“The plight of Nakumatt is very unfortunate,” Mr Joseph Okelo, the chairman of the Association of Family Business Enterprises (AFBE), told Nation on Thursday. “Sometimes when you bring skilled people from outside into a family business, there will be a perception that they may never rise to the top. Mr Okelo said any enterprise can be called a family business if the controlling shares and interests of the business are owned by family. “If a family owns 51 percent of the business, technically it is a family business because they’re the ones who control it. PwC, after conducting surveys on family businesses in 2014 and 2016, observed that family businesses were making “real progress” towards professionalization.

Source: Daily Nation January 07, 2018 05:37 UTC