An alumnus of the Harvard Business School, Bode Adetoyi, has identified lack of succession plan as one of the major problems affecting the growth of businesses in Nigeria.
Bode, who is also the Chief Executive Officer of Hi- Nutrients International Limited, disclosed this Lagos recently, during the occasion of his 50th birthday celebration. He described how he built his company from the scratch to an international brand which attracted Neovia, a leading global brand in animal nutrition for a merger and acquisition.
Neovia, an Agro-allied company with its headquarter in France had on June, 18 2018, announced that it has acquired majority stake in Hi-Nutients, which according to Bode was the premix market leader in Nigeria.
Bode noted that the acquisition subsequently positioned Neovia to develop and introduced Wisium’s portfolio to a promising new market.
According to Bode, “Many African businesses are stunted or died because the owners of the businesses hold to them 100 percent even when it is obvious they needed partnership or merger with other global brand to move on.
“It is only in Nigeria and Africa you see business owners holding on to their businesses until they die. Most African businesses hardly outlive the owner, this is because of lack of succession plan and over protection of business even when it becomes obvious there is need for partnership or acquisition.
“When I founded Hi Nutrients,a company that specialises in production of Premixes, vitamins, and minerals for dairy cows and aquaculture in 2004, I told myself that this is a company that will grow to become a global brand some day and outlive me, I thank God the dream has come to pass today,” he said.
Bode, advised business owners on the need for effective record keeping and integrity, adding that this was what attracted Neovia to his company, when they were looking for an inroad into African market through partnership or acquisition of companies in Africa.
“Always keep proper records of your daily business activities, when you buy petrol into your car, keep the receipt, even when you buy recharge card keep the record because these are the records that would show anyone how accountable you are. It is also important you make integrity your watchword, this is your social capital and it is more than money, trust in business world can get you capital,” Bode noted.
The event provided an opportunity for the launch of his book entitled: ‘The Entrepreneur,” which explained the principles of building a successful business in an environment that is not so business friendly.