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Succession Planning

SUCCESSION PLANING:

Dear school owner,
As you build and run your school, make plans for the next person who will take over from you. Do not think that you are too young for this. Some will say that their 6years old daughter will take over from them when they grow up. I do not have a problem with that. The issue is that you may have to wait for the next 20years to achieve this dream. A lot of school owners also do not begin early to teach their children about business. You send them abroad to study and they never want to come back. Stop protecting these children. Show them how tirelessly you work to provide their needs.

So while you wait, who else are you training to run the school in your absence? Some school owners say that they are not comfortable sharing every business secret with their H/M because most of them jump out with your ideas to another school or to set up their own schools. But I beg to differ. If you have a young vibrant and proactive leader as HM or Administrator, you can make the person a share holder and board of director to retain him or her. This will bring about greater commitment and a sense of ownership. But we know that most school owners find it difficult to separate their personal account from school account. Don't be like that. Place yourself on salary and stop the frivolous spending. It is the school's money! The business is an entity separate from you. Be ACCOUNTABLE for every money you spend!!

Sole Proprietorship is the major problem Nigerian businesses have. It does not allow for expansion or investment from investors. And almost every time when the business owner passes on, the business dies with the owner. We should grow past this snag in this 21st century.
Succession planning is vital to the longevity of your business. 
Let your business outlive you.
Sole proprietorship is not the best option.
Plan for tomorrow today.

Melissa Chukwuma.
Senior Consultant ,
Groom Villa Consult.



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Succession Planning

SUCCESSION PLANING:

Dear school owner,
As you build and run your school, make plans for the next person who will take over from you. Do not think that you are too young for this. Some will say that their 6years old daughter will take over from them when they grow up. I do not have a problem with that. The issue is that you may have to wait for the next 20years to achieve this dream. A lot of school owners also do not begin early to teach their children about business. You send them abroad to study and they never want to come back. Stop protecting these children. Show them how tirelessly you work to provide their needs.

So while you wait, who else are you training to run the school in your absence? Some school owners say that they are not comfortable sharing every business secret with their H/M because most of them jump out with your ideas to another school or to set up their own schools. But I beg to differ. If you have a young vibrant and proactive leader as HM or Administrator, you can make the person a share holder and board of director to retain him or her. This will bring about greater commitment and a sense of ownership. But we know that most school owners find it difficult to separate their personal account from school account. Don't be like that. Place yourself on salary and stop the frivolous spending. It is the school's money! The business is an entity separate from you. Be ACCOUNTABLE for every money you spend!!

Sole Proprietorship is the major problem Nigerian businesses have. It does not allow for expansion or investment from investors. And almost every time when the business owner passes on, the business dies with the owner. We should grow past this snag in this 21st century.
Succession planning is vital to the longevity of your business. 
Let your business outlive you.
Sole proprietorship is not the best option.
Plan for tomorrow today.

Melissa Chukwuma.
Senior Consultant ,
Groom Villa Consult.



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