‘Local businesses need succession plans’

A retired justice of the Supreme Court, Justice Stephen Alan Brobbey, has advised Ghanaian business persons to put in place effective succession plan so that their businesses will continue to thrive even when they become too old or die.

Justice Brobbey said many successful businesses had collapsed because of lack of a succession plan, saying the situation also gave room for litigation among families, particularly after the demise of the owners.

Memorial lecture

In the main speech at the 60th anniversary memorial lecture of the late Opanin John Kwame Bawuah Bonsafo Edusei in Kumasi, last Friday, Justice Brobbey said it should be possible for Ghanaians to also own businesses such as the Hondas of Japan, if proper measures were in place.

“Others have done it and I don’t see the reason why many of us in Ghana cannot do it,” he said, citing particularly, the many successful businesses in Kumasi which had collapsed following the death of their owners as a result of litigation over their properties.