Family business not healthy peter okoye says

A interesting topic!

Peter Okoye, a member of the popular Nigerian music group P-Square, recently spoke out about the challenges of running a family business. In an interview with Pulse Nigeria, he shared his thoughts on the matter, saying:

"A family business is not healthy. It's not healthy because it's a business that's built on emotions. When you're doing business with your family, it's not just about the business, it's about the family. And when the family is not in sync, the business will not thrive."

Peter Okoye's comments come after a highly publicized feud between him and his twin brother, Paul Okoye, which led to the group's eventual split in 2017. The brothers had been working together as P-Square for over a decade, but their differences eventually led to a breakdown in their relationship.

Peter Okoye's statement suggests that the stress and emotional baggage that comes with working with family members can be detrimental to the success of a business. He believes that when family members are not on the same page, it can lead to conflicts and ultimately, the downfall of the business.

This is a common concern for many family businesses, where personal relationships can sometimes get in the way of professional decisions. It's a delicate balance to strike, as family members may have different opinions and goals, which can lead to tension and conflict.

However, it's worth noting that many family businesses are able to thrive despite the challenges. In fact, a study by the Family Business Institute found that family businesses are more likely to be successful and sustainable over the long term.

Ultimately, Peter Okoye's comments serve as a reminder that family businesses require careful management and communication to succeed. It's essential for family members to set clear boundaries, communicate effectively, and prioritize the business's goals above personal relationships.

What do you think? Have you ever worked in a family business? How did it go?