Accra: The Family Business Hub has launched a new initiative named NextGen Connect, aimed at equipping and uniting the next generation of family business leaders. The platform is designed to provide a community for emerging leaders, siblings, successors, innovators, and advocates of legacy enterprises to enhance their skills, share knowledge, and prepare to lead businesses that can endure across generations.
According to Ghana News Agency, Madam Mary Asante-Asamoah, Founder of the Family Business Hub and Host of Family Business Diaries, highlighted that nearly 70 percent of family businesses do not survive beyond the founder. In Africa, the statistics are even more concerning, and NextGen Connect is a proactive response to this issue, emphasizing that intentional leadership is crucial for altering this narrative. Madam Asante-Asamoah stated that NextGen Connect was created from the belief that the story of African family businesses does not have to conclude with the founder.
Madam Asante-Asamoah emphasized that too many businesses disappear because continuity is left to chance rather than being a deliberate choice. Through this initiative, a safe space and strong community are being built for next-generation leaders to learn, share, and lead with purpose. The goal is straightforward: to ensure family businesses not only survive but thrive across generations.
Dr. Gifty Quarshie-Ngissah, Medical Director of Midway Hospital, shared insights from her leadership journey in a family enterprise that has thrived for 45 years and continues to prosper even after the founder's passing five years ago. Her experience highlights the importance of transition and transformation, including restructuring and growing the business, fostering strong employee relationships, and making strategic decisions for sustainability. Her story provides valuable lessons on resilience, innovation, and the balance between tradition and change.
NextGen Connect builds upon the momentum generated by the Family Business Diaries podcast, which raised awareness about the unique challenges and opportunities faced by family enterprises. The inaugural event for NextGen Connect brought together professionals from various industries such as technology, consumer markets, consulting, and manufacturing. It was a dynamic exchange of ideas, strategies, and a shared commitment to building enduring enterprises.