Family-controlled firms continue to thrive and engage with the global economy which heightens the need to adapt to new business models while addressing the unique leadership and succession issues they face.
Our family business services in Kenya offers customized strategic solutions to family-controlled businesses that are coping with transitions and the distinctive situations they encounter. Through decades of experience, we have defined key offerings and actionable insights on what sets the best family-controlled firms apart, and we share those insights with our clients. We also address the balance between the needs of the company and the level of family involvement.
In most economies, family businesses are an important growth, and it can be said that most businesses worldwide are family businesses. With its ability to create jobs and build long-term visions, family businesses make a unique contribution to the global economy and society as a whole.
In many ways, the challenges faced by family businesses stem from their own characteristics. Taking succession planning as an example, most family business leaders are still the first generation of founders, especially in emerging markets. Leadership is handed over to the second or third generation of family members, and the success of the power transfer largely determines the continued success of the family business. On the other hand, the size of family businesses in developed economies is increasing, and their challenges are quite different from those in emerging economies. These family businesses need a more formal way to balance the interests of the family and the business and ensure the continuity of tradition.
Our aim is to find the best talent for a family business to build a bright future. Based on our decades of experience working with the world’s top family-owned companies, we know that the first priority is to unify thinking among generations of family members and unify the entire family’s philosophy and approach to business operations and ownership management. With that in mind, our consultants work closely with family business owners and family members to create the right climate and drive the best talent decisions.
In order to better serve the family business, We have established a family business services in Kenya. Its main services include founder power transfer and succession planning (selecting the best executives between family members and managers who are not family members). Role planning for the next generation of family members, developing corporate governance frameworks for businesses and families, and more.
Our family business consulting services focus on three main areas:
Our consultants are the driving force of coordination between the family, the owner of the family business, and the management, in an effort to help family businesses reach agreement on the management of family affairs and business operations to ensure the continued success of the business. This work requires a clear corporate governance framework that separates business management from ownership and provides family members and family business owners with a “regulated process” for conflict resolution. Corporate governance can take the form of family councils, family offices, owners’ councils, and advisory committees. We use global knowledge and experience to advise on appropriate governance frameworks and determine the terms of reference of these institutions. Based on a clear evaluation of our business strategy and ownership structure, we will also assist companies in selecting independent directors and independent consultants based on their ability characteristics, so that the corporate governance mechanism can play an active role and regularly evaluate its effectiveness.
The transfer of founder’s power to the next generation is the most emotional and challenging problem that every family business will encounter at a certain stage. Each intergenerational heritage is an opportunity to think about future strategies, ownership structures, and management structures. Preparing for intergenerational succession is the key to the continued success of family businesses. This is a process that requires long-term management, not just emergency preparedness. We will accurately understand the current talent status and work motivation of family businesses, benchmark against the best talents inside and outside (especially during the major phase of founder transfer), analyze existing talents based on the company’s future development strategy and family vision Potential to assist family businesses in handover planning. In addition to attracting the best outside talent to the family business, we will also determine the respective responsibilities of the next generation of family members, develop employment guidelines and training development plans for the next generation of family leaders.
For many family businesses, recruiting executives from the outside is a big challenge. When such projects are launched, we make sure that all stakeholders agree on what kind of executives to recruit. By identifying the highest management position requirements based on value and competence characteristics, we help clients identify and evaluate candidates within and outside the company, family members and non-family members. Once the company has hired the best candidate, we will also support customers and hired personnel throughout the integration process, and conduct organizational adjustment and evaluation of the top management team.