Global Journal of Management and Business Research, A: Administration and Management, Volume 22 Issue 5

with Venter, Farrington, and Boshoff, (2009)having them as perceived future continuity and family harmony, Lucio, Kosmas and Rui (2015) presented these measures as stewardship, governance, communication, professionalization, education and development of family members, continuity planning and corporate citizenship. Having seen that, this study due to its nature as being domiciled in Nigeria and depending on the attendant factors that crop up in the business environment decided to adopt profitability and business growth as measures of family business continuity. Business continuity (BC) is defined as the capability of the organization to continue delivery of products or services at acceptable predefined levels following a disruptive incident, Elis, (2007). Furthermore, business continuity (sometimes referred to as business continuance) describes the processes and procedures an organization puts in place to ensure that essential functions can continue during and after a disaster. d) Family Business in Nigeria The percentage family businesses occupy in some of the important economies are as follows: Brazil – 90%, USA – 96%, Belgium – 70%, Finland – 80%, France – 60%, Germany – 60%, Netherlands – 74%, Poland – 80%, Portugal – 70%, Spain – 79%, UK – 70%, Australia – 75% (Timmons & Spinelli, 2009). In the United States alone, researchers estimate that there are more than 12 million family businesses ranging from small private businesses to large publicly traded corporations. Family business is prevalent in Nigeria as in other parts of the world, and it is perceived as key to Nigeria’s economic growth, poverty alleviation and employment generation. In Nigeria, ample size of the family businesses belongs to small and medium-sized enterprises and most of the family businesses are actively involved in manufacturing, retailing and service industries. The Federal Bureau of Statistics (FBS) conducted a survey across the 36 States of the federation and the Federal Capital Territory (FCT) and the result indicated that there were 17.28 million SMEs in the country, out of which 17.26 million Ayobami, Olanireti, and Babarinde, (2018). Therefore, it is worthy of note that family businesses are becoming the fastest growing sector of the economy in Nigeria. Family businesses are active in all sectors of Nigerian economy and they contribute significantly to economic activities and employments. Family businesses in Nigeria started gaining prominence in Nigeria in the early 1970s when many personal enterprises started springing up and they come in virtually all sizes: small, medium and large firms. Some noted examples of family businesses as per categorization are: small firms examples of these are Boluke chemist, Timi Olubiyi Consulting and large firms with examples like Global Communication Ltd (Glo), Tasty Fried chicken (TFC), The founders companies is another form of categorization with examples of Jide Taiwo and Co, similarly private firm also have examples like Guardian Newspaper Nigeria, while public traded companies that are family owned are Dangote Sugar Plc, Dangote cement Plc, Dangote Flour Plc, Honeywell PLC, Diamond Bank among others. III. T heoretical R eview a) The Resource-Based View (RBV) The resource-based view (RBV) provided the framework for the theoretical and empirical approach for this paper. The resource-based view (RBV) perceives the family as a resource contributing to the success and continuity of the business. The resource-based view has been one of the dominant theories used to explain strategy in family businesses Litz, (1995). The resource- based view (RBV) holds that family businesses build strategies and compete on the basis of their resources. This view sees the employment of a family member as a benefit to the business, because the family member is likely to have more at stake in the continuity of the business and is likely willing be more committed, work harder, and make more sacrifice in the business. In literature the resource-based view has been applied within the family business research (Neubauer, & Lank, 2016; Simonazzi, 2016). The resource based view of the firm offers tools for understanding the basis of competitiveness and the sustainability of competitive advantage (Litz, 1995; Ward, 1987).Resources that are valuable, unique, and cannot be imitated can be the basis for a sustainable competitive advantage, Kuratko, and Hodgetts (2004). The family characteristics that are difficult to imitate may provide several advantages to the Family business and it could be classified as a valuable resource. IV. E mperical R eview According to Esuh, Mohd, and Adebayo (2011) succession planning is a process where firms plan for the future transfer of ownership. Succession planning is a dynamic process requiring the current ownership to plan the company’s future and then to implement the resulting plan. In fact, it occurs when the firm owner wishes to exit from the firm, nevertheless wants the business to continue. The motive behind this is to transfer ownership of the firm to any of the family members rather than shutting down the business altogether. Succession planning is generally considered to be a unique, case-by-case process, where a one- size-fits-all mentality is simply not appropriate (Sambrook, 2005). Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression (Sambrook,2005). Succession planning arises from the family firm’s intention to pursue succession for two reasons. Succession Planning and Family Business Continuity: Perspectives from Lagos State, Nigeria 33 Global Journal of Management and Business Research Volume XXII Issue V Version I Year 2022 ( ) A © 2022 Global Journals