Leadership expert Paul Wanyagah. [Courtesy] Family-owned businesses have for a long time played a bigger role in the global economy, perhaps more than is appreciated. For example, it is estimated that family-owned businesses today account for more than 70 per cent of the gross domestic product (GDP) globally, and over 60 per cent of global employment. It can therefore be concluded that family businesses are the predominant type of business organisation in every economy in the world, as they play a significant role in creating employment in the private sector, while boosting gross domestic product. Some of the well-known international…
Author: By Paul Wanyagah
Dr Paul Wanyagah. [Courtesy] Some organisations have given their departing chief executives or managing directors some role after their exit or end of tenure. While there may be several benefits in doing so, there are significant downsides, which can make this a more complicated scenario than you might think. One of the best reasons to give a departing CEO or MD a role in the company, for example, being a board member or advisor, is that they have a lot of inside information about the business and industry—something that many board members may not have in adequate supply. Having an insider can serve as an asset…