How enterprises can survive difficult times-Experts

Effective collaboration between founders, the next generation and non-family staff by utilising an effective corporate governance structure is essential for the future of a family enterprise.

An Associate Partner, Detail Commercial Solicitors, Chukwudi Ofili, said this at the 9th DETAIL Business Series on the “Future of Family Business: Building Resilient Multigenerational Enterprises.”

The event had in attendance executives, members of the next generation and advisors who were taken on a journey of how best to build enterprises that would withstand the test of time.

The business series was hosted in collaboration with Nike Anani, a coach assisting NextGens (second generation family members in family businesses) in building sustainable family enterprises.

On the importance of diversification, Anani said, “To build resilience in our family businesses, we must diversify by building up a performing investment portfolio that has a low correlation with the existing family business, in terms of asset type, geography, industry and currency.”

On her part, Mrs. Audrey Joe-Ezigbo, Co-Founder and Executive Director, Falcon Corporation Limited, emphasised the importance of intentionally managing the workplace and family relationship.

“You should have an institutionalisation framework. Your systems, structures, policies and procedures must be in place and you must be disciplined to follow them consistently,” she said.

Senior Associate, DETAIL, Temidayo Ajaji said, “There is no one-size-fits all approach for family governance as it is dependent on the family dynamics and it varies as newer generations come into the business.”

Overall, participants gained key insights on how best to position their enterprises to navigate the competitive corporate landscape in Nigeria.