On the 14th of March, the Family Business Hub hosted its first NextGen Connect Global Retreat in Accra at Palms by Eagles. The event was themed “Stewarding Legacy’’- Legacy is not inherited, it is Stewarded. The Global Retreat is an innovative program focused on bringing together the Next generation of leaders in Family Businesses. The retreat provided them with insights, expertise knowledge and connections they need in continuous building, sustaining and maintaining their Family Businesses to ensure the business thrives beyond their time and establishing a legacy for future generations.
The Founder of Family Business Hub, Mary Asante-Asamoah began by acknowledging the complex realities faced by NextGen Leaders. She highlighted the pressure to meet expectations, navigate generational differences, preserve the Founder’s legacy, and adapt to technological advancements while protecting the company’s vision and culture. Mary emphasized the importance of open communication about business, partnerships, and individual roles. She noted that NextGen leaders are expected to manage a network of relationships, including founders, family, long-standing employees and stakeholders. Despite these challenges, Mary affirmed that with proper structures, systems, and communication, NextGen leaders can thrive.
The Retreat brought together experts, with keynote speaker Theodore Albright, Esq, underscoring a key principle that if you are seeking to understand “HOW’’ to achieve success, you should focus on identifying and learning from the right “WHO’’, the experts and mentors who can guide you. This suggests that the people you learn from, and the connections you build, are crucial for navigating the complexities of business and achieving your goals.
Mr. Theodore Albright emphasized at the retreat, that “Avoidance is better than addition” prioritizes proactive risk management and efficiency. It emphasizes preventing problems over seeking new solutions and carefully assessing growth opportunities. This approach focuses on stability, resource conservation, and minimizing risks, ultimately advocating for a cautious strategy that values efficiency and long-term sustainability over constant change.
To delve deeper into how leadership impacts business growth, we were privileged to hear from Robert M. Benin, CPTD, CFA, FloD, on the subject. He emphasized the critical importance of self-awareness in leadership, urging leaders to define clear boundaries and understand their roles. To NextGen leaders in family businesses, he stressed the need for a shared purpose to unite all stakeholders, both family and non-family members, fostering unity and ensuring progress without exclusion.
A NEXTGEN JOURNEY OVER THE YEARS…
We were fortunate to have a NextGen leader, Salem Kalmoni, managing director of Japan Motors and a third-generation leader, share his insights. He emphasized that as NextGen leaders, our focus should extend beyond personal gain to encompass the entire family’s legacy. He encouraged continuous self-improvement, and the pursuit of global standards. He highlighted the importance of investing in education, intellectual growth, and reading to spark innovative ideas.
THE WAY FORWARD…
Ready to build an even brighter future? Keep the energy going and get ready for the NextGen Connect Global Retreat in 2027! Let’s make it even better, and don’t forget to stay connected. Get more details of all events and activities on our socials @familybusinesshubgh.
