Welcome back to another great episode of the Dear BLK CEO Podcast.
For those who are thinking through next steps in your family business, or even if your just starting to build up generational wealth for your family to take over in the future; this episode will be vital in your journey. Nike Anani is an entrepreneur and a consultant. She was rated as a top-100 Family Business Consultant globally. She’s known especially for helping her clients bridge the gap between the senior and younger generations. With over 10 years as both a business founder and a NextGen, Nike is able to uniquely empathise with both generations and act as a connector. Nike is passionate about diversity, and celebrates the uniqueness in every individual, family and business.
Dive into Nike’s story and expertise as we learn more about building a sustainable legacy family business model.
Building a Sustainable Legacy Family Business:
[00:01 – 07:07] Opening Segment
- I welcome Nike Anani to the show
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- Nike gives some background to her story
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- Lived in Lagos, Nigeria and UK
- A dad who ran the family business in Lagos
- How she took the path of economics
- Joining Deloitte
- A desire to have agency and ownership
- Transitioning to a mindset of legacy
[07:08 – 24:39] Building a Sustainable Legacy Family Business
- The disparity family businesses face
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- Lack of succession planning
- Lack of knowledge and estate transfer
- A need for collaboration
- How Nike filled the need in her country
- Nike’s perspective on first generation entrepreneurs
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- Seeing her dad without liquidity
- Many have assets but it needs balance with liquidity
- Nike’s role in the family business structure
- The advantage of next gens to operate in non-executive roles
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- Opportunities to play more strategic roles
- Second Gen comes with different needs than first
- Think about your investments
- Moving from Me to We
- What it’s like navigating the emotional side of operating a family business
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- “We are emotional beings who occasionally think”
- The importance of gaining self awareness
- Try to divorce the emotions from the logic
- There is value in using a coach
[24:40 – 42:02] The Responsibility of Legacy
- Nike talks about being an effective change coordinator
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- It’s time to adapt in a fast moving world
- Transformational business leave transformational legacies
- The impact you make is beyond just you
- Thoughts on ‘lifestyle entrepreneurship’ vs. the responsibility
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- ‘To each their own’
- Legacy has two components
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- Legacies can be lived in our present time
- Entrepreneurs have a responsibility to make a lasting impact
- The world needs your mind to sustain success
- It’s time for the world to learn from our culture
- Nike’s words of wisdom for the Next Gen
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- Be patient, it’s a process
- Understand the perspectives of those around you
- Be selfless and protect the legacy
- Be intentional about social capital
- How to connect with Nike
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- Lifetime to Legacy
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- Links below
[42:03 – 44:12] Random Round
- Nike’s recommendation to come on the podcast
- What is your best tip for doing business with your family?
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- Favorite mistake when working with family?
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- Not separating emotions from logic
- What industry or sector would you recommend for family businesses?
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- Don’t just pursue financial, pursue social impact
- Final words
Tweetable Quotes:
“I think the world needs to learn from our culture. We’ve imported so much, we need to export and teach.” - Nike Anani
“You’re moving from I, Me to We… You don’t want individual rulership, you want collective leadership.” - Nike Anani
“Businesses that are transformational leave transformational legacies… As an owner, the impact you’re making is beyond you.” - Nike Anani
Resources Mentioned:
Be sure to connect with Nike on Instagram and LinkedIn. Visit https://nikeanani.com/ for more award winning business strategies.
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You don’t have to be anyone other than who you are to be a world-class CEO!