Family businesses have become part of Nigeria’s ecosystem. According to Moniepoint, they account for about 50 percent of the total businesses in Nigeria. From education to manufacturing, Nigerian family businesses are represented in every sphere of the economy.
A family business can be defined as one that has significant management involvement from family members. These businesses range from mom-and-pop shops to multinationals. For example, South Korea’s largest chaebols, Samsung, Hyundai, and LG are family businesses.
Family businesses are characterised by unique attributes and values which reflect in their longevity. One of these factors is their core values.
According to PwC’s Family Business Survey 2021, 79 percent of family businesses globally highlight their core values as key factors in their longevity. Within the Nigerian context, the survey showed that a core value for Nigerian family businesses is community trust and integrity, with 65 percent of the surveyed businesses placing a strong emphasis on contributing to the community.
Read more at BusinessdayNG
A family business can be defined as one that has significant management involvement from family members. These businesses range from mom-and-pop shops to multinationals. For example, South Korea’s largest chaebols, Samsung, Hyundai, and LG are family businesses.
Family businesses are characterised by unique attributes and values which reflect in their longevity. One of these factors is their core values.
According to PwC’s Family Business Survey 2021, 79 percent of family businesses globally highlight their core values as key factors in their longevity. Within the Nigerian context, the survey showed that a core value for Nigerian family businesses is community trust and integrity, with 65 percent of the surveyed businesses placing a strong emphasis on contributing to the community.
Read more at BusinessdayNG