Stories from the banking hall

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  People out here are angry, really angry. I know this is no way to start a story, but relax it's heading somewhere, I promise. It's a chilly morning and I'm at a bank waiting for my turn to be served, service yao ilikuwa imeanza kusumbua from Monday, but hey, that's a story for another time. I could feel like I was a bit out of place, you know? because the last time I remember I was in a bank was many years ago, when I was on campus, paying for my fees. Mzazi aliniamia bana, alijua ningepata guts, temptations za kukula fee ingekam, ningejua venye ningeilipa. So where was I?  Oh yes, there is this guy who is seated like 2 or three seats away from me, bigger and older than me from the looks of it, looks like a business man, or in lay man terms jamaa wa madeals. After a few minutes waiting, he starts getting impatient, and frustrated so he starts complaining, why is the service taking so long, can't they go a little faster, and so on and so forth.  I'm seated ther...
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Why family businesses collapse or go bankrupt.

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I was chilling, reading up on an article where a popular retail chain with branches all over the country, was almost closing shop due to in-house wrangles by the family. 

Another retail chain also found itself in the same predicament some time back so it got me thinking, 

Why do family businesses 

collapse 

or 

go broke?

There are a number of different reasons that came up that I thought could be why family-owned businesses often find themselves collapsing and going bankrupt. 

Some of the most common causes include;


  • Poor succession planning
When a family business does not have a clear and well-defined succession plan, it can lead to conflict and confusion when the current owner retires or dies. This can lead to poor decision-making and a decline in the business's performance.
  • Lack of professional management
Family businesses often rely on family members to manage the business, even if they do not have the necessary skills or experience. 
This can lead to poor management and decision-making.
  • Nepotism
Nepotism is the practice of hiring and promoting family members based on their relationship to the owner, rather than their qualifications. 
This can lead to a need for more qualified employees in key positions, which can hurt the business's performance.
  • Conflict of interest
Family members who own and operate a business together often have competing interests. This can lead to conflict and disagreements, which can damage the business.
  • Financial mismanagement 
Family businesses can be susceptible to financial mismanagement, such as overspending, poor budgeting, and excessive debt. This can lead to financial problems that can force the business to close its doors.

Now the reasons have got us to another question, now that we know what causes the in-house wrangles in family-owned businesses, how do we reduce them, or the bigger question after that should be, how would you prevent the in-house fighting in your present or potential family-owned business to meet the same predicament?

Comments

  1. Innocent KinayaSeptember 28, 2023 at 6:09 AM

    Indian families mostly thrive in family businesses, i don't know how they crack it. They are one of the most prosperous

    ReplyDelete
  2. PrestablogsSeptember 28, 2023 at 6:44 AM

    That's a nice piece

    ReplyDelete
  3. AnonymousOctober 2, 2023 at 1:01 PM

    Insightful,hii inafaa kuwa a conversation 💯blog commenting to start conversations.

    ReplyDelete

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Is a pleasure to keep you as my reader entertained. Peace✌️

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