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Maximizing Long-Term Success: 10 Ways to Reinvent Generational Transition in Family-Owned Businesses

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Family-owned businesses are the backbone of the global economy. From Walmart and Ford to Samsung and BMW, some of the world’s biggest companies have been run by families for generations. In Kenya, family-owned businesses are also prevalent, such as BIDCO Africa, Chandaria Industries, and the Kenyatta family’s vast business empire. However, one of the biggest challenges faced by family businesses is generational transition. As the older generation retires, it is essential to ensure a smooth and successful transition to the younger generation. In this article, we’ll explore 10 ways to reinvent generational transition in family businesses, drawing on best practices from around the world.

Investing

How to Start a Small Iron Sheets Factory

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Ali is a prominent business mogul who has created employment opportunities for many people in his vast business empire. He’s a serial Entrepreneur and an iron sheets factory, one of his lucrative ventures. In addition to his business ventures, Ali is a business mentor who organizes weekly business coaching sessions for Entrepreneurs. I was fortunate to attend a session where he was coaching about starting a small iron sheets factory. According to Ali, the rapid population increase has presented an opportunity in construction and housing. Iron sheets provide affordable roofing material for houses of any size. There is no doubt that starting an iron sheet factory is bound to expand your business horizon.