The Nigerian British Chamber of Commerce, and managing Director/Chief Executive Officers, Coleman Technical industries Limited, George Onafowokan, has accused underdevelopment and lifestyle on poor business succession plan in Nigeria.
They gave their word during the NBCC 2024 Next Generation Series with the theme “Transforming a Manufacturing Business” held in Lagos.
Mr. Ray Atelly, president /Chairman of council, NBCC make this known in his welcome address, saying lack of business success plan is a sign of insufficiency and we do not plan succession well in Nigeria.
Atelly said: “The lack of a business success plan is a sign of underdevelopment that we do not plan succession very well in Nigeria. The route to go so that we don’t fail and society that are currently running should also aware that the CEO or the chairman will not live forever. So after a few years, you will have to surrender.
Inheritance does not mean handing over to your children,it also mean teaching others within the society so that they can take over. You need to teach other’s, you need to give others the authority so that in turn would want to enlarge in the business.
A lot of youth are not interested in their parents’ business but they can take the business refine it, shine it, and make it better, just like the Coleman story.
If you don’t like the business, there are other side of business you can survey, the important thing is to keep it going and keep the employee so that they don’t have to shut down and start over again.
Onafowokan stated: “Most businesses in Nigeria are built for lifestyle and not legacy. As a business, you must know where you are going in 10 years because it gives you the staying power, the day you know it, is the day you stay. Succession planning starts with you creating structure that allows your business to stand when you are not there.
“Sustainability program for both the workforce and the family basically, is dependent on growing a team that is built from the ground up. What we have been able to do is to have a team that is focused on being able to deliver on their own. You can’t build a business that is sustainable based on only you.”
