SUCCESSION PLANNING AND ORGANIZATIONAL SUSTAINABILITY OF FAMILY BUSINESSES IN THE FAST-FOOD SERVICE FIRMS IN RIVERS STATE, NIGERIA
- Succession Planning,
- Social organizational sustainability,
- Environmental organizational sustainability,
- Economic Organizational Sustainability
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This paper examined the relationship between succession planning and organisational sustainability of family businesses in fast-food service firms in Rivers State, Nigeria. The study adopted a cross-sectional research design and a quasi-experimental research design. The study targets 52 registered fast-food service firms in Rivers State, Nigeria. 194 copies of questionnaire were distributed based on the accessible population of 26 registered fast-food service firms in Rivers State, Nigeria. The Spearman Rank Order Correlation Coefficient Statistical tool was used with the aid of Statistical Package for Social Sciences (SPSS version 23.0). The study used content validity, and Cronbach Alpha verified the internal consistency and validity status, and the results were positive. The findings of the study showed that succession planning is positively associated with the organisational sustainability of family business in fast-food service firms in Rivers State, Nigeria. Thus, enhancing social organisational sustainability, environmental organisational sustainability, and economic organisational sustainability. The study concluded that succession planning has positive and significant relationships with the organisational sustainability of family businesses. Based on the findings, the study recommends that family firms should periodically evaluate, through continuous interaction and engagement with employees, how their organization's systems and procedures are organized towards succession planning programs.