Strategic Succession Planning and Continuity of Family Businesses in South East Nigeria
- Post by: deqe
- December 12, 2022
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ABSTRACT
The study examined the Effect of Strategic Succession Planning and continuity of Family Business in South East Nigeria. The objectives of the study were to: ascertain the effect of leadership on the growth of family businesses and the extended family members’ commitment affect continuity in a family-owned business in South East Nigeria. A descriptive survey was adopted. Statistical Package for Social Sciences (SPSS) version 16.0 were used. To confirm the significance of the correlation between variables, Pearson correlation analysis was performed. The study revealed that leadership has a significant effect on the growth of family businesses in southeast Nigeria. This was true with t = 13.601; M = 2.78; Std = 0.059; p ˂. 05; It was indicated that family members’ commitment can significantly affect the continuity of family business in southeast Nigeria with t = 18.20; M = 2.79; Std = 0.043; p ˂ .05. The study concluded that lack of management of succession planning can pose great challenges in the continuity of family businesses. The family must explore its values, family business philosophy, and family vision to assess its commitment to the business for developing family members for management and leadership roles.
Keywords: Strategic Succession Planning; Continuity of Family Businesses; South East Nigeria
Authorship
1Iwuji, Arthur Nnamdi and 2Okechukwu, Elizabeth Uzoamaka PhD
DOI: https://doi.org/10.5281/zenodo.7425976 | FULL PDF