FIDUCIARY ACCOUNTING FOR FAMILY BUSINESSES AND SUCCESSION PLANNING
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- 1-5 Chapters
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- Recommended for : Student Researchers
- NGN 3000
Abstract: Fiduciary accounting is critical for family businesses, particularly in the context of succession planning, where financial transparency and trust are paramount. This study aims to (1) analyze the role of fiduciary accountants in managing family business finances, (2) assess the impact of fiduciary accounting on effective succession planning, and (3) identify challenges and solutions in fiduciary accounting for family businesses. Adopting a survey research design allows for the collection of nuanced insights from fiduciary accountants working with family-owned enterprises. A sample size of 150 respondents was derived using Taro Yamane’s formula, providing a statistically significant representation with a 95% confidence level and a 5% margin of error. The case study centers on a long-established family business in Port Harcourt, currently undergoing a succession transition. The reliability coefficient score for the survey was 0.85, indicating good reliability. The study finds that fiduciary accountants are instrumental in maintaining financial stability during succession, ensuring clear and fair asset distribution. Recommendations include the implementation of structured succession planning frameworks and the engagement of fiduciary accountants early in the succession process to mitigate potential conflicts.
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