The seeds of a growing thriving family business are best sown early. A recent seminar organized by the Mastercard Foundation Africa Higher Education Health Collaborative at Kwame Nkrumah University of Science and Technology underscored this fact. The event brought together industry experts and aspiring health entrepreneurs to explore the intricacies of building and sustaining family businesses.
Mary Asante-Asamoah, Founder of Family Business Hub and host of the Family Business Diaries, emphasized the importance of foresight in establishing a family business. She urged students, poised at the beginning of their entrepreneurial journeys, to envision their ventures as multi-generational enterprises. “By laying the right foundation now, you’re setting the stage for a business that can contribute to Ghana’s growth and address critical healthcare needs for generations to come,” she stated.
Mary’s insights were complemented by the practical experience of Dr. Gifty Quarshie-Ngissah, Medical Director of Midway Hospital Ghana who she engaged in an interview during the seminar. As a second-generation leader, Dr. Quarshie-Ngissah shared invaluable lessons on the importance of robust structures and systems in ensuring the longevity of a family business in healthcare. “Transitioning from a family-owned business to a professionally managed one is crucial, you have to document your plans and ensure you have the right people to assist you get the job done” Dr. Quarshie-Ngissah emphasized. “It’s about balancing family legacy with business growth every step of your journey.”
The seminar also delved into the legal aspects of family business management, with presentations by Mr. Richard Obeng Mensah, Esq. and Mr. Kwabena Sarkodie Esq. on conflict resolution mechanisms.
The event was part of the Mastercard Foundation Africa Higher Education Health Collaborative’s broader initiative to foster healthcare entrepreneurship and improve healthcare delivery in Africa. By equipping young entrepreneurs with the knowledge and tools to build successful family businesses, the Collaborative is investing in the future of healthcare on the continent.
Watch highlights from the event below:
