Strathmore University Family Business Owners’ Day
300 business owners with their families and business managers gathered at Strathmore University Auditorium for the Family Business Owners’ Day, hosted by Strathmore Enterprise Development Centre (SEDC) in collaboration with NIC Bank, on Friday 23rd March, 2018.
The family business owners engaged with experts in the entrepreneurial field who taught them the importance of organizing their businesses as well as the need to invest in coaching. While analysing family succession, business management, and financial accounting, the participants were encouraged to put in proper structures to enhance their business growth.
Prof. David Wang’ombe – Director SEDC and the Dean School of Management and Commerce (SMC) Strathmore – spoke about key areas that every family business should focus on as they seek to stabilize and strengthen their growth. “Formulate the family constitution that clearly states the vision, mission and policies that regulate members’ relationship with the business,” said Prof. Wang’ombe. He added that “Successful successors… love their business and know it well, know their strengths and weaknesses, lead and serve, and are guided by earlier generation advisors and the board of directors.”
The participants also learnt from the founder of Be Bold Consulting and Advisory Ltd. – Wanja Michuki – on the need to engage in family business team-coaching exercises. She spoke of the seven steps of business and coaching that include: Concept and Startup, Survival, Subsistence, Stability by hands-on, Success by walking around, Significance and Succession.
The entrepreneurs and managers then engaged in a Q&A session with the experts learning more before hearing from representatives from ICEA Lion, Musyimi and Company Advocates and Viva Africa Consulting LLP. The three firms made presentations on insurance, legal matters and financial tax advisory respectively.
The day concluded with guests consulting and networking with each other while visiting exhibition stands.