Why Do So Many African Businesses Die With Their Founders? Succession, Stewardship and Legacy with Lydie Murorunkwere

[00:00:00] You're listening to the Unlocking Africa podcast. My professional journey has taken me from banking, public sector leadership, and more recently I've been engaged in corporate governance, specifically fiduciary and corporate services space. Even if we know that one of our relatives has the potential of taking over, we intend to wait as long as possible to make him involved because we want to protect him.

[00:00:26] How many stories about families, businesses have completely collapsed because they all went to court disputing each and every one wants a piece of what has been built, but they don't have any capacity of managing those assets. Stay tuned as we bring you inspiring people who are unlocking Africa's economic potential. You're listening to the Unlocking Africa podcast with your host, Terser Adamu.

[00:00:54] Welcome to another episode of the Unlocking Africa podcast where we explore the ideas, innovations and strategies that are unlocking Africa's economic potential. When we talk about building successful businesses in Africa, the conversation usually focuses on growth, increasing revenue, raising capital, entering new markets and creating wealth.

[00:01:17] But far less attention is given to what happens when the person who built the business is no longer able or willing to lead it. Many African businesses remain heavily dependent on their founders. The founder approves every decision, holds the most important relationships and carries knowledge that has never been properly documented. This can make even a successful company surprisingly fragile.

[00:01:42] So perhaps the real test of an entrepreneur is not simply whether they can build a successful business, it is whether they can build an institution capable of succeeding without them. Today's guest is Lidhi Murorunkwere, who is founder and managing director of ML Corporate Services, Rwanda's first locally owned licensed trust and company service provider and chairperson of the Rwanda Trust Companies Association.

[00:02:11] Over the past two decades, she has worked with entrepreneurs, investors, family businesses and institutions across Africa to develop governance, ownership and succession structures designed to endure. Lidhi, welcome, welcome, welcome to the Unlocking Africa podcast. How are you? Thank you, Tamsa. I'm very well and my pleasure to be with you today. Absolute pleasure to have you on the podcast.

[00:02:37] As always, I like to start from the beginning, so I was hoping you can give us a nice introduction into who Lidhi is. Thank you, Tamsa, but I believe you have said almost everything. So I'm Lidhi, I'm Rwandan, I'm living in Kigali in Thousand Hills, the center of Africa. My professional journey has taken me through banking, public sector leadership.

[00:03:03] And more recently, I've been mostly engaged in corporate governance and specifically fiduciary and corporate services space. And what has always been interesting to me is specifically what you are going to talk about today. How do we make sure that we build successful businesses?

[00:03:27] And specifically, how do we build institutions which are going to be lost beyond their founders? Because it's typically something we keep seeing and challenging across the continent. Because unfortunately, we always believe that succession is linked to transferring assets and ownership.

[00:03:50] And we don't necessarily pay attention to the preservation and to make sure that we prepare the next generation to carry it forward. As you mentioned, Lidhi, many African businesses appear successful from the outside. But often behind the scenes, there's one person still approving every decision they hold, every important relationship. And they also know everything about the company.

[00:04:17] So how widespread would you say this is where you call, you know, the one person syndrome? Thank you for the question.

[00:04:57] Thank you. Thank you.

[00:05:57] Thank you. Thank you.

[00:06:26] Thank you. Thank you. Thank you. Thank you. Thank you.

[00:06:55] Thank you. Thank you. Thank you. Thank you.

[00:07:33] Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

[00:08:07] Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

[00:08:45] Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

[00:09:13] Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

[00:09:45] Thank you. Thank you. Thank you. fear about succession because it's again difficult for that person to let it go because this is also another reflection of telling indirectly that person that physically even

[00:10:12] when you won't be there anymore, the business will continue. And then it's having a mirror in front of you when someone, when you see the reflection of saying that actually I've been doing it for 50 years, 20 years, and now someone is telling me that even if I'm not there, something will continue. But why don't we look it in another

[00:10:38] perspective? Actually, even if I believe that I've been the one starting everything, I should not have been reaching that stage without having all those people around me, even if I didn't involve them on a daily basis, even if I didn't give them the space to do so. But no one is able to achieve anything on his own. So it should go beyond, I may not call it selfishness, but mostly that it belongs

[00:11:08] to me. You know, like that little children when he has to share the toys or has to go for a competition, he feels really vulnerable because he has to rely on other people. Thank you, Lidhi. I guess what's interesting is that you've shared or highlighted how founders rarely postpone succession because they don't understand. More often it's about the emotional

[00:11:35] and cultural fears beneath the surface. I know you've identified four common fears around succession, which is fear of the inviting the end closer, fear of being sidelined, fear of choosing between potential successes and a fear that the conversation itself will create conflict. Out of these, which one would you say is probably the most difficult for founders to confront?

[00:12:03] I think it's fear of letting go because you touch a point when you were saying being indispensable. And because when you are indispensable or you make people believe that you're indispensable, it means that you still have value and you're still having something to bring on the table. And we should take it in another perspective of saying, even if I'm not there on a daily basis,

[00:12:30] I'm still relevant and I'm still bringing something on the table. And I believe it's in terms of preparation. And it's come back again on the cultural aspect. We've been raised in a certain way where we need to protect. Even if we know that potentially one of our kids, one of our relatives has the potential of taking over,

[00:12:55] we intend to wait as long as possible to make him involved because we want to protect him. And we don't believe that if we start involving him from day one, it will completely change the dynamic because then you walk hands in hands, you get additional perspective, you get different points of view.

[00:13:18] And now it's transitional because it doesn't look necessarily like you are doing a succession. And the problem now is usually is that we've been waiting so long. And then when you bring it on the founder to say, look, now we think that it's time for you to plan properly, to make sure that your business will continue to thrive even after you through the next generation.

[00:13:46] Then it means that you need to fight against that mindset. And sometimes we are not even aware because we've been raised in a way where even if you survive tomorrow, it's a success. And we don't believe in planning eventually for the next 100 years, 50 years, because of our history, the colonialism, the political instability, economic instability.

[00:14:15] So we just do it day after day. Even if something has to come, we think that we will walk around that challenge only when it comes in front of you. And preparing ahead of time, it's a way of thinking that actually we're bringing bad luck to our own businesses. You touched on an important point in terms of planning 50, 100 years ahead,

[00:14:42] which essentially means that successions should start quite early prior to when you're probably thinking of retirement. So if successions should not begin when a founder is preparing to retire, when should the conversation begin in your opinion? I believe it shall start from day one. Because we live in a time of evolution and things go very quickly.

[00:15:09] So we need to anticipate. And even if you need to pass the button in the next 10 or 20 years, you shall start engaging the conversation with your own people from the moment you start the business. And actually, we do it. And formally, we don't know that we are processing it because we don't put the right terms in place

[00:15:33] when we say governance, when we say documentation, when we say governance in the entire aspect. So let's say that today you have an idea and you want to start a business. Usually, you may talk about it to your wife or to your family. You are going to get encouraged and people are going to give you the best advice. There already, you are engaging something not on your own. You are asking advice. You are informing people around you.

[00:16:03] That's the first thing. So now when the business has started, who are the people usually you go to to ask for more advice? Maybe you are not an expert in marketing. You are not an expert in finance. You are not an expert when it comes to go and look and handle relationships. So you usually select among a group of people, some coaches, some friends, some relatives, some who are going to guide you through that journey.

[00:16:31] So now it's important to move from that to make it really, I may say, documented and put in place structure and having documentation around those structures. So is it a difficult conversation I don't want to have with the kids? Do I keep it in my mind? I have my own aspiration. I have my own dreams.

[00:16:57] And I believe that because I'm going to dust shop on a daily basis, my kids should be understanding that it's so important that they should take over even if I'm not telling them. So it's more in terms of perception. And, you know, we assume and we don't think that it should be better actually to go beyond that assumption

[00:17:24] and also tell them, look, if I'm working hard to make a better life for all of us, do you think that it's something which may be interesting for you when you have vacation? Do you want to come and spend some time with me at the office? And actually, this is how you can create some vocation because you are starting preparing them to take over. So you also need to put in place and say some specific discussion.

[00:17:55] What are the values? If we think about succession within the family, do we share the same value? What is the wealth I'm planning to create for the next few years? Who will be responsible? How do we talk about disagreements? And again, it comes back to our own culture. Usually the order is going to tell you this is for your sake. Don't ask me too much question. We are going to, usually, you know, the generation conflict where I'm the oldest,

[00:18:25] so you should understand. I'm talking about experience. So when you will grow, you will understand. And that's where, actually, the narrative should change because now we have access to information. We have so many people talking around businesses. How do you become successful, et cetera? So because we are using different channels of information, we forget that our own children, my own husband, my own wife,

[00:18:52] can have even better perspective for my business to grow. So I believe that you have to take it step by step and as well, like building milestones. I may not have the proper goal of directors today because the business has not reached that level. But once the business is growing, once the business is getting mature, so all that governance aspect should come with it.

[00:19:20] And again, one of the mistakes we do is like when we talk about sensation, when we talk about transferring wealth, we talk about transferring wealth definitely, but transferring assets. But we don't remember that it's not because you are transferring ownership assets that you are also transferring leadership. And leadership needs to be prepared ahead of time.

[00:19:48] Yeah, so I think the deeper question from what you've just said is whether the next generation has been given the experience, the responsibility and the judgment required to lead. So how would you say we need to raise our children or raise the next generation in order to shape them to eventually become leaders or custodians of the business in the future? We need to trust them first.

[00:20:17] We need to empower them. And we need to make them understand and allow them actually doing mistakes. By protecting, usually it's because we are afraid that if we bring them on the road, they may make mistakes. And actually, it's good to make mistakes. As long as you are starting at a very early stage, the mistakes you will be doing cost less

[00:20:43] than bringing someone 30 years later who has never been involved, who has never been allowed to take a decision of giving his own idea about your business. The cost will be higher because you have not involved him from day one. So we need to understand that the ownership cannot be inherited. But you need to prepare them to be the best leaders.

[00:21:10] So how do you make sure that it's a trial? You need to test them. So you need to give them responsibility. But responsibility comes as well with accountability. If today at the shop you tell your young kids that we had maybe 12 boxes of chocolates and we have sold them at this price and now we remain with this,

[00:21:37] what do you think we should be handling it? You make them count. You make them be part of that business. So for them it will be relevant when you come to them and say, please can you come and join me? Can you go and deal with that client? Can you go and negotiate with the bank? It will be easier because they've been tested. So the responsibility needs to be there.

[00:22:03] And we need also by protecting to allow them and give them the space for making those mistakes. Because even you during that journey, you made so many mistakes and some of them should have been prevented if you've been able to have that specific person talking about things to you. But now we also hide. We have problems and you don't want your kids to be affected by those challenges.

[00:22:29] You have season where business is going well and the other season which is not going well. And instead of confronting or explaining with those words which are not alarming, but it's also in terms of emotion a way of preparing them. So you start building that responsibility.

[00:22:51] And one of the consequences usually we see is that when we don't do it, we are just building the next generation which is going to be untitled. Because my parents have been successful, they are billionaires, etc. When you give me that position, you are creating a prejudice because that person never realized

[00:23:19] or never gone through the different steps for him to reach that senior position. So it's just like because he went to the best school, he comes and then he's appointed as a board member or is the CEO. He never managed anything. He never interacted with any other people. So then you bring a clash within the organization and you keep repeating those same mistakes

[00:23:47] because you have misunderstood that in area when we give him that power, how is he going to use it without being teached prior to that? So once we've given, say, children, the next generation responsibility, how should families decide whether they are capable of leading the company? That's a tough question because you need to be impartial. Because first, he's your own kid.

[00:24:17] You will always find your kid exceptional and very clever, etc. But if you manage to allow him or them to go through the different steps within or the different departments within your company and start from being the salesperson, then touch on the legal aspect, then on the finance aspect,

[00:24:41] and you let them interact with the other teams within the company, you are bringing a balance and those kids will understand that the success of the company does not belong to one individual. It's the entire management. It's each and every person within the company who has contributed to it.

[00:25:05] So how do you make sure that those kids are able to interact with the salesperson, the cleaner, the legal person, etc.? So you have different layers and you start from down to up, not the other way. Because this is how they are going to communicate. This is how they are going to be tested in the different environment because they will be exposed to different type of people. So this is how you are going to prepare them.

[00:25:35] And one of the mistakes we may also do, it's not because you have children that they are interested in taking over your business. They may have their own aspirations. So this is how now it's important to have those discussions at a very early stage. Because if they are not interested in your own business and they are planning to have their own businesses, as an example, you should also accept it.

[00:26:01] But it doesn't prevent you to allow them to have specific positions, mostly at the board level, because they won't be engaged on a daily basis. So they keep that responsibility. And even before bringing them in your company, you should also let them go out there, have their own experience, because this is what is going to shape them.

[00:26:24] So we are also having a new generation where sometimes the children have more wealth than their own parents, have more entrepreneurship skills than their parents. So how do you bring together the two generations? How do you build the balance in between? Because your responsibility as a parent is to give them the best education, to give them the skills, etc.

[00:26:51] But we need also to understand that somehow they don't owe you anything. So you should also be proud if your kid has other aspirations and is working hard to get them. So if you think that among your children or even your wife or relatives, no one is interested in your business, it's not the end of the world. Actually, you need to see again by anticipation among the people who have been with you within that company,

[00:27:20] who are the best leaders, who are the best senior manager, who can continue and perpetuate the tradition of the business. From my experience, even a capable successor will struggle if the organisation itself has not been properly structured, which is where governance becomes important. So how important would you say good governance is when it comes to succession planning?

[00:27:47] I believe that sometimes the governance may be in place, but it's not enforced. Because, for example, let's say that your business has been successful now. You are planning to go to additional investors or raise funding, things like that. And when it comes now to paperwork, due diligence, etc.,

[00:28:14] you find out now that the business has several gaps when it comes to governance. Not that they don't have the appropriate documentation, but rather that the documentation and the structure is in place, but it's not enforced. So again, it shows that the founder has a responsibility over there because everything is going to be done

[00:28:38] under his own supervision, even if we have a board charter, even if we have a management system, where we say that for this specific transaction at this level, it has to be approved by ABCD, but it's still controlled by one single person, which means that if a significant transaction has to go through and that founder is not around, everything is going to collapse.

[00:29:05] And usually this is where investors are struggling because you may have the best financials, you may have the most performing businesses because you are generating millions and millions, but all the success at the end of the day is there because the founder is keeping his 100 commitment and time on it.

[00:29:33] So governance usually is like, how do you translate what is written on the legal paper, on the organizational structure into reality? If we say that the manager has the responsibility to do ABC in real life, is he really allowed to do so or is not in power enough to do so? And we can even go beyond that business.

[00:29:59] If we look at the institutional level, when we look at our own state in general across Africa, you will think about some specific country where they are going to tell you things are working, leadership is exceptional, etc. But once those people are not around anymore, everything is going to be collapsed because again, the succession depends on the people, not on the institution.

[00:30:26] So the next step should be to say, how do we make sure that we empower those people and we should go beyond the individual or the person. So the institution should be strong enough to continue generation after generation, wherever we had the first founder or even if we had 100 founders. So in most of the institutions, banks, private sector, ministries, etc.,

[00:30:53] you will hear about some who are really performing because they've been able to implement those governance rules and paperwork, etc. But then the systems may not be sustainable because it's still operating with key people in place, despite of having those structures in place.

[00:31:19] But the systems are only working because they have key people, which may be two or three. So you need to have an education behind it and not translating, and really translating what you have in writing action. You touched on identifying the governance gaps in the business, which often happens, say, if a business has grown quickly. So what are the earliest signs that a company has grown faster than maybe its governance?

[00:31:49] You hear sometimes those stories where you have board meetings and you have specific boards on specific companies. But when you go and attend the board meeting, basically everything has already been shaped. And because the owner takes decision on everything, so even the board members are afraid to say anything or comment

[00:32:14] because the identity of the business is partially linked to the founder. So this is one of the gaps. So who is going to be open enough to say, look, we are seeing this gap, especially in governance. When a document has to be signed, even just a check has to be signed,

[00:32:40] it has to be signed by the founder or the senior management while it's a task which should be handled properly at a very low basis. But it's again in terms of trust, because I believe if you had said that person should meet the KPIs and be hired based on his competence, but when it comes to critical decision, you don't give that space. So that's one of the gaps.

[00:33:07] Then it comes also when you look at the relationship. Just an example, if you have to go to a meeting with one of your vendors or one of your suppliers and nothing is going to be done because the CEO or the senior management has not been attending that meeting, what does it reflect in reality? It's like even the people who are in charge of that specific department,

[00:33:35] they don't have voice, they are not valued. And this is basically the perception that the founder has been giving to all those people. So because you still want to make sure that you have an eye on everything, you don't even realize that people outside of the company as well have understood that nothing cannot be done if the founder is not around. How many examples do we have when it comes to startup as well,

[00:34:05] which have been successful very quickly and they are now prepared to get additional funding or to expand in other jurisdictions. But because the ecosystem within that startup is still fragile, when they grow too much without having that specific governance, who is signing, who is taking the decision, who is expanding. So now when multitask are coming now on the table,

[00:34:35] it becomes difficult because you are not backed up and you have not prepared that succession in terms of growing and expanding. I think these questions become even more important when we move beyond just the continuity of, say, a company and begin thinking about preserving the wealth across generations. So with that in mind, why do you think a lot of African families focus so heavily

[00:35:04] on transferring financial assets and don't give as much attention to transferring, say, values, relationships and actual knowledge? Sometimes I believe that you cannot give or pass what you never had. It comes again with a lot of education behind that cycle and system.

[00:35:28] And I believe passing sometimes is quite easy because it's just transferring a title, a business from India to Telstra. And we don't think on how and who is going to continue after that because you have not given them the tools to make sure that if you have transferred them with a value of $1 million USD, how do you ensure that in the next five years

[00:35:58] it won't be $1 million or it will not have collapse or it will have double or triple the initial value? So it comes back to what you were saying previously. How do we make sure that we prepare that transition in time? How do we talk about those values? What are we sharing?

[00:36:23] How do I want my business to be in the next 50 years? If we start believing in certain values, are we keeping those values in place? So who is the guardian of those values? Is it worth it to be valued at $100 billion if you have lost the values in the meantime? Do we keep the same relationship? Who knows those relationships and how those relationships were built?

[00:36:52] So it's passing a lot of things. And we intend to think about the financial aspect most of the time. And we don't think about the social, emotional, cultural aspects, which actually are also part of the succession and the success of the company. So I believe, again, it's different layers to take into consideration.

[00:37:19] And most of the time we've been focusing on what we are leaving behind, mostly on the financial aspect. And we don't consider that it's an entire way where you need to put in place a lot of layers and each and everyone will be responsible. And also to be accountable about it. So what will be the sanction beyond having the business which is going to collapse if someone is playing around that business

[00:37:48] and not pursuing the dream of the founder of the values? So I believe that's where now when we talk about family office for the businesses which have been there for some time, because it becomes like a charter where everyone is going to be responsible and accountable. You put a charter in place. You say, this is the values of the family. This is how we've been successful year after year in terms of financial, in terms of non-financial, in terms of value.

[00:38:18] This is the relationship we've been building, et cetera. So then, because you have already that understanding altogether as a family, this is where you can now sit and hire people who can now guide you. It can be tax advisor, it can be legal people, it can be trust services professional. But those professionals are not there to replace your values or to change.

[00:38:46] Actually, they are there to execute what you have decided to pass on the future generation. And you are the one, actually, as a family, to decide on which direction you are going. And then those professional advisors are there to support what you are going through. So keeping on the theme of transferring of financial assets, relationships, knowledge,

[00:39:13] you have said that unstructured wealth rarely disappears overnight. Instead, it erodes gradually through dependency, uncertainty and fragmentation. So what does that erosion actually look like in reality? It looks like a family completely left out without nothing. Dispute among the members of the family. Dispute among the members of the family.

[00:39:42] Because you didn't plan accordingly. You didn't talk about it before. So the people who are remaining are just assuming that they deserve or they are now the one to say or to walk around the different possibility or different structure. So usually that's the first problem because then the ones who are remaining become untitled

[00:40:09] and believe that what has been built belongs to them. And again, as Africans, this is something we misunderstood because I may have been successful, but I'm not planning to give or to pass it to my children or to my relatives. I have other plans.

[00:40:33] I can decide to put all my wealth in charities or in other institutions, etc. So because those conversations were not properly done before, it's just a fight. And how many stories did we learn about families where the businesses have completely collapsed because at the end of the day, they all went to court.

[00:41:02] They are fighting, disputing each and everyone wants a piece of what has been built, but they don't have any capacity of managing those assets. Either it's properties, either it's the business, etc. They don't know who are the people who have been handling it. They have never been interested in knowing them. They don't know how to handle relationships.

[00:41:27] So it's just like you had 100 billion and within two, three, five years, everything has disappeared because the structure was not there. Because people actually do not have interest in making the business continuing or preserved for the next generation. They are thinking about what they can get on that specific day. So we've just looked at unstructured wealth.

[00:41:55] So if we look at structured wealth in terms of trusts, holding companies, foundations, family offices, these are often seen as structures for the extremely wealthy. But at what stage should an entrepreneur or family begin considering these tools? I believe it's a work in progress.

[00:42:15] And when already you have specific assets like properties, what are the vehicles actually can you use to protect them? Because you also find sometimes where all the things belong to one single person and it's a risk for that person.

[00:42:39] Usually those assets can also be protected if you choose to have them under holding, as an example, because if there is a potential threat from the suppliers or the vendors or the partner, the one to be legally attacked is going to be the company, not individuals. That's a way, that's a form of protection. When it comes to untrust, it's usually, again, in terms of long-term succession,

[00:43:08] you have worked so many years and you want what the wealth to be passed to the next, the second, the third or fourth generation. So you are going to define who are going to be your beneficiaries, what are you planning to give to those beneficiaries, and then the different assets you have under the holding. The holding may own the different properties, can own the different businesses, etc.

[00:43:35] And the management of those assets are handled to professional level with lawyers or financial advisors. Or now, if you have reached a certain level in terms of valuation of assets and businesses, you can have now family offices where, again, you are sitting together as a family

[00:44:02] and you give the direction on how you are going to structure the different assets and pass them to the other generation. So it's not something you necessarily think about in the next 10 years because you are still building your wealth. But as more you are building and you are getting, more you diversify, more you adapt those structures because those structures can start from day one.

[00:44:29] And from day one, if you started with $50,000 or $1 million, and then when you move to $20 million, so you can now split it within a different structure because it's more complicated because it's diversified. You have different regions, you have different countries under management, and now it becomes relevant to our family offices.

[00:44:54] And usually even the family offices become relevant when it's a business which has been there for one or two generations, and it's just a way to preserve it and to make sure that it's going to be part of the other generation. But now for entrepreneurs who are starting today, how do you make sure that your business can continue to run, either you are there or not?

[00:45:20] That's the first point because we see also those small entrepreneurs who are going into burnout because they've been handling too much and they believe that it was difficult to put trust in professional services or hiring the appropriate people. But again, at the end of the day, when the business is small, it's valid to do it on your own.

[00:45:47] But when the business is growing slowly, you need to have a backup. And always remember that it's a journey. So whatever you start today on your own, it has more value if you put in place the right structure, the legal document, the board in place, etc., to make sure that... And it will be also a way of rating your own success.

[00:46:14] Am I needed to go to the office on a daily basis just to resolve a conflict between two employees or just to resolve a conflict between a relationship with my banker or my supplier? Okay, thank you for that, Lidhi. So I know today our conversation has mainly been about looking to the future for succession. So if we keep on that theme, looking to the future,

[00:46:42] if we were having this conversation, say, in 10 years from now and more African businesses have successfully moved beyond their founders, what would you hope has changed in how families raise future leaders, how entrepreneurs build companies, and also how boards approach succession in Africa? I believe each generation brings something positive compared to the previous one. So let's continue to talk about it.

[00:47:11] Let's believe that it's feasible. And we've seen now more examples where succession has been handled across different families. So what we need is having more of them doing so. We need to understand that good governance doesn't come necessarily with a lot of paperwork,

[00:47:38] but it's a way for you to manage your company easily, to be able to get access to finance, to be able to invest as well. And how do we break our own taboo and talk about difficult conversation, not because we want to put a blame to ABC, but mostly because we want to prepare accordingly to the next generation. So we need to lead by example.

[00:48:08] We cannot expect and ask too much from the young generation without giving them the tools and train them. So I believe that the more we talk about it and the more we give example, it starts with you as an individual. And it's not only about transferring assets or anything else. So what are the values am I giving to my own child?

[00:48:37] How am I talking about financial literacy? Because it's also a gap we see within our own jurisdiction where we assume that person is able to handle 1 million and in his life he has never handled more than 5,000 kids. So it's all those different components that we need to take care of and to get that dream that in the next generation it will get better.

[00:49:02] And not expect that our own children will learn it from other people. We have the responsibility to help them, to shape them, and at least to make sure that we grow from our own mistakes definitely, but we also learn from what they are bringing. So we should not see them as competitors or as people who are going to replace us, but we should see them as people who are going to do better than us

[00:49:32] and let us be realistic and not think that it's something we cannot do. We already do it in our own way, but we need to formalize it better. We should go beyond that stigma of saying that it belongs only to Europe, US, etc. They also started like us. The difference is that they've been trying their best and have seen the interest of building the capacity generation after generation.

[00:50:02] And we have the same strength. It's just a matter of believing in ourselves and it's not because Africa has been struggling with different patterns, culturally, economically, or politically, that it's an excuse for us to not prepare the next generation. Quote of the week. You know, Lidhi, you've spent much of your career helping people think beyond immediate success

[00:50:28] and towards continuity, stewardship, and legacy. And as people, we often have quotes, philosophies, African proverbs that guide us through good moments and difficult moments. Is there one that has stayed with you throughout your journey? Yes, even if sometimes it's difficult to apply. You know that African proverb where we say, if you want to go fast, you go alone. Yes.

[00:50:56] And if you want to go far, we go together. Fantastic. Yes, I love that one. So Lydie, perfect way to close today's conversation because it is about succession. It is about working together, whether that's as a family or as a community to ensure that what we have built sustains and is passed on to the next generation. And I think that conversation today has definitely shed light on that. You've shared your knowledge, experience,

[00:51:24] and skills that you've built over the last two decades. And it has been an absolute pleasure having you on the podcast. So thank you for taking the time to join us today. Thank you, Terser. And wishing you the best. And it was quite interesting. And we hope we inspire and motivate other people because I believe we can do it. And we're already doing it. Yes. But let's spread the word. Thank you. Thank you to everyone who has listened

[00:51:53] and stayed tuned to the podcast. If you've enjoyed this episode, please subscribe, share, or tell a friend about it. You can also rate, review us in Apple Podcasts or wherever you download your podcast. Thank you and see you next week for the Unlocking Africa podcast. Thank you. Thank you.