Kenyan family businesses employ over 60 per cent of the workforce and contribute over 50 per cent of GDP. Owing to this, stakeholders including the government, founders, employees and others should strive to ensure that these businesses transition seamlessly from one generation to another. In the recent past, poor performance in family businesses has been reported in Kenya particularly among the SMEs. Take a surveyOther notable cases include the Ndegwa family businesses, the Kenyattas, the Mulleys, Bidco, Sarit Centre and Naivas. Family businesses should have structured knowledge transfer strategy such as training sessions, codification, personalisation and mentorship.

Source: Standard Digital May 12, 2021 03:56 UTC