Family-owned and private companies in Kenya contribute directly and substantially to the economy. The opportunities for growth include professionalization, diversification and regional expansion.
PwC’s 2016 survey shows that family business owners view their organisation as more agile than other types of organisations, with faster decision-making processes and a better view of their long-term purpose. A focus on day-to-day matters can obscure the strategic steps necessary to achieve long-term vision, as can unclear conflict resolution processes and incomplete succession plans. Involving the next generation early and remaining open to innovation can help family firms to maintain and build a competitive edge.