web01.fireside.fm Mon, 11 May 2026 08:09:10 -0500 Fireside (https://fireside.fm) The Business of Family - Episodes Tagged with “Business Families” https://www.businessoffamily.net/tags/business%20families Sun, 17 Oct 2021 17:15:00 +1000 Mike Boyd interviews successful families and their advisors to learn how they steward their wealth across generations, managing succession issues to "keep it in the family". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd en-us episodic Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional. Very few do the work and even fewer make it beyond the 3rd generation. Find out how with The Business of Family. Mike Boyd Mike Boyd interviews successful families and their advisors to learn how they steward their wealth across generations, managing succession issues to "keep it in the family". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd no succession, multi-generational wealth, family office, dynasty, legacy, stewardship, next generation, business, family wealth, investing, FO, wealth, investing, inheritance, legacy, heirs, Mike Boyd podcastrss@mikeboyd.com.au Moses Kagan - On the Shoulders of Giants http://www.businessoffamily.net/moses-kagan 67f9998f-5222-4a8a-b1c1-70b74d90a61c Sun, 17 Oct 2021 17:15:00 +1000 Mike Boyd full 2 Mike Boyd Moses Kagan is the co-founder of Adaptive Realty, a boutique real estate private equity firm based in Los Angeles, which has about $200 Million in assets under management. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control. 1:03:52 no <p><a href="https://www.kagansblog.com/" target="_blank" rel="nofollow noopener">Moses Kagan </a> has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, <a href="https://www.adaptiverealty.com/" target="_blank" rel="nofollow noopener">Adaptive Realty</a>, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR" - [Moses]</li> <li>"If you do not lose the building, the rents will recover" - [Moses]</li> <li>"When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy" - [Moses]</li> <li>"It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger" - [Moses]</li> <li>"I do not believe that we as individuals live our lives for ourselves" - [Moses]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Moses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals. </li> <li>The most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property.</li> <li>There are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover. </li> <li>The initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them. </li> <li>The structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital. </li> <li>Describing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education. </li> <li>When starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be. </li> <li>There is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them. </li> <li>Discussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them. </li> <li>Gaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had. </li> <li>Advice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one. </li> <li>From Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more.</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:48] Meet today's guest, Moses Kagan.</li> <li>[01:53] About the business, Adaptive Realty.</li> <li>[13:50] How do you get investors to join you with your strategy of holding properties permanently? </li> <li>[16:45] How have you structured Adaptive Realty to be different from the typical P.E model?</li> <li>[21:55] Moses shares his family background. </li> <li>[32:36] What's your perspective on multigenerational wealth?</li> <li>[38:28] What does the future look like in terms of the next generation?</li> <li>[41:07] Do you expect your children to get involved in the business? </li> <li>[46:15] Is there any form of family governance structure? </li> <li>[48:18] Moses shares his approach to storytelling as a method to pass on values.</li> <li>[52:55] How Moses works to help others who haven't had the same privileges he enjoyed. </li> <li>[57:06] Advice from Moses to listeners aspiring to build generational legacies.</li> <li>[01:00:33] From Moses to his kids.</li> </ul> <p><strong>For more episodes go to</strong><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">The Business of Family Newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Moses Kagan.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control.

Standout Quotes:

  • "Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR" - [Moses]
  • "If you do not lose the building, the rents will recover" - [Moses]
  • "When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy" - [Moses]
  • "It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger" - [Moses]
  • "I do not believe that we as individuals live our lives for ourselves" - [Moses]

Key Takeaways:

  • Moses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals.
  • The most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property.
  • There are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover.
  • The initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them.
  • The structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital.
  • Describing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education.
  • When starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be.
  • There is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them.
  • Discussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them.
  • Gaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had.
  • Advice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one.
  • From Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more.

Episode Timeline:

  • [00:48] Meet today's guest, Moses Kagan.
  • [01:53] About the business, Adaptive Realty.
  • [13:50] How do you get investors to join you with your strategy of holding properties permanently?
  • [16:45] How have you structured Adaptive Realty to be different from the typical P.E model?
  • [21:55] Moses shares his family background.
  • [32:36] What's your perspective on multigenerational wealth?
  • [38:28] What does the future look like in terms of the next generation?
  • [41:07] Do you expect your children to get involved in the business?
  • [46:15] Is there any form of family governance structure?
  • [48:18] Moses shares his approach to storytelling as a method to pass on values.
  • [52:55] How Moses works to help others who haven't had the same privileges he enjoyed.
  • [57:06] Advice from Moses to listeners aspiring to build generational legacies.
  • [01:00:33] From Moses to his kids.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Moses Kagan.

Sponsored By:

Links:

]]> Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control.

Standout Quotes:

  • "Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR" - [Moses]
  • "If you do not lose the building, the rents will recover" - [Moses]
  • "When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy" - [Moses]
  • "It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger" - [Moses]
  • "I do not believe that we as individuals live our lives for ourselves" - [Moses]

Key Takeaways:

  • Moses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals.
  • The most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property.
  • There are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover.
  • The initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them.
  • The structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital.
  • Describing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education.
  • When starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be.
  • There is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them.
  • Discussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them.
  • Gaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had.
  • Advice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one.
  • From Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more.

Episode Timeline:

  • [00:48] Meet today's guest, Moses Kagan.
  • [01:53] About the business, Adaptive Realty.
  • [13:50] How do you get investors to join you with your strategy of holding properties permanently?
  • [16:45] How have you structured Adaptive Realty to be different from the typical P.E model?
  • [21:55] Moses shares his family background.
  • [32:36] What's your perspective on multigenerational wealth?
  • [38:28] What does the future look like in terms of the next generation?
  • [41:07] Do you expect your children to get involved in the business?
  • [46:15] Is there any form of family governance structure?
  • [48:18] Moses shares his approach to storytelling as a method to pass on values.
  • [52:55] How Moses works to help others who haven't had the same privileges he enjoyed.
  • [57:06] Advice from Moses to listeners aspiring to build generational legacies.
  • [01:00:33] From Moses to his kids.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Moses Kagan.

Sponsored By:

Links:

]]> Nike Anani - Building a Generational Bridge in African Family Firms http://www.businessoffamily.net/nike-anani 918a28f5-8e5f-4aa7-a7ad-f21ca93808ea Mon, 01 Mar 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. 1:01:54 no <p>Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. <strong>No more than 2% of African family businesses successfully transition power to the second generation</strong>, and Nike has made it her mission to facilitate this generational merge.</p> <p>With over a decade of experience working with select business families in Africa, <a href="https://nikeanani.com/" target="_blank" rel="nofollow noopener">Nike Anani</a> helps owners lead their family organizations to long-term impact and legacy.</p> <p>Her clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a <a href="https://nikeanani.com/nextgen-the-turning-wheel/" target="_blank" rel="nofollow noopener">NextGen</a>. This allows her to uniquely empathise with both generations and act as a connector to the Founding generation.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"And that's an observation I have of founders and entrepreneurs, they're just amazing people that have an eye for opportunity" - [Nike]</li> <li>"As most founders do, it was about giving me the best opportunity to set me up for success and often in their minds, success is going as far away from the business to get the best experience...so they can come back" - [Nike]</li> <li>"In Nigeria, 90% of indigenous businesses are family businesses, but only 2% survive beyond the founder" - [Nike]</li> <li>"Family businesses are so key to the community, if they keep failing after a generation, then what's that doing to the economy?" - [Nike]</li> <li>"I think that starting from a relatively small base, the best way to build anything is with community, and actually building what that community wants rather than just dictating something that you found off the shelf from another culture" - [Mike]</li> <li>"If you've seen one family business, you've seen one family business" - [Nike]</li> <li>"A friend of mine says whenever you wake up is your morning, some people don't wake up until they're 85, they don't know what they want" - [Nike]</li> <li>"I need to be in the best version of myself so I can serve people to the best of my ability" - [Nike]</li> <li>"There's always something new to learn, we've never arrived, we're just on this ongoing journey of endless learning, in my view" - [Nike]</li> <li>"There's no position that's guaranteed in life, whether it be a position of material success or honor, today you might be celebrated but it doesn't mean tomorrow you will be" - [Nike]</li> <li>"It is important to ensure that people's external projections don't become your internal story, because your story is the most powerful thing that you can give yourself" - [Nike] </li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Nike is a 2nd generation family business owner, and she narrates how her father started the family business initially as a side-hustle.</li> <li>Describing events around her entry into the business, she shares the plan was to only stay for a few months in Nigeria, gain exposure to business in general, and move back to the UK eventually. However, she was drawn to the spirit of entrepreneurship there and felt more liberated as a young black female.</li> <li>Nike explains that while her father had expressed general support for her in any field she was planning to go into, she had never expected she would work in the family business.</li> <li>A glaring disparity in the decision-making process between her former place of work and the family business was the time taken which could be much shorter or longer in different scenarios, leaving her befuddled about family business as a whole. This encouraged her to get professional education at the Family Firm Institute in Boston.</li> <li>Employing her knowledge in her family business, Nike started the process of "Governance" which involved her siblings more, intending to avert the typical dissolution that plagued most Nigerian family businesses after the founding generation.</li> <li>Another strategy adopted involved starting the conversation by creating a community called "African Family Firms" for African families facing similar challenges to meet and navigate through these issues. </li> <li>Nike highlights various peculiarities of African families, noting how these have to be put into consideration when trying to find solutions to the survival of family businesses in Africa.</li> <li>You won't know what you want until you come together as a family, have open conversations, and plan for different scenarios. Get clear as a family on who you are, what your values are, the goals of the family, and the purpose of the family business.</li> <li>Emphasizing the importance of continuous learning, Nike embraces the process as a part of being the best version of herself.</li> <li>A significant failure that set her up for success took place in school, where the result she got at some point would not be good enough for the jobs she wanted, and this motivated her to push herself harder than ever before to achieve her desired goal.</li> <li>Nike’s parents impressed upon her certain values described as 4Hs and 2Ps. The 4Hs are Honesty, Hard work, Humility, and Harmony while the 2Ps are People and Places. All of these were included in the family constitutional value system when the formal family enterprise was set up.</li> <li>It is important to understand that while people can project their weaknesses onto you and vilify you, their external projections should not become your internal story because your story is the most powerful thing you can give yourself, and you have to hold on to that story.</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:50] Meet Today's guest, 'Nike Anani'.</li> <li>[01:56] Nike's personal and professional background.</li> <li>[08:30] How did the family make the jump from medical consumables to construction and building hospitals?</li> <li>[16:55] How were you inspired to learn more about the Business of Family?</li> <li>[23:00] Since the wake-up call that you received, what did you do about it for your own family or your friends' families?</li> <li>[29:50] Do people document entitlements for kin or rather more of a bloodline lineage?</li> <li>[32:53] Challenges surrounding Real Estate planning in Africa.</li> <li>[39:18] An overview of Nike's different roles in family business generally.</li> <li>[50:15] Has there been a specific failure that you've learned a great deal from?</li> <li>[56:00] Apart from education, what else came through as fundamentally important from your parents?</li> <li>[59:40] Nike's letter to her kids.</li> </ul> <p><strong>For more episodes go to</strong><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">The Business of Family Newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Nike Anani.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. No more than 2% of African family businesses successfully transition power to the second generation, and Nike has made it her mission to facilitate this generational merge.

With over a decade of experience working with select business families in Africa, Nike Anani helps owners lead their family organizations to long-term impact and legacy.

Her clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a NextGen. This allows her to uniquely empathise with both generations and act as a connector to the Founding generation.

Standout Quotes:

  • "And that's an observation I have of founders and entrepreneurs, they're just amazing people that have an eye for opportunity" - [Nike]
  • "As most founders do, it was about giving me the best opportunity to set me up for success and often in their minds, success is going as far away from the business to get the best experience...so they can come back" - [Nike]
  • "In Nigeria, 90% of indigenous businesses are family businesses, but only 2% survive beyond the founder" - [Nike]
  • "Family businesses are so key to the community, if they keep failing after a generation, then what's that doing to the economy?" - [Nike]
  • "I think that starting from a relatively small base, the best way to build anything is with community, and actually building what that community wants rather than just dictating something that you found off the shelf from another culture" - [Mike]
  • "If you've seen one family business, you've seen one family business" - [Nike]
  • "A friend of mine says whenever you wake up is your morning, some people don't wake up until they're 85, they don't know what they want" - [Nike]
  • "I need to be in the best version of myself so I can serve people to the best of my ability" - [Nike]
  • "There's always something new to learn, we've never arrived, we're just on this ongoing journey of endless learning, in my view" - [Nike]
  • "There's no position that's guaranteed in life, whether it be a position of material success or honor, today you might be celebrated but it doesn't mean tomorrow you will be" - [Nike]
  • "It is important to ensure that people's external projections don't become your internal story, because your story is the most powerful thing that you can give yourself" - [Nike]

Key Takeaways:

  • Nike is a 2nd generation family business owner, and she narrates how her father started the family business initially as a side-hustle.
  • Describing events around her entry into the business, she shares the plan was to only stay for a few months in Nigeria, gain exposure to business in general, and move back to the UK eventually. However, she was drawn to the spirit of entrepreneurship there and felt more liberated as a young black female.
  • Nike explains that while her father had expressed general support for her in any field she was planning to go into, she had never expected she would work in the family business.
  • A glaring disparity in the decision-making process between her former place of work and the family business was the time taken which could be much shorter or longer in different scenarios, leaving her befuddled about family business as a whole. This encouraged her to get professional education at the Family Firm Institute in Boston.
  • Employing her knowledge in her family business, Nike started the process of "Governance" which involved her siblings more, intending to avert the typical dissolution that plagued most Nigerian family businesses after the founding generation.
  • Another strategy adopted involved starting the conversation by creating a community called "African Family Firms" for African families facing similar challenges to meet and navigate through these issues.
  • Nike highlights various peculiarities of African families, noting how these have to be put into consideration when trying to find solutions to the survival of family businesses in Africa.
  • You won't know what you want until you come together as a family, have open conversations, and plan for different scenarios. Get clear as a family on who you are, what your values are, the goals of the family, and the purpose of the family business.
  • Emphasizing the importance of continuous learning, Nike embraces the process as a part of being the best version of herself.
  • A significant failure that set her up for success took place in school, where the result she got at some point would not be good enough for the jobs she wanted, and this motivated her to push herself harder than ever before to achieve her desired goal.
  • Nike’s parents impressed upon her certain values described as 4Hs and 2Ps. The 4Hs are Honesty, Hard work, Humility, and Harmony while the 2Ps are People and Places. All of these were included in the family constitutional value system when the formal family enterprise was set up.
  • It is important to understand that while people can project their weaknesses onto you and vilify you, their external projections should not become your internal story because your story is the most powerful thing you can give yourself, and you have to hold on to that story.

Episode Timeline:

  • [00:50] Meet Today's guest, 'Nike Anani'.
  • [01:56] Nike's personal and professional background.
  • [08:30] How did the family make the jump from medical consumables to construction and building hospitals?
  • [16:55] How were you inspired to learn more about the Business of Family?
  • [23:00] Since the wake-up call that you received, what did you do about it for your own family or your friends' families?
  • [29:50] Do people document entitlements for kin or rather more of a bloodline lineage?
  • [32:53] Challenges surrounding Real Estate planning in Africa.
  • [39:18] An overview of Nike's different roles in family business generally.
  • [50:15] Has there been a specific failure that you've learned a great deal from?
  • [56:00] Apart from education, what else came through as fundamentally important from your parents?
  • [59:40] Nike's letter to her kids.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Nike Anani.

Sponsored By:

Links:

]]> Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. No more than 2% of African family businesses successfully transition power to the second generation, and Nike has made it her mission to facilitate this generational merge.

With over a decade of experience working with select business families in Africa, Nike Anani helps owners lead their family organizations to long-term impact and legacy.

Her clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a NextGen. This allows her to uniquely empathise with both generations and act as a connector to the Founding generation.

Standout Quotes:

  • "And that's an observation I have of founders and entrepreneurs, they're just amazing people that have an eye for opportunity" - [Nike]
  • "As most founders do, it was about giving me the best opportunity to set me up for success and often in their minds, success is going as far away from the business to get the best experience...so they can come back" - [Nike]
  • "In Nigeria, 90% of indigenous businesses are family businesses, but only 2% survive beyond the founder" - [Nike]
  • "Family businesses are so key to the community, if they keep failing after a generation, then what's that doing to the economy?" - [Nike]
  • "I think that starting from a relatively small base, the best way to build anything is with community, and actually building what that community wants rather than just dictating something that you found off the shelf from another culture" - [Mike]
  • "If you've seen one family business, you've seen one family business" - [Nike]
  • "A friend of mine says whenever you wake up is your morning, some people don't wake up until they're 85, they don't know what they want" - [Nike]
  • "I need to be in the best version of myself so I can serve people to the best of my ability" - [Nike]
  • "There's always something new to learn, we've never arrived, we're just on this ongoing journey of endless learning, in my view" - [Nike]
  • "There's no position that's guaranteed in life, whether it be a position of material success or honor, today you might be celebrated but it doesn't mean tomorrow you will be" - [Nike]
  • "It is important to ensure that people's external projections don't become your internal story, because your story is the most powerful thing that you can give yourself" - [Nike]

Key Takeaways:

  • Nike is a 2nd generation family business owner, and she narrates how her father started the family business initially as a side-hustle.
  • Describing events around her entry into the business, she shares the plan was to only stay for a few months in Nigeria, gain exposure to business in general, and move back to the UK eventually. However, she was drawn to the spirit of entrepreneurship there and felt more liberated as a young black female.
  • Nike explains that while her father had expressed general support for her in any field she was planning to go into, she had never expected she would work in the family business.
  • A glaring disparity in the decision-making process between her former place of work and the family business was the time taken which could be much shorter or longer in different scenarios, leaving her befuddled about family business as a whole. This encouraged her to get professional education at the Family Firm Institute in Boston.
  • Employing her knowledge in her family business, Nike started the process of "Governance" which involved her siblings more, intending to avert the typical dissolution that plagued most Nigerian family businesses after the founding generation.
  • Another strategy adopted involved starting the conversation by creating a community called "African Family Firms" for African families facing similar challenges to meet and navigate through these issues.
  • Nike highlights various peculiarities of African families, noting how these have to be put into consideration when trying to find solutions to the survival of family businesses in Africa.
  • You won't know what you want until you come together as a family, have open conversations, and plan for different scenarios. Get clear as a family on who you are, what your values are, the goals of the family, and the purpose of the family business.
  • Emphasizing the importance of continuous learning, Nike embraces the process as a part of being the best version of herself.
  • A significant failure that set her up for success took place in school, where the result she got at some point would not be good enough for the jobs she wanted, and this motivated her to push herself harder than ever before to achieve her desired goal.
  • Nike’s parents impressed upon her certain values described as 4Hs and 2Ps. The 4Hs are Honesty, Hard work, Humility, and Harmony while the 2Ps are People and Places. All of these were included in the family constitutional value system when the formal family enterprise was set up.
  • It is important to understand that while people can project their weaknesses onto you and vilify you, their external projections should not become your internal story because your story is the most powerful thing you can give yourself, and you have to hold on to that story.

Episode Timeline:

  • [00:50] Meet Today's guest, 'Nike Anani'.
  • [01:56] Nike's personal and professional background.
  • [08:30] How did the family make the jump from medical consumables to construction and building hospitals?
  • [16:55] How were you inspired to learn more about the Business of Family?
  • [23:00] Since the wake-up call that you received, what did you do about it for your own family or your friends' families?
  • [29:50] Do people document entitlements for kin or rather more of a bloodline lineage?
  • [32:53] Challenges surrounding Real Estate planning in Africa.
  • [39:18] An overview of Nike's different roles in family business generally.
  • [50:15] Has there been a specific failure that you've learned a great deal from?
  • [56:00] Apart from education, what else came through as fundamentally important from your parents?
  • [59:40] Nike's letter to her kids.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Nike Anani.

Sponsored By:

Links:

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