EVALUATING SUCCESSION PLANNING STRATEGIES AND THEIR INFLUENCE ON THE CONTINUITY OF FAMILY BUSINESSES IN AGBOR, DELTA STATE

Abstract

This study evaluated the influence of succession planning strategies on the continuity of family businesses in Agbor, Delta State, Nigeria. The research specifically examined the effects of leadership development and mentorship, as well as knowledge transfer and communication, on business longevity and leadership stability. A descriptive survey design was adopted, and data were collected from 50 registered family-owned firms using structured questionnaires. Statistical analyses, including descriptive statistics and regression analysis via SPSS version 26, were employed. The results revealed that leadership development and mentorship significantly influence the continuity of family businesses, accounting for 52.7% of the variance in business stability. Similarly, knowledge transfer and communication had a significant positive effect, explaining 49.1% of the variation in business continuity. The study concludes that structured succession planning is vital for leadership stability and long-term sustainability of family-owned enterprises in Delta State. It was recommended among other things that family businesses should establish formal succession policies incorporating leadership training and mentorship frameworks. This will ensure that successors acquire the skills and experience required for effective leadership transition, promoting long-term business stability and growth.