Just in case

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 As I'm writing this, I'm just from listening to a song called just in case ( I kind of forgot the artists name) then ikavunja the creative block nilikuwa nayo kama venye that squirrel huwa inavunja that acorn imekuwa ikichase for the longest time ever (Kama hauget, go watch Ice Age).  Anyway, najua mmeona hii kwa most action or horror movie or series. Kuna ngori fulani in the horizon imetokea, there's a slim chance of the protagonist and their group or person they are with to survive. Tunaonyeshwa scene ya the protagonist akiwa na touching moment yake with the loved ones or someone close. Alafu utapata most times hio scene hukuwa na some emotional music playing in the background.  Kind of last moments kind of vibe because they don't know if they'll survive whatever lies ahead of them. It's a very heartfelt moment before they charge off to deal with whatever shit has been thrown their way. An apocalypse of zombies or monsters, stupid people with guns, you name i...
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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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