Leadership and Family Business Newsletter Volume 6
Wealth and Legacy: Strategic Financial Planning for Multi-Generational Family Business
Family-owned businesses are a cornerstone of the global economy, accounting for 70% – 90% of global GDP and 50-80% of employment worldwide (PwC, 2023). However, in Nigeria, only 30% of family-owned businesses survive beyond the first generation, and just 12% make it to the third generation (IFC, 2022). Strategic financial planning is crucial to ensure the longevity of these businesses across generations. This article explores wealth management, succession planning and legacy preservation in multi-generational family businesses.
