Experts have urged African business owners to prioritise systems, structures, and succession planning if their investments are to endure beyond a single generation.
They said this at the ‘Building Beyond You’ Conference in Lagos. The Founder, Stanbic IBTC Bank Plc, Mr. Atedo Peterside, emphasised that while some businesses are legitimately built to flip and sold for profit, succession planning becomes vital when the goal is to build institutions that last.
“It is not everything that should last. But if you are building to last, then systems, people, and values must be at the heart of your strategy,” he said.
Drawing from over three decades as an entrepreneur and corporate leader, Peterside underscored the importance of hiring the best talent, investing in personal growth, and balancing reward with sanctions in staff management.
He cautioned against hiring in one’s own image, urging leaders to instead embrace diversity without sacrificing shared vision.
Conference Convener and Founder, House of Tara International, Tara Fela-Durotoye, said the conference was born out of her desire to ensure that African businesses do not die with their founders. She emphasised the power of vision casting, culture, and people development.
“Being someone who can cast vision is a skill every founder must have.” She urged the participants to celebrate legacy milestones and train future leaders at all levels of their organisations.
She added that building enduring institutions requires founders to see succession not only at the top but across every role, from cleaners to executives.
“We must commit to developing people. Even if they leave, train them; because without developing people, you cannot build for the long term,” she said.
Entrepreneur, Dr. Ibukun Adebayo, stressed that succession should not be narrowly defined as the founder’s exit but as an organisational culture that ensures continuity at every level of leadership.
“Succession is not just about exiting. What about when your CFO leaves? What happens next? We need to build companies that last lifetimes, with foundations strong enough to withstand economic shifts.”
She warned against chaotic growth, describing it as commercial activity without structure, which often leaves founders overwhelmed and businesses fragile.
“Enough of fragile businesses, enough of businesses without structure, the best time to build was yesterday. The second-best time is now.” Adebayo challenged participants to build structures into their businesses, establish systems that ensure resilience and plan early for succession to create institutions that can thrive across generations.
“What is the value of your business if you go on holiday and it collapses? We must move from fragile enterprises to legacies that stand tall, even when our names are no longer heard.”
Other speakers at the event included Mrs. Ibukun Awosika, Mr. Fela Durotoye, Salem King, Mrs. Yewande Zaccheaus, Goke Balogun, Abiola Adediran, Fisayo Beecroft, JoyceeAwosika, Stephanie Obi, Tayo Osiyemi, Ayo Anibaba, and Tolulola Olumide.
