Sustainable family business is not about forcing children to take over – Vanguard Assurance Chairman

November 9, 2023
Sustainable family business is not about forcing children to take over - Vanguard Assurance Chairman

Mr Daniel Awuah-Darko, Chairman of Vanguard Assurance, emphasized the importance of building sustainable family businesses by creating lasting systems rather than compelling the next generation to take over, especially when they lack interest or skills in the field.

Speaking at the sixth edition of the Stanford Seed Network Business (SSTN) Conference in , he shared insights on the theme, “Balancing the wellness, Growth, and Legacy: The Complete Leaders Conversation.”

The conference gathered hundreds of business leaders to explore challenges faced by leaders, including balancing health goals, relentless pursuit of business success, and the creation of a lasting legacy.

Mr Awuah-Darko stressed the significance of developing a framework that, even after the owner's retirement, ensures the sustainability of the business.

He urged businesses to remain conscious of the evolving changes in their respective ecosystems and adopt innovative solutions to ensure sustainability, especially in light of the lessons learned from the pandemic.

“Innovation and adoption are the new bedrock ideologies on which any business can thrive,” he noted.

Mr Awuah-Darko also highlighted the importance of not only addressing current clientele needs but also anticipating future needs by considering technological advancements and societal trends worldwide.

“To stay ahead of the game, it is important to regularly evaluate products, services, and customer feedback to identify opportunities for growth and improvement,” he added.

He emphasized that the success of a business relies heavily on the dedication and motivation of the team of staff and making them feel like an integral part of the business.

Dr. Charles Yeboah, CEO of International Community School, stressed the need for business leaders to uphold values like humility, honesty, and hard work to foster growth and sustainability.

He noted that a common mistake young business owners make in Ghana is intertwining their personal lifestyle with business inflows, which can hinder the growth of a promising business model.

Mr. Carl F. Richards, President of SSTN Ghana, encouraged participants to explore the synergy of physical and mental well-being as the foundation for peak performance.

He stated that discussions delved into how wellness can be a competitive advantage that propels businesses to new heights.

The SSTN network aims to provide a platform for members to connect, learn, and collaborate with like-minded business leaders globally, fostering continuous leadership development and business growth.

The insights shared at the conference shed light on the critical factors in building sustainable family businesses and ensuring long-term success and prosperity.

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