How family businesses can endure – Experts

Three days of discussions at the Business Summit 2026 in Lagos have emphasized the need for family businesses to strengthen governance, succession planning, and invest in next-generation leadership to ensure they endure beyond their founders. The summit, organized by My Family, My Business in partnership with BusinessDay and PwC, explored various aspects of family business sustainability, including succession planning, family governance, investment strategies, and global wealth structuring.

The summit's theme, "Beyond the Founder: Scaling Family Businesses Across Generations," aimed to create a platform for families to have honest conversations, learn from one another's experiences, and access the knowledge and networks required to build sustainable institutions. Convener Oghenevwoke Ighure stressed the importance of moving beyond founder-dependent structures and establishing institutions capable of surviving across generations.

Keynote speaker Frank Aigbogun highlighted the role of patient capital in building businesses that endure, emphasizing the need for a clear distinction between family wealth and corporate resources, strong governance, integrity, and a commitment to excellence. Sam Abu stressed the importance of succession planning, emphasizing that inheritance and succession are different concepts.

While inheritance answers the question of ownership, succession goes a step further to address leadership, decision-making, and guiding principles. Bolaji Balogun emphasized the need for long-term financing, developing the competence and character of future generations, and leveraging capital markets to build enduring family businesses.