Succession Planning and Sustainability of Family Owned Businesses in Lagos State
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Date
2022-12-01
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Publisher
International Journal of Research and Innovation in Social Science (IJRISS)
Abstract
The majority of organized small- and medium-sized
enterprises in Nigeria are family businesses, and family succession
is a key factor in their growth and survival. In Lagos State, the
study looked at how succession planning affected the viability of
family-owned janitorial service companies. The study used a
cross-sectional survey with a descriptive methodology to gather
data from 145 cleaning service companies registered with the
Cleaning Practitioners Association of Nigeria (CPAN) and
operating in the state of Lagos. Primary data were collected for
the study utilizing a standardized questionnaire. Tables were used
to illustrate the data, and multiple regression was used to test the
hypothesis. The study's primary goal was to determine how
succession planning affects sustainability. The study discovered
that family-owned janitorial service businesses in Lagos State
applied succession planning initiatives to a moderate extent. Very
few of the companies showed any indication that they were
conducting succession planning. The survey found that only a
small number of organizations used various succession planning
strategies, such as ensuring that work continues even without the
founder, resolving conflicts, sharing vision, and educating
successors. In order to promote a smooth transition from one
generation to the next, the study advised family business owners
to always encourage the capability and dedication of their
successors by exposing them to training and involvement in the
business.
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Citation
ix. Olagunju, R. I. T. & Issa A. & Zekeri, & Salau. A A. (2022). Succession Planning and Sustainability of Family Owned Businesses in Lagos State, International Journal of Research and Innovation in Social Science, (IJRISS), 6(12), 285-291, https://rsisinternational.org/journals/ijriss/