African Business talks to Sandeep Main, partner in tax and regulatory services and KPMG One Africa head of private enterprise, about how African family businesses are managing their wealth and making provision for the needs and priorities of the next generation.
African Business: How can African family businesses transition from local operations to pan-African or global financial empires?
Sandeep Main: The transition is very intentional and doesn't happen by accident. There are a few key steps we consistently see.
First is governance. Families that scale successfully tend to move from highly centralised, founder-driven decision-making to robust governance frameworks that include boards with clear mandates, defined roles for family and non-family executives and documented decision processes.
Originally published by African Business.