SUCCESSION PLANNING AND SUSTAINABILITY OF FAMILY BUSINESSES IN THE NIGER DELTA REGION OF NIGERIA.

Abstract

The study focused on succession planning and sustainability of family businesses in the Niger Delta region of Nigeria using a cross-sectional survey design. The population was all private secondary schools in the Niger Delta, the accessible population was ten private secondary schools. A sample size of 196 was drawn from the accessible population of four hundred (400) employees using the Krejice and Morgan table. A total of one hundred and sixty-six specimens of the questionnaire were used for data analysis and multiple regression analysis was used to test the three (3) null hypotheses. The results showed a positive and significant correlation between the dimensions of succession planning (career development, talent management and reward management) and sustainability. The study recommended that family businesses should create a formal succession plan, implement effective succession planning policies and practices. They should also encourage professional development of employees who show potential as future leaders and consider establishing a formal family council, which can help to ensure the continuity of the business over multiple generations.