In May, PwC’s Next-gen session focused on how the experiences of the next generation of business executives and leaders of family businesses can serve as an invaluable resource for other family-owned businesses. Tomi Otudeko, Head Corporate Services at Honeywell Group; Seun Jolayemi, Executive Director, Special Projects Daily Need Group; OluRanti Bankole, Head of School, Ikoyi Campus, Greensprings School; Cosmos Junior Maduka, Executive Director – After Sales, Coscharis Motors Plc; and Guy Vande Vyvere, Managing Partner of VYBROS Invest BV, drove the session at the Radisson Blu Anchorage Hotel, VI, Lagos.
At the session, “Today and Beyond: The Next Generation Challenges Family Business Status Quo”, OluRanti Bankole, Head of School, Ikoyi Campus, Greensprings School mentioned that there were integral lessons to be learned from the current generation’s leadership such as the power of good communication. “Communication is the most important lesson I’ve learned from my mother. I’ve learned how to articulate my ideals and ideas in a more concise and effective manner.” She went on to explain how this important ability has helped her improve her business operations and greatly strengthened her ability to add value to the business.
Tomi Otudeko, Head of Corporate Services at Honeywell Group, shared how joining the family business brought the stakes into close focus and improved her work ethic further, “I understand that I am not just fighting for my family; I am fighting for employees with families. I am fighting for the community that I am in. it’s important to me. It is not just a job! “
On her part, Tomi Otudeko further gave some insights on how family businesses can attract excellent investors and ensure long-term impact while focusing on sustainability in line with Environmental, Social, and Governance (ESG) criteria. She went on to explain what the ESG framework is and how Honeywell Group is using it to enhance its position in the investment community.
L-R: Executive Director, Special Projects, Daily Need Group, Seun Jolayemi; Head of School, Ikoyi Campus , Greensprings School, OluRanti Bankole; Partner, Private Clients & Family Business Leader, PwC Nigeria, Esiri Agbeyi; Head, Corporate Services, Honeywell Group, Tomi Otudeko and Executive Director – After Sales, Coscharis Motors Plc, Cosmos Junior Maduka
In terms of identifying what counts and what may appear to be a pain point for next-generation business leaders, Guy Vande Vyvere, Managing Partner, VYBROS Invest BV, believes that “We all have great ideas and are eager to put them into action. However, what good are our great ideas as ‘next-geners’ if they are not well executed? Yes, the goal is to execute all of our incredible ideas; however, rather than having ten great ideas with a 50%-win rate, next-generation business executives should focus on executing these ideas one at a time and ensuring that there is one brilliant idea that achieves a 100% win rate every time.”
The PwC Nigeria NextGen Survey was launched after the panelists shared their insights and recommendations on how the next generation of family business executives can effectively play their roles in the advancement of the business ecosystem in the country.
This survey is a part of the global market survey of family business members from the next generation across 68 nations. The poll was conducted online in collaboration with The Family Business Network (FBN).