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

succession planning by entrepreneurs in Nigeria found the following factors to be responsible for poor succession. The findings of this paper similarly agreed with the findings of Osibanjo, Abiodun, and Obamiro, (2011) that there was a strong positive correlation between planning for succession and firm’s sustainability. Ugoani, (2015) stated that succession is critical to ensuring the continuity of any family-owned business. Motwani, (2016)reported that lack of succession planning could put large numbers of family businesses at undue risk and have serious impact on the national economy. Based on the findings of this study and its relationship with similar findings in the extant literature, the study therefore rejects the null hypothesis (H 02 ) which states that there is no significant effect of succession planning on business continuity in Lagos State, Nigeria. VIII. C onclusion and R ecommendation The extant literature shows that family-owned businesses are a unique and dynamic field of study. The extant literature also revealed that family-owned businesses are not in hiding, and can be seen all around us throughout the world. The findings of this paper could help to educate family business managers in Lagos State on some of the factors that are associated with not only perceiving business continuity, but also experiencing family business profitability. This paper recommend that potential successor should be made to come into the family business early enough to gain the confidence and respect of other non-family workers and subsequently be elevated to higher position of responsibility. In the light of the findings, direction for future research is suggested that similar research is conducted annually within the businesses in the study area to measure to what extent the family businesses have implemented their specific succession planning. The reasons for not having a proper succession planning by these family businesses/SMEs can be studied as an extension of this paper. This paper carried out research on selected SMEs that are family businesses in Lagos State thus the same study could be carried out in the other States and sectors to find out if the same results will be obtained. R eferences R éférences R eferencias 1. Abouzaid, S. (2008). IFC family business governance handbook . Retrieved from http://www. ifc.org/wps/wcm/connect/159c9c0048582f6883f9ebf c046daa89/FB_English_final_2008.pdf? MOD=AJPERES 15/03/2015 2. Aderonke, J. (2014). Culture determinants and family business succession in Jos Metropolis, 4. Anderson, R. C., and Reeb, D. M. (2003). Founding- family ownership and firm performance: Evidence from the S & P 500. Journal of Finance, 58, 1301-1328. 5. Arteaga, R. and Menéndez-Requejo, S. (2017), Family constitution and business performance: moderating factors, Family Business Review , 30(4), 320-338. 6. Ayobami, A. O., Olanireti, O. D. O. A. M., and Babarinde, K. P. (2018). Family Business and Innovation in Nigeria: Problems and Prospects. Covenant Journal of Entrepreneurship , 1(3) 7. Chacha, M. (2016). Factors influencing business succession planning among SMEs in Tanzania. European Journal of Business and Management, 8(3), 222-231. 8. De-Massis, A, Sharma, P, Chua, J., and Chrisman, J. (2012). Family business studies: an annotated bibliography. Northampton: Edward Elgar. 9. Elis, R. (2007). The rising tide. The Business Continuity Journal, 2(1), 46-63. 10. Esuh, O.L, Mohd, S.M, Adebayo, O.I (2011). A conceptual framework of family business succession: Bane of family business continuity, International Journal of Business and Social. Sciences 2 (18):106-113 11. Gefen, D., Straub, D., & Boudreau, M. (2000). Structural equation modeling techniques and regression: Guidelines for research practice. Communications of AIS , 7(7), 1-78. 12. Harvey, M. and Evans, R.E. (1995). Life after succession in the family business: Is it really the end of problems? Family Business Review, 8(1): 3-16. 13. Kuratko, D. K., and R. M. Hodgetts, (2004). “Entrepreneurship: Theory, Process & Practice”. 6th Edition. United States of American: Thomson South- Western 14. Litz, R. A. (1995). The family business: Toward definitional clarity. Family Business Review , 8(2), 71-81 15. Motwani, B. (2016). Impact of factors of family business on the performance: A PLS- SEM Study. Journal Entrepreneur Organization Management, 5(183), 22- 4. 16. Neubauer, F., & Lank, A. G. (2016). The family business: Its governance for sustainability. Springer 17. Nunnally, J. C. (1970). Introduction to psychological measurement. New York: McGraw-Hill 18. Ogbechie, R. and Anetor, F.O. (2015) An Appraisal of Succession Planning in Family-Owned Succession Planning and Family Business Continuity: Perspectives from Lagos State, Nigeria 37 Global Journal of Management and Business Research Volume XXII Issue V Version I Year 2022 ( ) A © 2022 Global Journals Plateau State Nigeria. Journal of Emerging trends in Economics and Management Sciences, 5(5): 379 – 390. 3. Akani, V. C. (2015). Management succession planning and corporate survival in Nigeria: A study of banks in Port Harcourt, European Journal of Business and Management, 7(27),153-161.