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

Abstract

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.