African Family Firms Founder, Tsitsi Mutendi on how Family Business is like “Raising the Baobab”
#PoisedforExit had the honor of interviewing Tsitsi Mutendi, Founder of African Family Firms, Nhaka Legacy, and host of “Enterprising Families” podcast!
Tsitsi grew up in family business; in her immediate family and among her extended family and friends. Many of those companies did not survive generational transfers, so Tsitsi dove into the world of family business to found her own companies, become an adviser herself and change the outcomes.
First, she founded Nkaha Legacy, an advisory firm for owners and their families that uses its expertise in consulting and family business governance to help the generations navigate change, develop a flourishing legacy and keep the family itself intact.
“Nhaka” is a word meaning 'heritage' that transcends financial wealth, and encompasses all that an owner leaves behind. Their wisdom, knowledge, reputation, and other intangibles that tend to live on longer than the money left to heirs. In other words, the entire legacy. Tsitsi's mission is to build, sustain and protect her clients' business continuity and legacy through engaging programs and other valuable family business resources and organizations; most of which she's had a hand in establishing herself!
Family Business Governance is something that owners of family businesses in the West tend to struggle with if they don't have the proper advisors to walk them through setting it up. In Africa, Governance is part of the Culture already, making the Family Business part of Governance a much easier pill to swallow. There's much more to learn about this, so be sure to listen to the show!
A popular tree in Africa called the “Baobab” is used to describe the written work that Tsitsi will soon publish! “Raising the Baobab” is the book's title and it refers to how family business advisory is like raising the baobab tree. The tree grows to be quite large and supports many functions and uses. As advisors, it's our job to help encourage, support and “raise the baobab” of the family business, that supports communities and families for so many when they are strategically and skillfully supported and grown. Using the 5C's of Capital as its foundation, “Raising the Baobab” will surely be a future Best Seller!
Listen to this episode here!
Connect with Tsitsi Mutendi here and Julie Keyes here.
It's never too early to plan for your future exit – grab a copy of Julie's 'Free Ebook' here.
Thank you to our show sponsors! Sunbelt Business Advisors and Trust Point
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Check out these resources offered by KeyeStrategies:
- Business Readiness Transition online course
- Free Ebook download here
- Purchase Poised for Exit book here
