Family Business
Roadshow

Overview

Family businesses make up about 80% of businesses in Ghana. This majority of businesses in the economic landscape contribute immensely to the GDP of the nation, they employ more than any other form of business and contribute so much to the total tax that is paid to the government. Thus, the family firm’s growth and sustenance are essential drivers to attaining a thriving economy.

Despite the remarkable national contributions and intrinsic potential of family businesses, family business leaders have little knowledge on how to build a sustainable business that transcends generations. Most of the time, family businesses collapse after the demise of the founder. But the success of an entrepreneur is a business that outlives him/her.

Building a sustainable family business involves merging the principles of entrepreneurship, long-term planning, and family dynamics. It encompasses creating a business that not only thrives economically but also maintains harmony and unity within the family over generations. Some key elements to consider when embarking on this journey include; establishing a shared vision and set of values that align with the family's aspirations and the business's purpose, succession planning, building a governance structure, professionalism and expertise, continual learning and adaptation, and communication and conflict resolution.

Building a sustainable family business is a complex and ongoing endeavor. It requires a delicate balance between family dynamics, business acumen, and a long-term perspective. By focusing on shared values, effective governance, professionalism, adaptability, and social responsibility, families can create a legacy that transcends generations while ensuring the growth and prosperity of their business.

In view of this, the Family Business Roadshow (FBR) will be a road tour that goes through all 16 regions to build the human capital of its indigenous businesses. The FBR will be organized by Ravens Consulting.