Secrets of successful family businesses

Delegates during a family business conference at a Nairobi hotel. PHOTO | DIANA NGILA

From small tea stalls nestled in Muthurwa to large corporations headquartered in Upper Hill, family businesses have always been a part of Kenya's fabric. In fact, contribution by family businesses to Kenya's gross domestic product (GDP) amounts to 75 percent. A pillar of the world’s economy, family businesses account for more than two-thirds of all companies globally, and provide between 50 percent and 80 percent of all employment

Only a small minority of highly successful business-owning families have excelled and thrived through several generations. These families have much to teach other businesses, not only on governance, strategy and management but also on social and environmental responsibility and economic development.

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