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ABSTRACTS
The study determined the role succession planning plays in the survival and sustainability of family-owned businesses in Benin City. A descriptive survey method was adopted for the study. Out of the 87 questionnaires distributed, 75 (86.2%) were retrieved. Results from the study indicated that respondents aged 31 to 40 years, married, B.Sc./M.Sc. holders and other generations of family-owned business owners were the most represented with 34.7%, 68.0%, 78.7% and 50.7%, respectively. 81.3% of the respondents agreed that successor involvement in business management had an effect on survival and sustainability of family-owned businesses; 77.3% of the respondents agreed that training the successor had effect on the survival and sustainability of family-owned businesses; 80.0% of the respondents agreed that internal recruitment of the successor had an effect on the survival and sustainability of family-owned businesses and 77.3% of the respondents agreed that successor-factors-work fit had an effect on survival and sustainability of family-owned businesses in Benin City. Tested hypotheses indicated that successor involvement, training of successor, internal recruitment of the successor and successor-factors-work fit had significant effect (p<0.05) on the survival and sustainability of the family-owned business in Benin City. It is thus recommended that family-owned businesses’ managements should fully involve the successor in business management and also ensure that they are adequately trained to ensure that highly quality performance is maintained.
