STRATEGIC SUCCESSION PLANNING AND SUSTAINABILITY OF REGISTERED FAMILY-OWNED BUSINESS IN SOUTHEAST, NIGERIA
The study examined the effect of succession planning on the sustainability of registered family businesses in Southeast Nigeria. The specific objectives were to; ascertain the extent to which potential successor identification has improved organizational citizenship and the extent to which succession evaluation impacts capacity to deliver. The study adopted a survey research design. The study randomly sampled 498 employees across family-owned businesses in Southeast Nigeria. The study used a validated structured questionnaire for data collection, while data were analysed descriptively for the research question and inferentially using linear regression analysis for testing hypotheses. The study found that identifying potential successors promotes organisational citizenship among employees. Succession evaluation significantly contributes to the capacity to deliver among family-owned businesses in southeast Nigeria. The study concluded that succession planning promoted the sustainability of registered family businesses in Southeast Nigeria. The study recommended, among others, that the management team in a family-owned business in Southeast Nigeria should introduce documentation and integrate experts in the execution of their succession planning for business sustainability.
Strategic, Succession Planning, Family-Owned Businesses, Potential Successor Identification, Organizational Citizenship, Succession Evaluation and Capacity to Deliver