Peter Okoye, one half of P-Square, recently took to social media to spill the beans about the disagreements he’s had with his twin brother, Paul, and their older brother Jude, who also managed them for a long time. From the videos he shared, we’ve learned a few things, and we think everyone can learn one or seven things from the biggest drama on the internet right now.
In this article, we want to share some lessons we can all take away from this sibling saga involving the legendary Afrobeat duo.
- Trust Is Not Enough
One of the major takeaways from the P-Square saga is that trust is never enough, especially in a business relationship. Peter Okoye’s almost blind trust in his brothers posed a major risk for him, as he paid little attention to the financial side of being part of the duo, assuming his brothers would not pull any tricks. However, it is important never to assume that a long-time friend or relative will be completely loyal to you. Always ensure that there is a legal third party to cross-check whatever business relationship you are going into.
- Document Everything
In the exposé done by Peter of P-square, it was clear to us that everything revealed, with his side of the story being more believable, was because he had everything documented. In any professional relationship, it is important to document the necessary details, as they may come into play in the future. If you are building a business with a close friend or family, it is essential that you put everything into writing. A word-of-mouth approach is never advisable in a professional relationship, regardless of your personal relationship with your business partner, so ensure you have clear roles written in a contract, define profit-sharing percentages with an in-depth process and detail every inconsistency in writing.
- Maintain Legal Representation
Another lesson to learn is the importance of having legal representation. With legal representation, you can ensure that contracts you sign do not bind you to unfair terms, and you can easily sniff out illegal or unlawful acts being committed against you.
- Management vs Ownership
A family member or close friend managing your business should not be the person at the helm. It is important not to hand over total control to your manager without someone who can provide balance and also oversee independent checks on the work being done by your manager. In the case of Jude Okoye, the music duo gave him total power, which allowed him to easily make unfair business decisions without being checked.
- Maintain Active Financial Checks
A lesson that will help to keep your business safe is knowing that you have to be active in checking your finances. In business, regular audits of accounts are advisable, alongside revenue tracking and ensuring that you have access to the financial records necessary. In one of the videos made by Peter Okoye, he admitted that he did not have clearance to check some of P-Square’s financial records, so it is important that you put it in writing that you need access to your financial records.
- Create Boundaries
Your personal relationship with that close friend or family you work with should never impact your business relationship, and when it does, it is vital that you set boundaries. Your relationship with a family member does not require you to overlook their inconsistencies in your business, and it does not require you to allow them to trick you out of profit that is rightfully yours; hence the need to set strict boundaries early on.
- Consider Ripple Effects
Lastly, before going into business with anyone with whom you have a bond, you have to weigh the pros and cons, or the ripple effects, that would eventually occur in your business relationship with that person. When finances are involved, familial bonds often suffer, so ensure that you go into the business being aware of that.
What We Think
Peter Okoye’s expose on the rift between him and his brothers has sparked several conversations about the importance of setting boundaries, even in relationships with your family. While there are lessons to be learnt from his experience, it is also heartbreaking for the Afrobeats music industry that was inspired by P-Square’s artistry.
