By Rukayat Moisemhe
The Dean, Lagos Business School (LBS), Prof. Chris Ogbechie, has highlighted the need for tailored support geared towards ensuring the longevity and continued success of family businesses.
Ogbechie made the call in Lagos on Wednesday in a communique of a programme organised to assess and guard against data which showed that 70 per cent of family businesses die after the first generation.
According to the LBS dean, only 30 per cent of family businesses survive beyond the first generation, though family businesses all over the world are faced with unique challenges.
This development, he said inspired the LBS to come up with an initiative to foster conversations surrounding the peculiar challenges faced by family-owned enterprises.
“In spite of their contributions, statistics show that only about 30 per cent of Nigerian family businesses survive past the first generation (research by the Nigerian Exchange Ltd. on family businesses).
“This highlights the…
Source: News Agency of Nigeria
