High Court Judge unhappy about poor succession plan of Ghanaian-owned businesses
Justice Mrs. Lydia Osei Marfo, an Accra High Court Judge has expressed worry about the poor succession plan of many Ghanaian-owned businesses in the country.
This, she said, was contributing to legal battles over business ownership, thereby disintegrating families.
Justice Mrs. Marfo raised the concern when she addressed the 40th anniversary celebration of the Glory KinderCare Learning Complex in Sunyani on the theme “Glory at 40: Celebrating Our Past, Ensuring a Brighter Future.”
She noted that as Ghanaian-owned businesses grew and developed, personal relationships between family members often started to become more complex, difficult and in some cases more fragmented.
As a result of these dynamics, Justice Mrs Marfo said only a few of such businesses were able to survive a generational change in ownership, saying a small percentage proved sustainable beyond the third generation.
“The company we keep and the cultures we function in, either bring us inspiration or derail our progress”, she said and entreated business owners to design and introduce good succession plans to sustain the growth and development of local businesses in the country.
Mrs. Agnes Taah-Amoako, the Director and Proprietress of the Complex explained hard work, perseverance and focused mentality had brought the school to the current status and commended teaching and non-teaching staff, parents and guardians for their unflinching support towards the growth and development of the complex.