Recent research conducted by Asoko has revealed that Kenya boasts close to 500 family-owned businesses that generate revenues surpassing the $10 million mark. This diverse spectrum of businesses spans across various industries, sectors and specialisms. Furthermore, among these businesses, close to 15 percent achieve annual earnings exceeding $50 million, a quarter of which exceed the $100 million threshold.
Despite their positive impact on Kenya's economy, family-owned businesses face several structural challenges, including a lack of robust succession planning and good governance strategies, poor management, as well as challenges with the integration of the next family generation (‘the NexGen’) – all of which, if not correctly addressed in a timely and inclusive way, could potentially limit their growth and reduce their lifespan.
