Building Successful Succession In Business

The managing director of Coleman Technical Industries Limited, George Onafowokan spoke is an advocate of company’s succession planning and enduring impact.

As a case study, Coleman’s touching story revolves around its belief in succession planning. The founder, Asiwaju Solomon Kayode Onafowokan, started the company in 1975 with the goal of creating businesses that would outlive him and his name.

He strongly believed in building companies and training successors, inspired by the absence of multi-generational businesses in Nigeria. Coleman embarked on this journey of succession planning, transitioning from trading to manufacturing cables.

This celebration of Coleman’s 50th anniversary showcases the success of this belief and the ability to pass the business to the third generation. It is a joyful celebration of 50 years of being a limited liability company and a testament to the completion of the succession planning that began in 2001.

Coleman’s succession planning is a unique and remarkable achievement in Nigeria. It demonstrates the company’s commitment to building a legacy beyond personal wealth and lifestyle. By transitioning management in 2001, Coleman embarked on a 24-year journey to ensure a seamless succession of leadership. This dedication to succession planning sets us apart, he said, adding that, “and by the time we enter 2025, our transition will have spanned 24 years out of the company’s 50-year history. It is a reflection of the chairman’s prayers being answered, as he has witnessed the realization of his dream of a multi-generational business that has surpassed his expectations. Now, his hope is for a balanced second generation to secure the business for the third generation.”

Coleman’s future holds the continuation of its legacy and the implementation of strong processes to ensure the business thrives beyond the current generation. According to him, “It is our prayer that the next generation will lead Coleman to even greater heights. Our focus is to build a business that becomes a lasting legacy, and our success in achieving this will be evident as we tell the full story of 29 years in the cable industry and 50 years as a business. We hope to inspire other Nigerian companies to embrace succession planning and strive for multi-generational success.”

The recent visit of COREN’s president and council members to Coleman, he said, “symbolises the Coleman story and where we are coming from. It highlights our belief in the capabilities of Nigerian indigenous companies to outshine their peers internationally. The visit demonstrates to the regulator that Coleman, as an engineering company, has been training and employing Nigerians for over 28 years, improving their skillsets and contributing to the development of the power sector and other industries. This partnership signifies our belief in Nigerian indigenous capacity building and showcases the symbiotic relationship we have built with COREN over the years.”

Advice for Upcoming Entrepreneurs

Advising upcoming entrepreneurs to take a cue from what Coleman was able to do in succession planning, he advised them to create a business atmosphere that allows succession.

This, he said, ensures that even though, if the founder of an idea is not there, the company continues to operate and lives on which invariably makes a company outlives its founders.

Though, he said, building succession plan is a gradual process, it must stick in the mindset of the owners of businesses that this is crucial for investing community, enhanced access to finance and make companies adhering to it operates in the international best practices