Lagos Business School Strengthens Family Businesses with Governance Strategies for Sustainable Growth

Lagos Business School (LBS) has reaffirmed its commitment to strengthening family owned enterprises through governance insights designed to promote sustainable growth, leadership continuity, and professionalisation.

The School, through its Family Business Initiative, recently hosted a webinar themed “From Kitchen Table to Boardroom: Structuring Governance for Growth.” The session formed part of LBS’s ongoing capacity building series aimed at helping family enterprises transition from informal management to structured governance systems that drive long term success.

The webinar featured the Director of the Family Business Initiative, Dr. Okey Nwuke, and Chidi Okoro, founder of Drugs and Medicaments Limited, who shared practical perspectives on addressing governance and succession challenges that shape the survival of family businesses.

Dr. Nwuke highlighted the critical role of governance in separating family dynamics from business operations while maintaining a healthy balance. He noted that effective governance clarifies leadership and ownership roles, enhances continuity, reduces risks, attracts top talent, and ensures strategic direction and accountability.

Okoro added that every business seeking sustainable growth should have a board, whether formal or informal. He stressed the importance of proactive succession planning across all roles, recommending a “ready now” and “ready soon” approach to leadership development.

He further advised business owners still operating at the “kitchen table” stage to embrace structured governance. A clear governance framework provides strategic clarity, while transparent, performance-based systems build trust and accountability. Through such initiatives, Lagos Business School continues to empower family businesses with the knowledge, systems, and leadership structures needed to preserve family legacies and ensure sustainable enterprise growth across generations.