Lagos Business School has empowered family-owned enterprises with governance insights that support sustainable growth and professionalisation.
The School hosted its Family Business Initiative through a webinar titled ‘From Kitchen Table to Boardroom: Structuring Governance for Growth’. The session was part of a broader capacity-building series to help family-owned enterprises transition from informal management practices to structured governance systems supporting sustainable growth and professionalisation.
The webinar was facilitated by the director of the Family Business Initiative, Dr Okey Nwuke and the founder of Drugs and Medicaments Limited, Chidi Okoro.
Drawing from their extensive experience, both speakers provided participants with practical insights into the governance and succession challenges that often define the long-term survival of family businesses.
Nwuke emphasised that governance is indispensable in family businesses because it helps separate the company from the family while maintaining a healthy link; clarifies leadership and ownership roles, enabling continuity and reducing risk; attracts top talent and manages expectations effectively; and establishes strategic direction and accountability, driving growth and professionalism.
Okoro highlighted that, ‘whether formal or informal, every business aiming for sustainable growth should have a board.’ He noted that succession planning should cover all roles, not just top management, with a ‘ready now’ and ‘ready soon’ approach for each position.
He also offered practical advice to business owners whose boards are still at the ‘kitchen table’ stage, saying, “A clear governance structure is essential for sustained growth and strategic clarity. Building a robust talent pipeline ensures the business is always staffed with capable hands, and transparent performance-based rewards foster trust and accountability.”
This webinar followed the success of the August session, ‘Next-Gen Ready: The Family Business Success Blueprint’. The session underscored the importance of defining family members’ roles within governance structures and recognising that successors need not be direct descendants to contribute meaningfully to the board.
Through these ongoing initiatives, Lagos Business School continues reaffirming its commitment to supporting family-owned enterprises as they navigate the unique challenges of governance, leadership, and succession, laying the foundation for lasting family legacies.
