An Evaluation of the Sustainability of Family-Owned Businesses: A Case Study of Retail Stores in Katsina State
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Background of the Study
Family-owned businesses (FOBs) are a critical component of the economy in many developing countries, including Nigeria. In Katsina State, retail stores run by families have been a part of the traditional business landscape for generations. These businesses contribute significantly to local employment, community development, and the economy. However, sustainability has become a growing concern due to factors such as generational transitions, financial management, and market competition (Ahmed & Ibrahim, 2023).
Many family-owned retail stores in Katsina State struggle to survive across generations due to challenges in succession planning, conflict management, and lack of formal business structures. The issue of financial sustainability is also compounded by inadequate access to capital, limited growth strategies, and economic instability. Understanding the factors that contribute to the success or failure of these businesses is crucial for ensuring their long-term viability and their ability to adapt to changing business environments.
Statement of the Problem
Despite the contributions of family-owned businesses to the local economy, many retail stores in Katsina State face challenges in maintaining sustainable operations over time. This study aims to evaluate the key factors that impact the sustainability of family-owned retail stores, including financial management, succession planning, and the ability to adapt to market dynamics. The lack of strategic planning and professional management in many family-owned businesses may hinder their growth and lead to their closure, affecting local economies and employment.
Objectives of the Study
- To evaluate the key factors influencing the sustainability of family-owned retail stores in Katsina State.
- To assess the role of succession planning in the long-term survival of family-owned retail stores.
- To recommend strategies to enhance the sustainability of family-owned retail businesses in Katsina State.
Research Questions
- What are the key factors affecting the sustainability of family-owned retail stores in Katsina State?
- How does succession planning impact the long-term survival of family-owned retail stores?
- What strategies can be implemented to ensure the sustainability of family-owned retail stores in Katsina State?
Research Hypotheses
- H0: Succession planning does not significantly affect the sustainability of family-owned retail businesses in Katsina State.
- H0: Financial management practices do not significantly impact the sustainability of family-owned retail stores in Katsina State.
- H0: Family-owned retail businesses in Katsina State do not adopt effective strategies to enhance sustainability.
Scope and Limitations of the Study
This study focuses on family-owned retail stores in Katsina State and evaluates the factors influencing their sustainability. Limitations include the diversity in business models and the small sample size that may not fully represent all family-owned businesses in the state.
Definitions of Terms
- Family-Owned Business (FOB): A business that is owned and operated by a family, where family members hold key managerial positions.
- Sustainability: The ability of a business to maintain operations over the long term, including financial stability and adaptability to changes.
- Succession Planning: The process of preparing for the transfer of ownership and management from one generation to the next in family-owned businesses.
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