SUCCESSION PLANNING AND THE SURVIVAL OF FAMILY BUSINESS IN KOGI STATE

ABSTRACT The bulk of family business owners in Nigeria lack clear and well-considered succession plans, which is a general business issue that affects family-owned firms in Kogi state. The study's primary goal was to look into succession planning and the survival of family business in Kogi State. The research design used in the study was survey design. The study's entire population consists of Kogi State's [938740] registered small and medium-sized businesses (SMEDAN, 2020). The population was sampled using Slovins' (1960) sampling approach, yielding a sample size of 400. The registered businesses cut across the three senatorial districts of Kogi state. The instrument used for data collection was structured questionnaire which was distributed to respondents. Data collected were analyzed using multiple regression with the aid of statistical package for social sciences (SPSS). Findings revealed a positive (p-value= 0,000) and significant relationship between mentoring and the survival of family business in Kogi State. It was also found that role planning has a positive and significant (p-value=0.000) effect on the survival of family business. The study concluded that succession planning plays significant role in the survival of family business in Kogi State. The study recommended good knowledge transfer through mentorship should be encouraged by owners of family businesses; this will ensure good succession planning in family business. Finally, specific roles and responsibilities should be assigned to family members which is crucial for effective operation and survival.

1 29 Jun, 2024

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