The Lagos Business School (LBS) is taking a proactive stance in bolstering the longevity of family-owned businesses in Nigeria, recognizing their critical role in the nation’s economic landscape. These enterprises, which constitute over 75% of Nigerian businesses, are vital engines of economic growth, job creation, and poverty reduction. However, they face a significant hurdle: a mere 30% survive beyond the founder’s tenure. To address this challenge and ensure the enduring prosperity of these businesses, LBS is spearheading initiatives designed to equip family business owners with the strategic tools and knowledge necessary to build lasting legacies. A cornerstone of this initiative is the upcoming International Family Business Conference 2025, themed “Building a Lasting Legacy for Family Businesses,” scheduled for March 27, 2025, in Lagos.
The conference serves as a focal point for fostering dialogue and collaboration among key stakeholders in family businesses. It brings together business owners, successors, and industry experts to exchange insights and best practices on crucial aspects of family business management, including effective succession planning, robust governance structures, prudent financial stewardship, and seamless technological integration. The emphasis on these core areas reflects LBS’s commitment to providing a comprehensive framework for building sustainable family businesses capable of thriving across generations. By facilitating these discussions and knowledge sharing, LBS aims to empower family businesses to transition smoothly and successfully beyond the founding generation, ensuring their continued contribution to Nigeria’s economic development.
This year’s conference theme, “Building a Lasting Legacy for Family Businesses,” underscores the importance of stewardship and long-term vision in family business management. It emphasizes the need for a proactive approach to succession planning, ensuring that future generations are equipped with the skills and mindset necessary to navigate the complexities of running a family business. The conference aims to instill in successors a deep understanding of the values and principles that underpin the business, fostering a sense of responsibility and commitment to carrying forward the family legacy. Furthermore, the conference seeks to provide owners with strategies to implement robust governance structures that promote transparency, accountability, and effective decision-making, safeguarding the business against internal conflicts and external challenges.
The precarious survival rate of family businesses beyond the founder’s leadership highlights the critical need for structured management practices. Sarumi Rasheed, a member of the Family Business Advisory Committee at LBS, emphasized the importance of well-defined management structures in transforming family businesses into enduring institutions that contribute significantly to national development. He underscored the potential of well-managed family enterprises to boost Nigeria’s Gross Domestic Product (GDP) and enhance economic stability. LBS, through its dedicated family business initiative, is committed to ensuring the sustainability of these businesses, recognizing their pivotal role in driving economic growth. By providing structured support and guidance, LBS aims to empower family businesses to overcome the challenges they face and achieve long-term success.
Dr. Okey Nwuke, Director of the Family Business Initiative at LBS, highlighted the conference as a vital platform for preparing the next generation of family business leaders. He emphasized the importance of equipping them with the skills and mindset necessary to ensure long-term sustainability. Dr. Nwuke envisions well-structured family businesses evolving from a single entrepreneur’s vision into economic powerhouses, driving growth and creating opportunities. The conference, therefore, serves as a catalyst for this transformation, providing a forum for knowledge exchange and networking that empowers family businesses to reach their full potential. The gathering of industry experts, seasoned business leaders, and successful successors creates a unique learning environment, fostering a collaborative spirit and inspiring future generations to embrace the challenges and rewards of family business leadership.
The International Family Business Conference 2025 promises a rich and insightful program featuring prominent business leaders and experts. Aig-Imoukhuede, co-founder of TenGen Family Office, will deliver the keynote address, sharing his extensive experience and insights on building and sustaining successful family enterprises. The conference will also feature prominent figures from academia and industry, including Prof. Enase Okonedo, Vice-Chancellor of Pan-Atlantic University; Prof. Olayinka David-West, Dean of LBS; Esiri Agbeyi, Partner at PwC; and Dr. Cosmas Maduka, CEO of Coscharis Motors. Their collective expertise will provide attendees with a comprehensive understanding of the challenges and opportunities facing family businesses in Nigeria and beyond, offering practical strategies and actionable advice for building lasting legacies. This diverse lineup of speakers will ensure a multi-faceted perspective on the complexities of family business management, providing attendees with a valuable opportunity to learn from some of the most successful and respected figures in the field.
