Owners of private companies across the country have been urged to always teach their children rudiments of their businesses, so that the companies will survive after their demise.
A lecturer in the Department of Business Administration, Ekiti State University,Ado Ekiti, EKSU, Dr. Chibogu Okolugbo gave the advice in an exclusive interview with a Radio Nigeria Correspondent Lanre Omotoso in Ado-Ekiti on the sideline of how most businesses collapse after the death of their owners.
Dr. Okolugbo observed that some of the leading companies in those days such as Concord Newspaper, Okin Biscuit, Okada Airline, Odutola tyres and Adebowale Stores which were performing creditably well when their owners were alive, collapsed after the demise of their owners, due to inability to train their children the proper business methodologies.
The University Don pointed out that many companies in developed countries such as Coca-cola, Nestle and Toyota were family companies that outlived their founders due to proper succession business plans.
Dr. Okolugbo opined that for privately owned companies to outlive their founders in Nigeria, such owners should desist from sending their children abroad at tender age.
He said that “if there would be the need for owners of private companies to send their children abroad, the children must have acquired university education in Nigeria”
According to Dr. Okolugbo “any child who have been parts of the business during their undergraduate days, would have mastered rudiments of the business”.
Dr. Okolugbo maintained that if there is need for company owners to send their children overseas, it must be on the basis to acquire more knowledge for smooth running of the business.
