Who should attend
- Owner managers.
- Spouses and offsprings of founders of family businesses.
- Top management of family businesses
- Professional advisers of family businesses (including consultants,
- accountants, lawyers, public relation practitioners etc
About the course
Family-owned businesses contribute significantly to economic development, wealth creation, and employment in most emerging economies. Though family businesses are key components of the economies of most countries, only a few of them survive between the founding generation and the next. The failure rate is so high that less than 30% survive the second generation, while under 10% make it to the third generation. The implication is that the survival rate of most African family businesses beyond the founder’s generation is extremely low.
Some of the many large and well-known family businesses that are no longer in business after the exit of their founders include Ekene Dilichukwu Transport, Ugo Foam, Odutola Brothers, Hajj Air, Stationary Stores, Mai Deribe and sons, etc. For example, the founder of MKO business group, the late Nigerian business mogul MKO Abiola, who at one point was believed to be one of the wealthiest men in Africa, successfully built one of Nigeria’s biggest business empires consisting of an airline, a chain of newspapers, extensive real estate, fisheries and retail. After his death in 1998, his businesses crumbled just like several others. None of them exist today.
The most successful family firms however, are those in which there is a good balance between professional management, responsible business ownership and a healthy family dynamic.
Key Learning Objectives/ Benefits
- Better understanding of the key elements of institution building
- The Importance of effective governance:
- Organizing the family
- Organizing the business
- Managing overlapping concerns
- Develop strategic vision for both the family and the business
- Learn how to professionalize the management and board of the business for efficiency and sustainability
- Understand the changing governance requirements as the family business evolves
- Governance in multi-generational Family firms
- Learn strategic planning process for the family businesses and the importance of strategic choices
- Effective communication between the Family and the Business
- Develop concrete action plan for the key governance requirements of family firms – running the business board, setting up of family councils and family
- Understanding the importance of governance to family business longevity
- Governing the family (family councils)
- Governing the business (boards of directors)
- Governance in multi-generational family firms
- Professionalizing the management of the business
- Designing policies, processes, and operational methodology for the business
- Designing the appropriate governance structure for your enterprise
- Differing Roles and responsibilities of management, boards, family councils
- Strategic planning for family businesses
- Managing communication within the family and between the family and the business
Dr Okey Nwuke has over 27 years of experience in Finance and Corporate Governance from working with top corporates and leading commercial banks in Nigeria. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an Associate of the Chartered Institute of Taxation of Nigeria (C...
Videos and materials
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.