SUSTAINING FAMILY BUSINESS LEGACY IN NIGERIA THROUGH EFFECTIVE SUCCESSION PLANNING

Abstract

Purpose. This study investigates the impact of succession planning on the sustainability of family businesses in Nigeria. The purpose is to identify effective succession planning strategies that can ensure long-term sustainability of family businesses. Objective. The objective is to examine the relationship between succession planning and business sustainability. Methodology. Using a mixed-methods approach, this study surveyed 200 family business owners and conducted in-depth interviews with 30 industry experts. Findings. The findings reveal that effective succession planning is crucial for ensuring business continuity, innovation, and growth. The study also identifies key challenges in succession planning, including lack of clear communication, inadequate training, and resistance to change. Originality. This study's originality lies in its focus on the Nigerian context, providing insights into the unique challenges and opportunities faced by family businesses in the region. Implications. The implications suggest that family business owners and policymakers should prioritize succession planning to ensure business sustainability. Recommendations. Recommendations include developing clear succession plans, providing training and development opportunities for successors, and fostering a culture of innovation and adaptability.