Succession Planning and Small Business Continuity: A Study of Selected Enterprises in Lagos State, Nigeria
Abstract
Succession planning is the transference of business control to a successor in a business establishment. It is observed that small businesses which are mainstay of any developed economy contribute to creation of jobs and economic growth despite zero plans for succession on retirement or demise of business owners; this is a threat to business sustenance and continuity. Hence, this study examines the effect of succession planning on business continuity. This study employs a survey research design and simple random sampling to select three hundred and seventy-two (372) small businesses in Lagos state with three hundred and sixty (360) questionnaires returned as valid. Collated data was analyzed using descriptive statistics and Pearson correlation was used to ascertain relationship among variables. This study concludes that a significant positive relationship exists between development and training, talent management, reward, and business continuity at r = 0.943, 0.874 and 0.720 respectively. It is recommended that; small business owners develop policies for succession planning to ensure business continuity, Lagos State Government through her agency, Lagos State Employment Trust Fund (LSETF) should stipulate as a pre-requisite for grant or loan application, the presentation of a business succession plan to guarantee business sustenance and also, Development and training plan should be part of organization culture, such that a subordinate and his supervisor can both identify training needs and take measures to fill in training gap accordingly. This will equip a subordinate in a small business to prepare for succession.
Keywords
Business Continuity, Development and Training, Reward, Succession Planning, and Talent Management.
Citations
IRE Journals:
Ayodele Emmanuel Olowu , Dr. Sunday Ade Bello
"Succession Planning and Small Business Continuity: A Study of Selected Enterprises in Lagos State, Nigeria" Iconic Research And Engineering Journals Volume 8 Issue 5 2024 Page 505-517
IEEE:
Ayodele Emmanuel Olowu , Dr. Sunday Ade Bello
"Succession Planning and Small Business Continuity: A Study of Selected Enterprises in Lagos State, Nigeria" Iconic Research And Engineering Journals, 8(5)
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