EXPERTS TASK FAMILY BUSINESSES ON STRONG GOVERNANCE, SUCCESSION PLANS

Experts have called on family-owned businesses to strengthen corporate governance structures and develop clear succession plans to ensure continuity, sustainability and long-term growth.

They stressed that many family businesses face challenges when leadership transitions are poorly managed, responsibilities are unclear and business decisions are influenced by personal relationships rather than established policies.

According to the experts, effective governance helps family businesses separate family interests from business operations, improve accountability and build confidence among employees, investors and other stakeholders.

The call was made at the Family Business Summit 2026 in Lagos, organised by My Family, My Business in partnership with BusinessDay and PwC. The summit, themed “Beyond the Founder: Scaling Family Businesses Across Generations,” brought together business leaders and advisers to discuss governance, succession, investment and expansion.

Convener Oghenevwoke Ighure said family businesses must establish structures and prepare future leaders to preserve their legacy and create value for subsequent generations.

PwC Nigeria Country Senior Partner Sam Abu also stressed that inheritance alone does not guarantee successful succession, explaining that businesses need clear processes for determining leadership, making decisions and guiding transitions.

Chapel Hill Denham Chairman and Chief Executive Officer Bolaji Balogun highlighted the importance of separating family wealth from company resources, maintaining integrity and developing the competence of younger generations.

The experts maintained that family businesses must move beyond founder-dependent operations and adopt professional management practices to remain competitive, attract investment and sustain employment.

They urged business owners to begin succession planning early, define responsibilities clearly and prepare younger family members for leadership, warning that failure to plan could threaten both business continuity and family wealth.