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

Founders Influence 1.912 0.385 0.252 4.960 0.000 Competence of Successors -2.931 0.380 -0.444 -7.714 0.000 Family Values 4.337 0.406 0.613 10.674 0.000 Family Business Stakeholders -0.264 0.446 -0.036 -0.593 0.553 Mentoring 1.090 0.346 0.147 3.150 0.002 Governance 2.957 0.324 0.537 9.134 0.000 a. Dependent Variable: Business Continuity Source: Field Survey, December 2020 The results in Table 1.3 reveal that holding independent variables that is, governance, family values, succession plan, founders influence, mentoring, competence of successors, and family business stakeholders training to a constant zero, family business continuity of owners in Lagos State would be at 4.123. The column labeled “Unstandardized Coefficients” reveals unstandardized regression coefficients for governance, family values, succession plan, founders influence, mentoring, competence of successors, and family business stakeholders to be 2.957 (t = 9.134, p = 0.000), 4.337 (t= 10.674, p= 0.000), -1.442 (t= - 7.896, p= 0.000), 1.912 (t= 4.960, p= 0.000), 1.090 (t= 3.150, p= 0.002), -2.931 (t= -7.714, p= 0.000), and - .264 (t= -.593, p= 0.553) respectively. The results reveal governance, family values, succession plan, founders influence, mentoring, and competence of successors have significant influence on family business continuity of owners in Lagos State, because their p-values are greater than 0.05 overall significance level. However, the coefficient of family business stakeholders is negative and not statistically significant (p-value > 0.05).An assessment of the coefficients of succession plan and competence of successors in Table 1.3 reveal that both succession plan and competence of successors have negative and significant coefficients of -1.442 and -2.931 respectively, implying that family business continuity of owners in Lagos State moves in the opposite direction with the changes in succession plan and competence of successors and that a 1 unit change in succession plan and competence of successors respectively causes - 1.442 and -2.931 respectively units changes in family business continuity of owners in Lagos State. Additional check on coefficients of founders influence, family values, mentoring, and governance reveal that founders influence, family values, mentoring, and governance have positive and significant coefficient equals to 1.912, 4.337, 1.090 and 2.957 respectively suggesting that founders influence, family values, mentoring, and governance and family business continuity of owners in Lagos State moves in the same direction and that a 1 unit change in founders influence, family values, mentoring, and governance results to positive 1.912, 4.337, 1.090 and 2.957 units change in family business continuity of owners in Lagos State respectively. The t-statistic for the independent variables shows that coefficients of governance, family values, succession plan, founders influence, mentoring, and competence of successors are statistically significant while coefficient of family business stakeholders is not. The regression equation generated from the analysis is stated as follows: Y = 4.123 – 1.442SP + 1.912FI – 2.931COS + 4.337FV - 0.264FBS + 1.090M + 2.957G Where: Y = Family Business Continuity SP = Succession Plan FI = Founders Influence COS = Competence of Successors FV = Family Values FBS = Family Business Stakeholders M = Mentoring G = Governance The regression model above shows the significant effect of succession planning on family business continuity of owners in Lagos State. As regards the relative contribution of each of the independent variables to the family business continuity of owners, the standardized coefficients (beta weights) of the independent variables indicates that family values made the highest contribution (beta weight = .618 or 61.8%). This is followed by governance (beta weight = .537 or 53.7%), Founders Influence (beta weight = .252 or 25.2%), Mentoring (beta weight = .147 or 14.7%), Succession Plan (beta weight = -.357 or 35.7%), Competence of Successors (beta weight = -.444 or 44.4%), and Family Business Stakeholders (beta weight = -.036 or 3.6%). VII. D iscussion The result of the analysis in this paper shows that succession planning significantly affects business continuity in Lagos State, Nigeria. The result concurs with findings of Ogbechie and Anetor (2015), Kaunda and Nkhoma (2013), Sardeshmukh and Corbett (2011) and Aderonke (2014). They agree that cultural factors such as extended family system, inheritance tradition (such as preference for sons, marriage), and education have significant impact on the successful succession of family enterprises. However, it contracts the result of study by Oyewole, (2018) who establish that poor Succession Planning and Family Business Continuity: Perspectives from Lagos State, Nigeria 36 Global Journal of Management and Business Research Volume XXII Issue V Version I Year 2022 ( ) A © 2022 Global Journals