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Keroche Breweries Limited Navigating the owner’s agenda Kenya Private Company Survey 62 interviews conducted with private company leaders in Kenya 48% agreed that professionalising the business is a key challenge over the next five years See page 24 23% have a discussed and documented succession plan in place See page 31 www.pwc.com/ke Contents 2 Foreword by PwC Kenya Country Senior Partner 4 A view from the PwC Kenya Private Company Services Leader 6 The new economy: More competitive, more opportunities for private companies A taste for growth: Keroche Breweries Limited 10 Different pressures, different priorities: ‘Head’ is winning over ‘heart’ Private expansion in a public sphere: Mount Kenya University 16 New products, new sectors, new markets 20 Keeping pace with change: The innovation imperative Digital transformation: Seven Seas Technologies Group 24 Professionalising the business: Moving to the next level Performance and professionalism: Bidco Oil Refineries Limited 28 The heart of the matter: Professionalising the family 31 Bridging the gap: Making a success of succession Professionalise to optimise: Nakumatt Holdings Limited 35 From managers to owners: A new model for the family firm? 37 Conclusion 38 Methodology PwC Kenya 2014 Private Company Survey 1 Welcome to our first-ever Private Company Survey in Kenya Foreword by PwC Kenya Country Senior Partner Private companies make a unique ground-breaking effort. From this contribution to our country’s economy, survey, we have learned how economic as employers and generators of wealth, and social change is affecting private prosperity and national revenue. They companies from the impact of changes are key drivers of economic development in demographics, urbanisation, digital and innovation. revolution and globalisation. And we have explored the specific issues unique Considering private companies’ to the private company business model contributions, we wanted to underline like succession planning and resolving PwC’s commitment to private conflict. companies, and improve the services that we offer them by gaining a better These are issues that affect all private understanding of their needs. We also companies though the survey has wanted to collect better data about a brought us some significant and sector that has not been studied in a instructive distinctions. But as well as systematic way until now. the big picture, we have also been able to talk in-depth to individual businesses. No one in Kenya has ever surveyed I have found these stories fascinating as private companies on the range of issues I’ve personally been involved in some of that we are exploring so again this is a the in-depth interviews. 2 PwC Kenya 2014 Private Company Survey The vitality, stability and dynamism of These are the questions that we have private companies in Kenya reinforce explored deeply in this survey. I trust my faith in the economy. At PwC, our that you will find this report insightful work with these companies goes and challenging. Please do not hesitate beyond providing tax or audit services, to contact me or any of our PwC team technology implementations or members if you would like to discuss assisting with mergers and these or other issues in detail. acquisitions. As trusted advisors, we understand the concerns that family businesses share, regardless of size or industry. How can your company compete and grow? How can you manage more effectively? How can you Anne Eriksson ensure that your company will survive [email protected] more than one generation? (20) 285 5000 PwC Kenya 2014 Private Company Survey 3 Competition is more intense, price pressure is growing, and the speed of change continues to accelerate. A view from the PwC Kenya Private Company Services Leader This is our first survey of private Most private company and family companies in Kenya and our seventh business owners in Kenya are confident survey globally. We spoke to 62 private of their company’s growth prospects. company owners, from entrepreneurial A combination of economic growth, start-ups to companies that have local know-how and business agility survived for four generations or more. give these companies the upper hand, We spoke to family members who even with more competition emerging in manage their firms, and CEOs who had the market. been brought in from outside. And we spoke to those who plan to pass the Businesses operating in Kenya can running of the firm to the next expand into other markets in the East generation, and to those who see their African Community (EAC) with relative companies being managed by others in ease. A growing middle class of the future. consumers demands more goods and services as well as more choices. Without question, private companies Technological advances fuel their remain a dynamic and resilient sector, demand and companies’ ability to meet even though there are continuing it and urbanisation means that more pressures in relation to market consumers are located in more densely conditions, skills shortages, political populated areas. Oil exploration and uncertainties, innovation and the need production, significant infrastructure to professionalise their operations. This investments including broadband and is the big picture but when you look more reliable energy all contribute to more closely at the details it is clear that growth potential. These and other there are significant shifts underway factors contribute to confidence in in the private company sector. There growth among private companies in are many new opportunities and Kenya. challenges that these firms will need to seize and address if they are to remain Over the next five years, their as successful in the future as they have performance will be influenced by even been in the past. more change. Competition is getting more intense, price pressure is growing and the speed of change 4 PwC Kenya 2014 Private Company Survey Competition is getting more intense, price pressure is growing and the speed of change continues to accelerate. continues to accelerate. This is over. Too many firms are either not We hope you find this report both challenging for all businesses and planning for succession at all, or are insightful and challenging. Each of the especially for those which are more risk managing it as a personal issue between PwC contributors to this report are averse, including many private two individuals, rather than as a process subject matter experts and available to companies. They benefit from the ability which requires the same rigour and you for consultation or advice. Please to take a long view, and strong client objectivity as any other aspect of reach out to any of them or myself if you relationships founded on trust. But in business decision-making. The result, all would like to discuss these issues in today’s marketplace in Kenya, they will too often, is escalating tension and more detail. have to adapt faster, innovate earlier conflict that can precipitate the demise and become far more professional in of the whole company. the way they run their operations. This covers everything from basic Succession is only the most obvious systems and processes in areas like manifestation of a much more deep- finance and HR to risk management and seated trend: private companies in Michael Mugasa Kenya are professionalising their corporate governance. [email protected] businesses. This is about accountabilities (20) 285 5688 One of the biggest red flags is the issue and responsibilities, about of succession. Only 23% of Kenyan communications and family private companies have a succession constitutions; it’s about learning to be plan that has been discussed and good owners and shareholders as well as documented. The moment of transition – or even instead of – good managers. has always had the potential to sink private companies and a number of Efforts to reorganise and professionalise factors are now coming together to will require a willingness to make bold make the succession process more moves and take some new risks. This hazardous than it has ever been may take some private company owners before. Private company leaders tend to outside their comfort zones and they stay in their positions longer, identify may feel that they are losing control of successors later or not at all and in many the business. However, the sector as a cases there is a significant whole is built on entrepreneurial energy communications gap between those and determination, and they wouldn’t running the business now and those have survived (or thrived) this long if who expect—or are expected—to take they did not have the qualities that they need now to succeed. Across over 40 countries/regions Australia India Nigeria Austria Indonesia Peru Belgium Ireland Romania Brazil Italy Russia Canada Kenya Singapore CEE Malaysia South Africa Slovakia Malta Spain Poland Mexico Sweden Kenya Bulgaria Middle East Switzerland Hungary Jordan Taiwan 62 Latvia Saudi Arabia Turkey interviews conducted with private China Oman UK company owners with a sales turnover from Denmark UAE US Germany Netherlands >USD$5m to $500m Hong Kong New Zealand PwC Kenya 2014 Private Company Survey 5 The new economy More competitive, more opportunities for private companies Most privately owned businesses in However, the respondents are Kenya are confident of the businesses apprehensive about their ability to growth prospects in the future. Over 69% recruit skilled staff in the next 12 two thirds of these businesses grew in of privately owned businesses report months and a majority cite general the last 12 months and 70% expect to growth in the last 12 months market conditions and government grow steadily over the next five years. A policy/regulations as their prime third of them are aiming to grow quickly external challenge for the next year. and aggressively in the next 5 years, as Market conditions will remain a real compared to 15% globally.
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