Friday, May 24Inside Business Africa

Awosika, Others To Inspire Enterprising Families On Long Term Business Success

The chief executive officer (CEO) of the Chair Centre Group, Ibukun Awosika will join a galaxy of business leaders to inspire enterprising families on how to build long term business success to ensure such businesses outlived several generations.

Themed ‘From Family Enterprise To Family Institution: Climbing The Longevity Ladder,’ the maiden edition of the Lagos Business School(LBS) Family Business Conference will focus on the impact of family dynamics, governance, succession on survival and sustainability of family-owned businesses.

The director of the Family Business Initiative at LBS, Dr Okey Nwuke stated this at the weekend during a press conference which was held to herald the inaugural event scheduled to hold on April 12, 2024 in Lagos.

According to Nwuke, the initiative is a brainchild of LBS with a mission to inspire enterprising families in Africa to ensure family cohesion, long-term business success, as well as ethical and societal impact.

He added that the LBS-FBI aims to make intellectual contributions by positively impacting African family businesses through advisory services, case studies, teaching materials, seminars, conferences, and family business awards.

He said: “family enterprises often start small, with a focus on meeting the needs of the immediate family members. However, as the business grows and becomes more successful, the family business must transition from a mere enterprise to a strong family institution.

“This transition involves implementing structures and processes that ensure the long-term sustainability and continuity of the business across generations.

“This conference delves into the captivating climb family-run businesses undertake as they ascend the Longevity Ladder, evolving from commercial ventures into cherished family institutions. This journey transcends mere profit-driven goals, instead focusing on forging a robust legacy and a profound sense of purpose that endures for generations.”

Through the initiative, the LBS hopes to foster capacity building, knowledge dissemination, academic and industry research, as well as self financing and sustainability.

Throughout the ascent, participants will navigate the crucial rungs of succession planning, effective governance structures, wealth management, and cultivating a vibrant family culture.

Other speakers lined up for the conference include: the dean of the Lagos Business School, Prof Chris Ogbechie; the director of the LBS Family Business Initiative, Dr Okey Nwuke; the Group managing director, Saroafrica, Mr. Rasheed Sarumi, the senior partner & head of the Family Business Practice, KPMG, Nigeria, Mr. Segun Sowande, the Senior Partner & Chairman McKinsey Africa, Dr. Acha Leke, among others.


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