Succession Planning and Sustainability of Family Businesses and in South-East, Nigeria (Published)
This study aimed at identifying the effect of succession planning and sustainability of family businesses and in south-east, Nigeria. The overall objective of this research was; to determine the effect of mentoring, financing decisions and job rotation of successors on sustainability of family businesses in south-east, Nigeria. This work was anchored on social exchange theory. A descriptive survey research design was used and the population was 1060. The sample size for the study was determined using borg and gall (1973) formula which was given as 203. Data collected through the questionnaire were described using descriptive statistics while Pearson product moment coefficient of correlation was employed to test the hypotheses. This study however, has shown that mentoring positively influences sustainability of family businesses in south-east, Nigeria with tcal (3.377) and ttab (2.35); finance decisions positively influence sustainability of family businesses in south-east, Nigeria with tcal (3.377) and ttab (2.35); job rotation positively influences sustainability of family businesses in south-east, Nigeria with tcal (3.377) and ttab (2.35). The study concluded that succession planning has a significant positive effect on sustainability of family businesses in south-east, Nigeria. Based on the findings, the study recommended that management of family businesses should develop mentorship program that will enable young successors to acquire necessary skills, knowledge, and capabilities needed to address leadership challenges, and cultivate the right ethical culture for family business sustainability.
Keywords: Nigeria, South-East, Sustainability, family businesses, succession planning
Igbo Culture and Business Practices in South East Nigeria: A Critical Review (Published)
This study examined the relationship between Igbo culture and business practices in the South-Eastern region of Nigeria. Over the years, scholars have introduced so many leadership, management and business theories to guide businesses. This study aims to examine critical Igbo cultural practices that serve same purposes as some of these business management theories in guiding business successes in the South East of Nigeria. This study also looked at how the Igbo culture and Igbo leadership influence Igbo entrepreneurial practices. It was found that so many Igbo Cultural practices such as Igbo apprenticeship system and business mentorship guide and motivate Igbo entrepreneurs to succeed in business. As a result of these values, individuals train under their master to gain general business management skills (known as Igba-Boi). In some cases, some of trainees end up pursuing other types of businesses quite different from the where they served using the same business skills in the new trades. The study recommended that Nigerian government should learn from western government in encouraging Igbo apprenticeship system that governs most successful businesses among Ndigbo and developed as an official business incubation system for the youth. The study further recommended government can support individuals who have mastered certain skills but lack capital with fund infusion.
Keywords: Igbo culture, Nigeria, South-East, business practices