CASE STUDY: MUTHOKINJU
It’s a family business.
CEO - son (only child & heir); Operations director - wife; Marketing director - mother; Chairman - father
The current CEO, a son of the founders, took over 10 years ago at age 24. He was involved in the business even as a child - he used to spend most of his time at the shop during school holidays.
When he took over, he contemplated changing the name to something cool/hip
“I’d considered changing the name Muthokinju for a ‘cooler’ name or an English one. But "after a conversation with myself,’’ he abandoned the idea. After all, his parents had successfully built the brand using the name.
His wife is the operations director:
“When we’re here, I’m her boss. She has KPIs (key performance indicators) that she must meet and report to me.”
Their children: They spend a few hours at any of their 17 branches on weekends. He wonders if they will take over the business from him.
They have 17 branches
Lesson from his parents: Delayed gratification - “You don’t have to get everything at once. It’s important to use your baby steps and to let things come to you at the right time.”
They have a family constitution that guides how the family engages with the business. The document also spells out how his parents will exit the business and how they will be taken care of upon retirement. It also spells out how his three children will come on board
"We’re intentional in ensuring that we (family members) engage professionally with it. Successful family businesses in the world such as Disney that has had smooth transitions have a document that guides them, especially in resolving disputes.
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