An Assessment of Business Succession Planning Among Family-Owned Businesses: A Study of Grocery Store Owners in Kaduna State
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Background of the Study
Family-owned businesses are a cornerstone of the Nigerian economy, with many small to medium-sized grocery stores operating across Kaduna State. However, one of the key challenges faced by these businesses is succession planning. Succession planning refers to the process of identifying and preparing a successor to take over the leadership of the business when the current owner or manager retires or passes away. In many family-owned businesses in Kaduna State, succession planning is often overlooked, leading to the potential collapse of the business due to a lack of leadership continuity (Madu & Adeyemi, 2023).
While some family-owned grocery stores have successfully transitioned leadership from one generation to another, others face challenges such as family conflicts, lack of interest among younger family members, and inadequate business structure. This study seeks to assess how business succession planning affects the sustainability and growth of grocery stores in Kaduna State.
Statement of the Problem
Many family-owned grocery stores in Kaduna State struggle with business continuity due to the absence of effective succession planning. Family disputes, lack of proper training for the next generation, and reluctance to relinquish control are some of the barriers to successful succession. This study will examine the impact of succession planning on the continuity of family-owned grocery stores and provide strategies for effective succession planning.
Objectives of the Study
- To assess the current state of succession planning among family-owned grocery stores in Kaduna State.
- To evaluate the challenges faced by grocery store owners in implementing succession plans.
- To provide recommendations for improving succession planning to ensure business continuity in family-owned grocery stores in Kaduna State.
Research Questions
- To what extent do family-owned grocery stores in Kaduna State engage in succession planning?
- What challenges do family-owned grocery stores face in implementing succession plans?
- How does the absence of succession planning affect the sustainability of family-owned grocery stores in Kaduna State?
Research Hypotheses
- H0: There is no significant relationship between business succession planning and the sustainability of family-owned grocery stores in Kaduna State.
- H0: Family conflicts do not significantly hinder the implementation of succession plans in family-owned grocery stores in Kaduna State.
- H0: Lack of interest among younger family members does not significantly affect the succession planning process in family-owned grocery stores in Kaduna State.
Scope and Limitations of the Study
The study will focus on family-owned grocery stores in Kaduna State. Limitations include the challenge of obtaining sensitive data from business owners regarding family dynamics and succession-related conflicts.
Definitions of Terms
- Succession Planning: The process by which a business owner identifies and prepares a successor to take over the leadership of the business.
- Family-Owned Business: A business in which ownership and management are held by members of a family.
Sustainability: The ability of a business to remain operational and profitable over the long term.
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