Succession Planning and Sustainability of Family Owned Businesses in Lagos State

Rafee I. Tunde Olagunju, Issa ABDULRAHEEM Ph.D, Zekeri ABU Ph.D and Abdulazeez Alhaji SALAU Ph.D
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Rafee I. Tunde Olagunju: Postgraduate Student, Department of Business and Entrepreneurship, Kwara State University, Malete, Nigeria
Issa ABDULRAHEEM Ph.D: Department of Business and Entrepreneurship, Kwara State University, Malete, Nigeria
Zekeri ABU Ph.D: Department of Business and Entrepreneurship, Kwara State University, Malete, Nigeria
Abdulazeez Alhaji SALAU Ph.D: Department of Management and Accounting, Summit University, Offa Kwara State, Nigeria

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 12, 285-291

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.

Date: 2022
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