SUSTAINABILITY AND SUCCESSION PLANNING OF SELECTED FAMILY BUSINESSES IN SOUTH-EAST, NIGERIA

Abstract

The study aimed at investigating the effect of mentoring, communication and training on the sustainability of selected family businesses in South-East, Nigeria. Relevant literature on sustainability and succession planning of selected family businesses was reviewed under conceptual framework, theoretical framework, and empirical review. The research work was anchored on game theory and stewardship theory. .A survey research design was implemented. The population of the study was 346 while 335was used in the analysis. Multiple Regression Analysis (MRA) method was used in testing the hypotheses.The result of the hypotheses shows that mentoring has a positive significant effect on sustainability of family businesses under study. Communication has a positive significant effect on sustainability of family businesses under study. Training has a positive significant effect on sustainability of family businesses under study. The study concluded that sustainability has a positive significant effect on succession planning of selected family businesses in South-East, Nigeria. The study recommended that Founders should establish mentoring and training programs, keep an open line of communication on succession plans with the family members in order to develop the technical, managerial skills and competency of the successor to prepare him for future succession.