The Family Business Hub has launched NextGen Connect in Accra, creating a support network for emerging leaders of family enterprises across Africa.
The initiative addresses alarming failure rates among multi-generational businesses on the continent.
Industry research shows nearly 70% of family businesses fail to survive beyond their founders, with African enterprises facing even steeper odds. NextGen Connect aims to reverse these trends through leadership development and knowledge sharing among successors.
Mary Asante-Asamoah, founder of the Family Business Hub, established the platform after recognizing continuity failures across African family enterprises. She hosts the Family Business Diaries podcast, which highlighted challenges facing succession planning.
“Too many businesses disappear because continuity was left to chance, not choice,” Asante-Asamoah said during the launch ceremony. The initiative provides structured support for siblings, successors and advocates working to sustain legacy enterprises.
Dr. Gifty Quarshie-Ngissah delivered the keynote address, drawing from her experience leading Midway Hospital following the founder’s death five years ago. The 45-year-old medical facility has expanded operations and maintained profitability under her leadership.
Quarshie-Ngissah shared strategies for balancing tradition with innovation while managing family dynamics in business decisions. Her presentation covered restructuring processes, employee engagement and sustainability initiatives that strengthened the hospital’s market position.
The launch attracted professionals from technology, consumer goods, consulting and manufacturing sectors. Participants discussed common challenges including succession planning, governance structures and maintaining family unity during business transitions.
NextGen Connect evolved from the Family Business Diaries podcast, which documented real experiences of African family enterprise leaders. The platform expands beyond storytelling to provide practical resources and peer networks for emerging leaders.
Organizers plan to extend the initiative across Ghana and throughout Africa, recognizing that succession challenges affect family businesses regardless of size or industry. The platform offers structured approaches to leadership development and continuity planning.
The November gathering, termed the Next Hangout, will continue building the community while addressing specific succession challenges. Additional events and resources are planned as membership grows across the continent.
Family business sustainability affects economic development across Africa, where such enterprises often serve as major employers and economic anchors in local communities. Successful succession preserves jobs while maintaining institutional knowledge.
The initiative reflects growing recognition that family business continuity requires intentional planning rather than informal arrangements that often fail during leadership transitions.
Source: newsghana.com.gh
