An Examination of Succession Planning Strategies for Business Continuity: A Case Study of Family-Owned Businesses in Yobe State
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- 1-5 Chapters
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- Table of Content: Available
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- NGN 5000
Background of the Study
Succession planning is a critical process for ensuring the continuity of family-owned businesses, which often face unique challenges in transitioning leadership across generations. Effective succession planning involves identifying and developing future leaders who can maintain the company’s vision, values, and growth trajectory. For family-owned businesses, succession planning is not just about selecting a leader but also about managing family dynamics, ensuring financial stability, and fostering the long-term success of the business (Adeniyi & Gwarzo, 2023). In Yobe State, family-owned businesses play a significant role in the local economy, contributing to employment and community development.
However, many family-owned businesses in Yobe State lack formalized succession plans, which can result in leadership crises, business disruption, and even the collapse of the business (Ogunleye & Dauda, 2024). This study aims to explore the succession planning strategies employed by family-owned businesses in Yobe State, evaluating how these strategies contribute to business continuity and long-term sustainability.
Statement of the Problem
Many family-owned businesses in Yobe State do not have formal succession plans, leaving them vulnerable to leadership voids and operational disruptions when key leaders retire or pass away. Without a clear plan for leadership transition, these businesses risk losing their competitive edge, reputation, and customer loyalty. This study will investigate the role of succession planning in ensuring business continuity and will offer insights into how family-owned businesses in Yobe State can implement strategies that foster long-term sustainability.
Objectives of the Study
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To assess the succession planning strategies employed by family-owned businesses in Yobe State.
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To evaluate the impact of succession planning on the continuity and growth of family-owned businesses in Yobe State.
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To identify the challenges faced by family-owned businesses in implementing effective succession planning strategies.
Research Questions
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What succession planning strategies are employed by family-owned businesses in Yobe State?
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How do succession planning strategies affect the continuity and growth of family-owned businesses in Yobe State?
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What challenges do family-owned businesses in Yobe State face in developing and implementing succession planning strategies?
Research Hypotheses
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Succession planning does not significantly contribute to the continuity of family-owned businesses in Yobe State.
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Family-owned businesses in Yobe State do not effectively implement succession planning strategies.
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There is no significant relationship between succession planning and the long-term growth of family-owned businesses in Yobe State.
Scope and Limitations of the Study
This study will focus on family-owned businesses in Yobe State, considering businesses across various sectors. Limitations may include the reluctance of business owners to disclose succession plans and the variability in succession practices across different family-owned businesses.
Definitions of Terms
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Succession Planning: The process of identifying and developing new leaders to replace old leaders when they leave or retire.
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Business Continuity: The ability of a business to maintain operations and sustain growth over time, particularly during periods of leadership transition.
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Family-Owned Businesses: Businesses where the ownership and management are controlled by a single family.
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