The maiden edition of the Lagos Business School Family Business Conference will feature discussions by family business leaders on the impact of family dynamics, governance, and succession on the survival and sustainability of family-owned businesses.
The Director of the Family Business Initiative at LBS, Dr Okey Nwuke, stated this on Saturday during a press conference which was held ahead of the inaugural event scheduled to be held at the Lagos Continental Hotel on Friday, April 12, 2024.
According to Dr. Nwuke, the initiative is a brainchild of the Lagos Business School 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 event, participants will navigate the crucial rungs of succession planning, effective governance structures, wealth management, and cultivating a vibrant family culture.
The keynote speaker at the conference, the Chief Executive Officer of The Chair Centre Group, Ibukun Awosika, will join a galaxy of business leaders to discuss the theme ‘From Family Enterprise To Family Institution: Climbing The Longevity Ladder.’