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Succession Planning and Sustainability of Family Businesses in Anambra State, Nigeria

Ezenekwe, Glory Ukamaka and Nnabugwu, Obiageli Chinwe

Abstract

This study examined the relationship between succession planning and sustainability of family businesses in Anambra State, Nigeria. The study investigates the relationship between business mentoring and marketing sustainability, leadership style and product sustainability; business communication and sales sustainability in Anambra State. Relevant literature ware review. The study was anchored on anchored on cognitive theory. Survey design was adopted in the study. This study was carried out in Anambra State. The study made use of primary sources of data. The population of this study is not known and therefore it is an infinite population. The sample consisted 368 using Topman’s formula. The research instrument used for the study was the questionnaire. Questionnaire were subjected to content and face validity. The reliability of the questionnaire used for data collection was tested by test-re-test method and spearman rank order correlation coefficient. Simple percentage, was used to answer research questions, while Pearson Product Moment Correlation was used in testing the hypotheses. Mentorship has a significant positive relationship with marketing sustainability of family businesses; leadership style has a significant positive relationship with marketing sustainability of family businesses; business communication has a significant positive relationship with environmental sustainability family businesses of family business in Anambra State, Nigeria. The study concluded that succession planning had a significant positive relationship with sustainability of family business in Anambra State, Nigeria. The study recommended that family businesses owners should put in place and implement mentoring programs, strategize ways to identify, coach and prepare potential successor for futuristic succession of family businesses. Family businesses owners should identify or detect the type of leadership style to implement to get optimal posit

Keywords

Business Mentoringand Leadership Style; Business Communication Marketing

References

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