Family businesses: To keep or to let go?

Sometimes, apprenticeship works. Aliko Dangote, Africa’s richest man, came from a lineage that was known for its business acumen. In sports, children sometimes take after their parents’ trade; Kenyan football national team captain Victor Wanyama’s father played for Harambee Stars, and Wanyama’s siblings, including McDonald Mariga, have excelled in sports. But it does not always happen that way.

When it comes to family businesses, many owners assume their children would want to keep the enterprise within the family. After investing their time, money and sweat into the business, entrepreneurs are sometimes surprised to learn their kids are not interested in taking over the family business. Some would rather not even learn how the business works, as they are interested in different things altogether.