Imagine this: you’ve spent years building your business, pouring in your time, energy, and resources. It’s finally becoming profitable, providing for your family, and employing others. Then, suddenly something happens. Illness. Accident. Or death.
What happens next?
This is not a curse. It’s a necessary conversation every woman entrepreneur in Africa must have because your business is part of your legacy. And without the right legal tools, everything you’ve worked so hard to build could collapse overnight.
Why Succession Planning Is a Must
Studies across Africa show that over 70% of small businesses don’t survive the death of the founder.
That’s not because the businesses weren’t profitable but because there was no legal plan in place to manage ownership, operations, or finances when the founder died or became incapacitated.
Key question to ask yourself today:
“If I’m not here tomorrow, who takes over?”
1. Register Your Business — It’s Your First Legal Shield
Many women-run businesses in Ghana and Nigeria still operate informally under a personal name, with no registration.
But a registered business gives you:
- A separate legal identity
- The ability to open a business bank account
- Access to loans or grants
- Legal protection of your business assets
Cost Estimate:
- Ghana (Registrar General): GHS 60–250 (approx. $4.50–$19)
- Nigeria (CAC): ₦10,000–₦25,000 (approx. $7–$17)
Even registering as a sole proprietor or limited liability company (LLC) sets a strong foundation for your future.
2. Have a Written Will — Include Your Business in It
Wills aren’t just for houses or cash. You can and should include your business in your will.
In your will, you can:
- Name who inherits your business
- Appoint someone to temporarily manage operations
- State whether it should be sold, handed to a family member, or dissolved
- Cost Estimate:
- Handwritten Will: ₦5,000–₦10,000 / GHS 70–150 (approx. $3.50–$10)
- Legal Will with Lawyer: ₦20,000–₦50,000 / GHS 300–700 (approx. $14–$35)
3. Get a Tax Identification Number (TIN)
Your business TIN allows:
- Legal tax payments
- Compliance with financial authorities
- Easier succession if your next of kin needs to step in
Most countries in Africa now make this process easy and online.
Cost: Usually Free or under ₦1,000 / GHS 20 (under $1)
4. Open a Business Bank Account
Avoid running your business through a personal account.
Why?
- It creates confusion after death
- It exposes your personal assets to business risks
- It delays access for your heirs
Tip: Add a trusted signatory (with limited access) or include instructions in your will about what happens to the business account.
5. Consider a Business Trust or Corporate Trustee
A business trust allows you to pass on your business to a trustee who manages it for your children or beneficiaries.
This is especially important if your children are minors or your spouse isn’t familiar with the business.
Cost Estimate (Private Trustee Setup):
- Nigeria: ₦100,000+ (approx. $70+)
- Ghana: GHS 1,400+ (approx. $100+)
6. Document Everything
Make sure someone you trust knows:
- Where your business registration is kept
- How to access passwords, accounts, inventory, and customer records
- Where legal documents like your will or partnership agreement are located
Tip: Keep a hard copy and a digital backup.
7. Review Your Plans Every 3–5 Years
Life changes: new children, divorce, partners leaving, or growing income.
Update your:
- Will
- Business structure
- Insurance and beneficiaries
- Trustees or legal reps
Legacy Is Planning, Not Guesswork
Here’s a truth many entrepreneurs learn too late:
You don’t build a business just to survive. You build it to outlive you.
So let’s stop saying “God forbid” when people raise the topic of death. Let’s start saying:
“Here’s what will happen if I’m no longer here. The business will continue, my children will benefit, and my legacy will live on.”
Summary: Tools You Need Today
| Legal Tool | Purpose | Cost (Estimated) |
|---|---|---|
| Business Registration | Legal identity & protection | ₦10,000–₦25,000 / GHS 60–250 / $4.50–$17 |
| Will | Asset transfer & business continuity | ₦5,000–₦50,000 / GHS 70–700 / $3.50–$35 |
| Tax ID (TIN) | Legal tax compliance | Free – ₦1,000 / GHS 20 / $0–$1 |
| Business Bank Account | Professional separation & continuity | Varies by bank |
| Trustee/Trust Fund | Manage business for children | ₦100,000+ / GHS 1,400+ / $70–$100+ |
Final Word
You don’t need to be a millionaire to secure your legacy. You just need to be intentional, informed, and ready to act.
So, if you’re a woman running a shop, salon, bakery, farm, online store, or consultancy this is your sign to put your legal house in order.
Your business deserves to live beyond you.
