Sustaining the Family Legacy

Lagos Business School

Lagos Business School

Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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 importance and the key elements of Trans-generational succession
  • The Relevant parties and their respect roles
  • Managing the challenges of intra-family succession
  • Resistance to succession planning
  • Differing perspectives of the next generation
  • Making adequate preparations for succession
  • Preparing the business for succession
  • Preparing family for succession
  • Preparing the successors for effectiveness
  • Develop concrete action plan for succession planning
  • Develop concrete action plan for succession planning

Programme Curriculum

  • Understanding the importance and challenges of succession in family businesses
  • Impact of succession on the longevity of businesses
  • Understanding the succession dilemma
  • Managing succession across family generations
  • Succession planning as a tool for managing successions in family firms
  • Preparing the founder for succession – preparing for a new life!
  • Preparing the business for succession
  • Preparing family for succession
  • Preparing the successors for effective take-over of responsibility

Experts

Okey Nwuke

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...

Sustaining the Family Legacy at Lagos Business School

This course has no confirmed dates in the future. Subscribe to be notified when it is offered.


Something went wrong. We're trying to fix this error.

Thank you

Someone from the Coursalytics team will be in touch with you soon.

Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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.