Detail, Nigeria’s first commercial solicitor firm to specialise exclusively in noncourt room practice has held its 9th Business Series with a focus to help people build resilient multigenerational enterprises.
Speaking during the 9th DETAIL Business Series on the Future of Family Business: Building Resilient Multigenerational Enterprises, Chukwudi Ofili, Associate Parter, Detail Commercial Solicitors, said: “Effective collaboration between founders, the next generation and non-family staff by utilising an effective corporate governance structure is essential for fool-proofing the future of a family enterprise.”
Executives, members of the next generation and advisors attended this interactive Business Series and were taken on a journey of how best to build enterprises that would withstand the test of time.
This business series was hosted in collaboration with Nike Anani, a Nextgen coach, assisting Nextgens (second generation family members in family businesses) in collaborating with the first generation business founders in building sustainable family enterprises.
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Nike emphasised the importance of diversification. “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.
Audrey Joe-ezigbo, CoFounder and Executive Director, Falconcorporationlimited,was an electric addition to the Business Series, sharing her expert insights from being in the driver’s seat of a resilient enterprise.
She emphasised the importance of intentionally managing your workplace and family relationship.
She went on to stress the importance of placing the right structures and frameworks in place to ensure that your business outlives you.
“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.”
The panel discussion with Audrey Joe-ezigbo and Nike Anani was engaging as both of their perspectives reflected the realities that exist between founders and the next generation.
