Segment: No Family in My Business - I Exclude Relatives to Protect My Company from Undermining

From understanding why family members should never run your business unless they're your wife or daughters to learning the brutal truth that when you're not around your brother or cousin will undermine you saying oh because I'm the brother do this meanwhile it's not something you recommend and workers will be afraid to challenge them because he's the uncle of the CEO pulling your company down which is exactly why the owner of Wadiqa in Japan said if you live in this part of the world and you want your business to thrive don't work with family, the catfish farmer who sat with Japanese business owners and studied how Toyota Honda Suzuki Panasonic and Sony built generational companies where the structure was so solid that when one guy started it his son became boss his grandson became boss and the family has interests but the company survives for generations proving that culturally the ethics there are very different and he never heard of somebody say I'll not let my uncle work here in Japan but looking at Ghana he had to make that decision, the Christian entrepreneur who looks at his company as the property of the God he serves and has to manage it well so you can't fool around there and see him sitting down watching you destroy it because if you're not a Christian you will not understand but that's his concept and he doesn't waste time firing people who fool around, the business owner who admits the issue is founders have so much passion when they start but the people they hire don't have that passion and you have to get people who buy into your passion to grow your business because if that passion just stays with you and doesn't percolate to the other guys around you then when you're not around they can't move the business forward but if you're able to sell your passion into them or infuse your passion into them even if you're not around they know this is how this business should be moving, the aquaculture entrepreneur whose business started in 2023 not making profits yet but seeing revenues growing growing because he has a lot of assets being depreciated and depreciation is heavy making the cashfish business complicated when some people come and tell oh I started with 500 I made this amount of money but if you look at the cost variables you're going to buy fingerlings and if you don't buy good fingerlings you might lose them so give yourself maybe 5% mortality rate, the fish farmer who breaks down that feed is about 70% of your total cost of production and you can't reduce the price of feed because the company making the feed wants to make money and you don't control them so how do you make money when your feed cost is 70% leaving you with maybe 30% to play around with and you have to pay your workers and transport the feed to your farm, the processor who decided to dry and package fish instead of selling it fresh because when you feed it to a certain point somebody comes to buy and tells you I'm not going to buy it at one KG for 40 cedis I'll give you 30 cedis and if you say no he goes away and comes back a week later saying 30 cedis or even lower and you are buying feed to feed this fish so out of desperation some farmers sell and cry at night, the marketer who explains that people go to Makola and Kaneshie market to buy dried fish because it's a staple in our diet so if you dry and package you become more competitive and don't rely on point and kill people coming to buy your fish fresh because if they don't come you're in trouble and if they buy at a lower price your price realization is not that high, the strategic thinker who says before the four Ps of marketing you need to do research about what is the demand for your product where you are because if you're located in Kwintanpo and you want to sell in Accra you're in big trouble and consumer preferences are very different so you need to look at what do these people want and it may not even be beautiful packaging. Host: Derrick Abaitey