 And the key ingredients needed for family businesses to build legacies beyond today's profit centres around vision, clarity of purpose and getting the right talents for the business. These nuggets were handed down by the CEO of a cheer centre group, Dr Ibu Koon Awashike, in her keynote speech at the inaugural edition of the family business conference organised by the Lagos Business School. It was themed from family enterprise to family institution climbing the longevity ladder, just as Akadere tells us more. Is it to provide for a family? Is it to keep a family in bed that the public eye hasn't gone somewhere? Most family-owned businesses in Nigeria fail to survive to the second generation and even more fail to survive to the third. The problems with sustainability pose issues for individuals and communities. In family and boardroom discussions, succession is often the elephant in the room. Consent about the protection of family businesses and the jobs they support, the Lagos Business School puts this conference together to feature discussions by family business leaders on the impact of family dynamics, governance, succession on survival and the sustainability of family-owned businesses. Now, this side of the family business is, as a product of the case, the fact that many of these businesses is actually a cause for concern. I mean, we're reaching by cracking but let the participants survive to the third from third to second generation. We must leave it within the organisation. Dr Ibokun Awoshika is a CEO of the chair centre. She takes to the stage to speak on the topic, building a legacy beyond today's profit, charting the course from family enterprise to family institution. She sums it all up by telling family business owners to know why they started their businesses in the first place, when and how to bring in the right talents as well as the value of values. And it might be the youngest one that is best suited for facing the market, but in a family structure that can be a challenge and the politics and dynamics of family always comes in. But in building an institution that should not be. What is important is what is the right talent for the business and is that right talent, the youngest or the most senior or the cousin rather than the son because now if the son or the third child becomes the empty, is it his own son that will take over. The session is interactive and this panel brings a representation of founders and second generation of family businesses together. They share and compare notes on navigating succession dynamics in African family businesses. Environment, Estonia environment is very harsh. Family businesses, we go and take their reserve to support the business to weather the storm, thereby protecting jobs, protecting livelihood and in turn protecting their legacies. Well on on the family governance side, I mean it's something that we're still working on like you said I mean it doesn't even if it's not set up because everything is it's a work in progress. I say no I can't see these guys coming to do this to fight with these my drivers. Let me better look for something that I can hand over to them. A well-executed succession plan provides an opportunity for the next generation to learn and develop the necessary skills and knowledge required to lead the family business. Speakers also share on family governance and other key areas. So if you look back at all the businesses Nigerians have ever started right back from Ojuku transports, Uduzola tires, Concord, Arik, tell me which one is your surviving and they were all successful businesses at that time but as soon as the founders died, the businesses died. The founders joy is to see the business move through the bloodline but in the instances where that cannot happen you do the same thing you do when you're going to do anything that carries risk. You mitigate the risk. I think the starting point is clearly articulating what the vision is and what the expectations are. When there's intentionality and a legacy mindset you have a founder that decides that look I want this to live beyond me. It's not about being a superhero, it's not about me. It's about something beyond me. When you can have that level of clarity you'll find and when you don't have that you do have challenges because there's no planning for life after their founder basically. Succession planning often involves emotional decision making as it requires family members to navigate complex dynamics and relationships. However, a merit-based approach to leadership selection ensures that the most qualified and capable individuals assume such roles. Justin Acadone, Plastipides Lagos. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.