A Study of Succession Planning Among Family Businesses in Lafia Metropolis, Nasarawa State, Nigeria: An Issue for Business Sustainability

Abstract

Succession planning is one of the greatest challenges facing family businesses all over the world. As result, most of such businesses have died with their founders, because of lack of succession planning. The objective of the study is to assess the impact of succession planning on family business continuity in Lafia Nasarawa State Nigeria. A set of questionnaires was constructed and administered to100 target business owners in Lafia metropolis. Descriptive statistics and frequencies were performed on the data. The responses of the participants were analyzed and personal interviews with the business owners were also conducted. The major finding is that succession planning activity has significant impact on family business continuity. It was recommended that family business should have a clear mission statements purpose and goals setting for sustainability.