Determining the contributory factors to successful succession and post-succession performance of family-owned SMEs in South Eastern Nigeria

Agbim, Kenneth Chukwujioke

doi:10.15678/ier.2019.0502.04

Cited by 4 publications

(5 citation statements)

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“…In Nigeria, studies have found that the factors that enhance the post-succession performance of family businesses include the institution of succession planning process and the characteristics of the founders of the family-owned businesses (Agbim, 2019). Founders of family-owned businesses who have sustained and managed businesses beyond the first generation utilised innovative strategies (Akinbami et al ., 2019).…”

Section: Introductionmentioning

confidence: 99%

Leadership transition and survival strategies for family-owned SMEs in an emerging economy

Nwuke

Adeola

2023

JFBM

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PurposeThis study explores the different survival strategies employed by family-owned small and medium-sized businesses in Nigeria. The study delves into the dynamics of ensuring business continuity from founders to successors and identifies the success factors that can facilitate seamless leadership transition outcomes.Design/methodology/approachThis study utilised a qualitative multiple-case study approach, with the population consisting of founders from three medium-sized family businesses in Nigeria. Semi-structured interviews were the primary data collection tool used in the study. Furthermore, company documents were analysed to gain further insights into the leadership transition strategies employed in the selected businesses.FindingsSuccessful transition and survival of family businesses are dependent on the founder's desire and support for transition, successor preparation, building trust and credibility in successors, and instilling a clear vision for the business.Research limitations/implicationsThe study's findings will provide valuable insights to leaders of family-owned SMEs, specifically in the development of effective leadership transition action plans. It should be noted that the study is limited to three family-owned businesses in two locations in Nigeria, which may restrict the generalisability of the findings. Despite this, the study offers novel contributions to the current literature by presenting practical strategies for achieving the survival of family businesses in an emerging economy.Originality/valueThis study proposed strategies for business survival, continuity, sustainability and seamless leadership transition for small and medium-sized family-owned businesses. Importantly, the study recommends action plans for present and prospective family business leaders to deepen succession pathways.

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Section: Introductionmentioning

confidence: 99%

Leadership transition and survival strategies for family-owned SMEs in an emerging economy

Nwuke

Adeola

2023

JFBM

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“…An effectively developed succession plan provides for a smooth transition in management and ownership (Chrisman, Sharma & Yoder, 2019). Agbim (2019) identified succession planning as a contributory factor to successful succession in a family-owned business.…”

Section: Suggested Citationmentioning

confidence: 99%

“…Family Businesses in Spain contribute 85 percent of the business sector, 70 percent of the national GDP, and 70 percent of employment in the private sector (Galván, Martínez & Rahman, 2017). A study of family businesses firms in Japan shows Kongo Gumi construction firm is the world's oldest familyowned business which began operation in 578 AD till the end of 2005, spanning over 39 generations, and the company's succession planning practices facilitated business survival over fourteen centuries (Agbim, 2019).…”

Section: Suggested Citationmentioning

confidence: 99%

Succession Planning and Survival of Selected Family Businesses in Benue State, Nigeria

Agwa

2023

ejtas

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The study investigated the effect of succession planning on the survival of selected family businesses in Benue State, Nigeria. The study examined the extent to which successor selection has effect on survival of family businesses and the extent to which successor training affects the survival of family businesses. The study adopted a survey research design and primary data were collected using self-administered questionnaire. The population of the study consists of 82 selected family-owned businesses in Benue State. The study used a census sampling approach and the entire population was considered as the sample size. Data collected from the participants were analysed using descriptive statistics (mean and standard deviation) and inferential statistics (correlation and multiple regression) with the aid of the Statistical Package for Social Sciences (SPSS 23). The study found that successor selection has a positive significant effect on the survival of family businesses in Benue State (β= 0.544; p<0.05). The study also revealed that successor training has a positive significant effect on the survival of family businesses in Benue State (β= 0.208; p<0.05). The study recommended amongst others that family business owners in Benue State should have a business policy that will guide in the successor selection process to enable succession planning to be successful in their businesses.

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“…In Nigeria, most family-owned enterprises fail to make it to the second generation, and even fewer make it to the third (Ayodeji, 2019). Family businesses are enterprises in which family members who are connected by blood, adoption, or marriage have a substantial role in all or key strategic decisions made by the company, having ramifications for the company's performance, productivity, survival, and development (Agbim, 2019). A family business possesses the following four traits: it is operated by a single family, hires non-family members, and has an independent board of directors.…”

Section: Introductionmentioning

confidence: 99%

“…The family business employs a specific number of relatives. A family business is held by family members and is driven by family ties to achieve the family's purpose through several generations (Agbim, 2019).…”

Section: Introductionmentioning

confidence: 99%

The relationship between succession planning and survival of family business in Delta State, Nigeria

Kifordu

2024

JGEB

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This seminar paper focused on the Relationship Between Succession Planning and Survival of Family Business in Delta State, Nigeria. The specific objectives are to: examine the impact of leadership succession planning on the survival of family business in Delta State, Nigeria and establish the impact of mentoring on the survival of family business in Delta State, Nigeria. The population of this study consists of the management and staff of the selected SMEs, which include; Dominion Gas, Blessed Plastics, Vinco Supermarket, Roban Stores, Gabs and Anny Stores who are currently on their payroll regardless of years of experience as of January 2024. The sample size of One hundred and seventy-four (174) was obtained using the Taro Yamani sample size formula. A stratified sampling technique was used. The study was driven by primary data. The data were analyzed using correlation and regression analysis as analytical tools. Findings revealed that Leadership Succession Planning (β =.259, P < 0.00), Mentoring (β =.136, P < 0.01), Innovation Investment (β =.130, P < 0.01), and Quality of Service (β =.075, P < 0.02). These are the dimensions with the strongest positive effects on the survival of the family business. The study concluded that A business mentoring program will help both mentors and mentees to develop their potential and upgrade their expertise. Effective mentoring can be associated with positive work behaviours, improve performance and contribute to succession planning because those who have been mentored are more likely to become mentors themselves. The management should also provide equitable opportunities for employees to feel motivated to improve the quality of their varied services. This will allow all employees, regardless of the output quality, to increase the efficacy of different brands, which may encourage customer retention.

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Determining the contributory factors to successful succession and post-succession performance of family-owned SMEs in South Eastern Nigeria

Cited by 4 publications

References 50 publications

Leadership transition and survival strategies for family-owned SMEs in an emerging economy

Leadership transition and survival strategies for family-owned SMEs in an emerging economy

Succession Planning and Survival of Selected Family Businesses in Benue State, Nigeria

The relationship between succession planning and survival of family business in Delta State, Nigeria

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