John Walker, the CEO and business manager of Kenaniah Consult, has explained that many businesses fail after the founder’s death because they were not built as independent entities, leaving them vulnerable to collapse when the individual is no longer around.
He emphasized the importance of transitioning from a one-person operation to a more sustainable, collective business structure.
Shedding light on key business challenges during an interview on A1 Radio, Mr. Walker pointed out that a major reason many entrepreneurs run businesses alone is the deep-rooted issue of trust.
“Basically, it’s because of trust,” he said. Business owners often fear that delegating tasks—such as managing finances or marketing—to others might lead to dishonesty, or they may worry that their children will not be able to handle the responsibility. This mindset, he explained, leads them to single-handedly manage all aspects of their business.
However, Mr. Walker believes that this approach can be counterproductive in the long run, especially for family-owned businesses. To address this challenge, he advised parents who are business owners to actively involve their children in decision-making, encourage them to acquire new skills, and provide opportunities for them to learn the business.
He stressed the importance of training the next generation to ensure smooth transitions and continued growth.
“If it is a family business we are looking at, it means that you have to encourage your children’s decision-making, provide opportunities for them to learn new skills, delegate some tasks, and communicate the essence of the business to them. You need to train them into the business.”
Mr. Walker also highlighted that modern technology could help safeguard businesses in various ways. He suggested that entrepreneurs take advantage of tools such as CCTV cameras to monitor operations and secure their assets. “If it is about money, you ensure that you have CCTVs everywhere to monitor,” he noted.
The entrepreneur further underscored the significant role that innovation plays in maintaining a competitive edge. While previous generations may not have been as familiar with branding and modern marketing trends, the younger generation’s understanding of these areas could breathe new life into family businesses. He encouraged parents to communicate with their children and be open to new ideas, as these fresh perspectives could elevate their businesses to new heights.
“Our parents didn’t know how to brand things, but the modern generation understands the latest trends. So, you bring these ideas into your mom’s business, your dad’s business, and you’re able to push it to the next level.”
Source: A1Radioonline.com | 101.1Mhz | Gifty Eyram Kudiabor | Bolgatanga
