Segment: African Wealth Rarely Survives Past the Third Generation

What if the biggest difference between families who build wealth that lasts for generations and those who watch fortunes disappear within a single lifetime isn't how much money they accumulate, but understanding that children who feel forced into family businesses will resent the obligation, that sending your kids abroad for education while shielding them from the discipline and hard work that built your success is the undoing of the next generation, and that at conferences bringing family businesses from around the world some representatives are in their ninth or sixteenth generation while only two Africans sit in a room of over a hundred people because we simply don't put systems behind our businesses to ensure they pass from generation to generation?

In this powerful and deeply insightful episode of Konnected Minds, we sit down with Abiola, a family business advisor who has spent 10 years managing family offices across Africa, and she reveals the uncomfortable truth about the business at Kantamanto making over 200,000 cedis every day whose parents sent all the kids abroad but now none of the children are interested in taking over, why this story is very familiar and more like the stories she hears every day because of the type of work she does, why African wealth creators largely build from business and real estate but when the founder passes or something happens the next generation has not been brought up to speed and everything goes back to square one, and why we don't have businesses that pass from generation to generation because we don't put systems behind those businesses and there is no succession plan that ensures the next generation is already in queue ready to take on the battle.

She breaks down why a family office is set up by ultra high net worth individuals or wealthy families who want their wealth to be institutionalized and want to build a system and an infrastructure around the wealth they've built so that it can perpetuate multiple generations, why the first generation builds the wealth the second generation enjoys it and the third generation destroys it or they don't even find anything and start all over, why at a 2019 conference in the US bringing family businesses from all around the world together they were only two Blacks two Africans out of a room of over a hundred people, and why she interacted with representatives of family businesses some of them in their ninth generation some in their sixteenth generation and it was so inter