Family enterprises control a considerable share of Africa’s economy, with small-and micro-enterprises playing an essential role in employment creation and economic development. The successful approaches used by these enterprises in running their firms decade after decade has attracted scholars’ attention to the mainstream drivers of sustainable growth for these businesses. While African family businesses are relatively younger than their counterparts in other regions, inadequate capital coupled with a lack of preparation for investment, lack of preparation for the next-generation leadership, sibling successor conflict, among others, has hindered their sustainable growth. For instance, as second or third generations take control of family businesses reins, they may be more open to external financing to grow their firms.
This webinar draws from the experiences of different stakeholders, explores how family businesses in Africa have evolved, the challenges faced, and the main drivers behind sustainable growth of these enterprises based on three pillars: economic, environmental, and social.