Succession Planning and Sustainability of Selected Family Businesses in Taraba State, Nigeria

Authors

  • Timothy, Fanya Federal University Wukari, Taraba State, Nigeria
  • Dr. Rimamnde Rikwentishe Federal University Wukari, Taraba State
  • Agyo, Atswenbuma Federal University Wukari, Taraba State, Nigeria.
  • Prof. Andy Fred Wali River State University River State, Nigeria

Keywords:

Succession Planning, Family Successor, Non-family Successor, Mentorship, Sustainability of Family Businesses

Abstract

The purpose of this research was to analyze the effects of succession planning specifically, the selection of a family successor, a non-family successor, and mentorship on the sustainability of selected family businesses in Jalingo, Taraba State, Nigeria. The study uses a survey research approach, sampling 222 participants from a larger group of 500 family company owners, employees, and consumers. The Google Form tool was used to create a comprehensive online structural questionnaire. The data was analyzed using a multiple regression model. The study indicated that the sustainability of family enterprises is greatly affected by the presence of a successor and mentor who are not members of the family. Since choosing a family member as a successor does not guarantee the longevity of a family firm, the study suggests that family business owners choose successors based on their skills and experience instead. And as part of the family business's succession planning, the chosen successor should receive extensive mentoring.

Author Biographies

Timothy, Fanya, Federal University Wukari, Taraba State, Nigeria

Department of Business Administration,
Federal University Wukari,
Taraba State, Nigeria

Dr. Rimamnde Rikwentishe, Federal University Wukari, Taraba State

Department of Business Administration,
Federal University Wukari,
Taraba State, Nigeria.

Agyo, Atswenbuma, Federal University Wukari, Taraba State, Nigeria.

Department of Business Administration,
Federal University Wukari,
Taraba State, Nigeria.

Prof. Andy Fred Wali, River State University River State, Nigeria

Department of Marketing,
River State University
River State, Nigeria

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Published

2023-07-21

How to Cite

Timothy, F., Rimamnde, R., Agyo, A., & Wali, A. F. (2023). Succession Planning and Sustainability of Selected Family Businesses in Taraba State, Nigeria. FUW-International Journal of Management and Social Sciences, 8(2), 143–157. Retrieved from https://fuw-ijmss.com.ng/index.php/fijmss/article/view/53