Podcasts Business WHERE’S THE FUNDING? How Lack of Succession Planning Costs Black Family Businesses and What They Can Do About It with Nike Anani S2 Ep.16

How Lack of Succession Planning Costs Black Family Businesses and What They Can Do About It with Nike Anani S2 Ep.16

Published: Aug. 24, 2021, 4:10 a.m.

Nike Anani is a Speaker, Author, and Consultant to NextGens that seeks to lead their Family Businesses. She helps NextGens rise above operations into a non-executive board role with credibility, so that they are able to lead and formulate a plan to future-proof the business, becoming more effective change agents. Nike fuses her inside experience as a NextGen executive in her Familys Enterprise, as a Chartered Accountant, and as a Family Business Advisor to bring practical proven solutions to the table.

Key interview highlights:

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  • It can be lonely in a NextGen leader in a family business if you dont have any peers in a similar position to share those particular struggles with in a what that they can really understand because they have also faced similar challenges Founders find it hard to let go and make room for NextGen leaders to make their mark on a business that the Founder started.
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  • Having a succession plan for a business is not only about the financial security of the family itself but also the employees and the ecosystem created around that business such as customers and suppliers who would lose if that business were to go under if the Founder passed and there was no succession plan in place.
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  • Succession plans take time and should be put in place as the business is being built and not at the point the Founder is ready to retire or unfortunately passes away.
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  • Succession planning is not a transaction, it's a transition.
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