How family businesses can survive – Experts
African business leaders have been urged to avert extinction of family businesses through early succession planning in a bid to also preserve generational wealth. This was the focus of the discussion at the inaugural Family Wealth Conference organised by NewsDirect media group, held yesterday in Lagos. Chief Dele Alimi, former Director-General of the Institute of […]
African business leaders have been urged to avert extinction of family businesses through early succession planning in a bid to also preserve generational wealth.
This was the focus of the discussion at the inaugural Family Wealth Conference organised by NewsDirect media group, held yesterday in Lagos.
Chief Dele Alimi, former Director-General of the Institute of Directors Nigeria said effective leadership, transparency, and governance are the recipes for entrepreneurs aiming to build trustworthy and sustainable businesses that last for generations.
Alimi who was one of the panellists urged African business leaders and families to be proactive in succession planning and strong legacy preservation, saying they are critical to the continent’s economic future.
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Delivering his keynote address, Mr. G.O. Lawal, Co-founder and CEO of COACT, distinguished between temporary riches and true lasting wealth.
He argued that while riches are fleeting, wealth is defined by its ability to multiply and create a lasting impact through a foundation of value, knowledge, and legacy.
Lawal identified four core pillars of enduring wealth: time, talent, knowledge, and moments.
He stressed the importance of early succession planning and preparing the next generation with the right mindset and skills.
In his welcome address, Prince. Mathew Ibiyemi, Publisher and Executive Director of NewsDirect, shared his personal journey of taking over his family’s business at age 20 after the loss of the media company’s founder and his father, Late Prince (Dr.) Samuel Ibiyemi.
He highlighted a common African narrative of businesses built with passion in one generation often disappearing in the next, leading to family disputes and the loss of potential.
“Businesses that should have outlived their founders disappear; estates that should empower children end in disputes,” he said.
Ibiyemi stressed that the conference’s goal was to equip entrepreneurs with practical strategies to turn family wealth into a blessing, not a burden.
Prince Ibiyemi announced the winner of the N500,000 grant awarded in conjunction with the Samuel Folorunsho Ibiyemi Foundation.
The grant was awarded to Mr. Oluwatobi Oladeji Mathew, an entrepreneur and book seller based in Ibadan, Oyo state.