Business experts have underscored the importance of stewardship in ensuring the sustainability and success of family businesses across multiple generations.
By adopting a stewardship mindset, family business leaders can prioritize long-term growth, foster a culture of responsibility, and safeguard their legacy for years to come.
These experts stated this at the Lagos Business School (LBS) International Family Business Conference with the theme; ‘Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses’ held yesterday in Lagos.
The experts highlighted the need to build resilient governance structures, foster intergenerational collaboration, and prepare future leaders to uphold and expand their family business vision.
Co-founder of Tengen Family Office, Mr Aigboje Aig-Imoukhuede, stated the importance of balancing family values with business growth to ensure a lasting legacy.
Aig-Imoukhuede who is also the chairman of Access Holdings Plc said, family-owned businesses accounted for 60 to 80 per cent of private businesses worldwide.
He, however, noted that, in Africa, weak succession planning and governance frameworks meant that family businesses rarely survived generation one.
He said, the concept of stewardship, a leadership philosophy, placed family members as enterprise caretakers focused on preserving growth for future generations.
According to him, stewardship nurtures successors, preserving them for strategic, tactical, and operational responsibilities while preserving family relationships.
Dean, LBS, Prof. Yinka David-West said, family businesses were not just enterprises, but living legacies as backbones of economies, custodians of tradition, and innovation pioneers.
She noted that, sustaining a family business across generations was one of the most significant leadership challenges, saying that while many first-generation businesses thrived, fewer survived into the second, and only a fraction made it to the third.
David-West stated that, “we are committed to equipping next-generation leaders with the mindset and skills to lead with heritage and innovation. This event would also bridge the gap between tradition and transformation, ensuring family businesses remain competitive, cohesive, and future-ready.”
Director, LBS Family Business Initiative, Dr Okey Nwuke, highlighted some of the challenges of family businesses in Nigeria which include inability to survive beyond the first generation due to lack of proper stewardship to foster healthy succession.
Founder of Coscharis Motors, Dr Cosmas Maduka, disclosed that, in family business succession, the child with the most burning desire for the business with the proper structure in place should be one to take the baton of leadership.
Partner, Aluko and Oyebode, Mrs Adeolu Idowu, urged business owners to employ the services of business advisors to provide an evaluation on risk and family governance in the business.
Founder of Periwinkle Residences Limited, Dr Chiedu Nwuke, added that, the most important focus must be on brand creation and passing the vision of the brand across generations.
