- Jersey Finance
- |1/5/25
NextGen Succession Planning for Kenyan Family Businesses
26 October 2023
For the sake of reference, we'll refer to her as Mary; who is based in Mombasa. Mary's thought-provoking question centered on the notable observation that groups of family-owned businesses were only just coming to grips with the complexities, both operational and legal, when it comes to succession planning.She shared her own experience of being thrust into leading their family business as a second-generation member as a result of the death of the founder of the business, her father.
Although relatively transparent and good-intentioned, the transition plans were perhaps in the mind of the late founder and the sudden death of the founder catapulted the NextGen into a role that was new to them.
In part two of Faizal Bhana's thought leadership article on NextGen succession planning for Kenyan family businesses, he delves further into Shari’a-compliant endowments, or Waqf structuring solutions, an attractive succession planning tool for the Kenyan coastal community which has a large Muslim demographic.
