Women-owned family businesses tend to live long — Adediran

Family businesses owned by women tend to have greater longevity due to their unique approach to decision-making and emotional investment.

This was revealed on Wednesday at the Family Business Summit 2023, themed ‘Building a Multi-Generational Business in an Age of Volatility.’

“Women are able to have the right sort of emotions, and that helps you to address issues from a holistic point of view, so you’re not siloed in your thinking, not just thinking about profits alone, you’re thinking about your environment, the social impact of your decision making, having the right governance structures in place,” Adediran said during a panel session on the role of women in family businesses.

Read also How family businesses can scale to listed trillionaire firms

She also discussed the emotional aspect of investment decisions, noting that, “a lot of investments are purely from an emotional point of view. But the numbers do add some sort of context into why decisions on investment should be made. Women tend to lead in family businesses when it comes to making strong emotional investment decisions, ” said Abiola Adediran, Partner Genea Family office.

In a related discussion, Rolake Akinkugbe-Filani, Chief Commercial Officer at Mixta Africa (ARM Group), revealed that women’s contributions in family businesses are often described as “hidden or invisible,” with women being viewed as “Chief Emotional Officers” and guardians. She emphasized the role of matriarchs in family businesses, who are typically grandparents leading multi-generational family enterprises.

Ngozi Ekeoma, Group Managing Director of Nepal Group of Companies, stressed the importance of empathy in family business leadership. She mentioned, “Being a mother and a wife helps you to be somebody that arbitrates naturally. I started Nepal, and I am hoping to hand it over to the next generation. Often, when you talk about emotion, people always think that emotion is a negative thing. Being emotional also means having empathy, putting the otherperson in your shoes and looking at it from the other person’s shoes.”

Read also Family business misconceptions that should be addressed – Martin Roll

Lady Maiden Alex-Ibru, Chairman, Publisher & CEO of The Guardian Newspaper, shared her experiences in running a family business and the role of matriarchs. She mentioned the importance of nurturing, monitoring, and ensuring that the business runs smoothly while highlighting the significance of keeping family businesses within the family for continuity.

Also at the event, Fatima Wali Abdur-Rahman, Chairman of Filmo Real Estate Group, discussed her journey into the world of business as a mother and wife. She highlighted the multitasking skills and decision-making abilities developed through her roles as a mother and wife, which prepared her for running a business.