Why Most One-Man Businesses Collapse After Owners’ Demise —Experts

Lack of succession plan, tendency to own everything, lack of established processes and lack of discipline are some of the factors responsible for the collapse of many one-man businesses in Nigeria after their owners’ demise.

These factors, among others, were enumerated by business experts during the official launch of the book ‘The Entrepreneur’ written by Country Chief Executive Officer, Hi-Nutrients International Limited, Prince Olabode Adetoyi, who also used the occasion to mark his 50th birthday.

The event held at the Civic Centre, Victoria Island, Lagos on Saturday.

In his presentation, a consultant to the Enterprise Development Centre of the Lagos Business School, Mr Bayo Rotimi, noted that the owner of any business that survived the first five years and beyond, given the challenges in the business terrain, deserved commendation. continue…

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