In a significant move to address one of the most pressing challenges in Nigeria's business landscape, the Family Business Initiative at Lagos Business School has announced the launch of its inaugural Succession Forum. This groundbreaking event marks a crucial step toward strengthening the foundation of family-owned enterprises across the nation.
Securing the Future of Nigerian Family Businesses
The newly unveiled forum represents a dedicated platform designed to tackle the complex issues surrounding leadership transitions within family businesses. With statistics showing that only about 30% of family businesses survive into the second generation, this initiative comes at a critical time for Nigeria's economic ecosystem.
Professor Franklin N. Ngwu, the Director of the LBS Family Business Initiative, emphasized the forum's importance: "Succession planning remains one of the most significant challenges facing family businesses in Nigeria. Our forum aims to provide practical solutions and frameworks that can help these enterprises navigate this delicate transition successfully."
Comprehensive Approach to Succession Challenges
The forum's curriculum has been carefully crafted to address multiple dimensions of succession planning, including:
- Leadership development and grooming next-generation leaders
- Governance structures for smooth transitions
- Preserving family values while embracing innovation
- Managing family dynamics and conflicts during transitions
- Legal and financial considerations in succession planning
Expert-Led Sessions and Real-World Case Studies
Participants will benefit from insights drawn from both local and international best practices. The forum features experienced facilitators who have successfully navigated succession in their own family businesses, alongside academic experts specializing in family enterprise management.
"Many family businesses in Nigeria struggle with informal succession processes," noted Dr. Adeola Aderibigbe, a faculty member involved in the initiative. "Our approach combines theoretical knowledge with practical, actionable strategies that businesses can implement immediately."
Building a Sustainable Business Legacy
The timing of this initiative is particularly relevant as many of Nigeria's pioneering family businesses approach critical transition points. The forum not only addresses immediate succession concerns but also focuses on creating sustainable business models that can thrive across multiple generations.
With family businesses constituting a substantial portion of Nigeria's private sector, the success of this initiative could have far-reaching implications for the country's economic stability and growth. The LBS Family Business Initiative continues to demonstrate its commitment to supporting this vital sector through research, education, and now, specialized succession forums.
