you cannot work for yourself, have the decency to be able to uphold somebody’s empire.
Keep it afloat as best as you can after all effort does pay off in many instances than throwing in the towel.
However, these bad apples would rather the whole business faces its untimely end than see somebody run it well like its previous owner. For that reason, as a business owner have a plan of what will be of your business when you are long gone.
A succession plan is a must have when you form a family owned business regardless of its size. Study the people around you so that you pick the rightful successor who will continue to head the ship as the captain.
Futuristic plans should be underway rather than deal with hindsight which many people tend to fall victim to. Particularly, too many people involved in an entrepreneurial family owned business are a source of trouble as tempers, rivalry and jealousy will flare high. Instead, as a founder have a game plan of how you will manage your business.
In Africa many businesses have faced their end when the founders leave this face of earth. Sometimes it is not lack of trying on the part of the remaining relatives. Unfortunately, it is about not having enough knowledge on how to go about it. This is because to run a business you have to be systematic in your operations.
You do not just try your luck but you have to have an appreciation of some doctrines such as accounting, marketing and human resources before you seize on an opportunity. Indians are well known for preserving their family owned business.
It is tradition to them and failing to run the operation will be tantamount to having given up on the departed founder somehow. Such belies and culture should be inculcated in all races that we must honor the memory of our loved and departed ones by keeping their entrepreneurial ventures up and running.
It means so much to be able to run a business as an ordinary individual. Starting from scratch and becoming someone of importance in the society. To that effect, train your kids or your kin whom you trust to appreciate your commendable efforts so that you ultimately share the same common vision.
Notably, this is the only way of ascertaining they will continue with your legacy even when you depart from this earth. Remember you will be the pioneers who will ensure that the rest of your generation comes from old money.
A good example of a family owned business is of the Ford Motor company which up until now is up and running successfully. Suffice to say, the ideal entrepreneurial family owned business should have operational years spanning over decades.
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