QUALITATIVE ANALYSIS OF SUCCESSION PLANNING AND SUSTAINABILITY OF BLOCK MAKING FIRMS IN KWARA STATE NIGERIA


MUSTAPHA, Rahman O.
Department of Business and Entrepreneurship
Faculty of Humanities, Management and Social Sciences
Kwara State University, Malete, Nigeria
NASSIR, Briamah A.
Department of Business and Entrepreneurship
Faculty of Humanities, Management and Social Sciences
Kwara State University, Malete, Nigeria
OLUSEGUN, Daniel O.
Department of Business and Entrepreneurship
Faculty of Humanities, Management and Social Sciences
Kwara State University, Malete, Nigeria


ABSTRACT
Succession planning is an ongoing problem faced by SMEs in Nigeria. As growing organisation grows, they are confronted with the problem of continuity, market value, profitability and growths of the enterprise. The study examined the effect of succession planning on the sustainability of small and medium scale enterprises in Nigeria. The study adopted cross sectional survey with descriptive approach by interviewing eight owners of block firms in Kwara State. The study concluded that the industry characteristics, successor capability, documented transition and family harmony are essential ingredient succession planning as they ensure market
value of the business, profitability, business survival and growth of the block industry.
Succession planning provides a block industry with a market value by enabling the industry to define itself in a unique characteristic. The study therefore recommends that key stakeholders in block making industry should evaluate the industry characteristics to ascertain the market value of the business to attract a worthy successor. This could be further achieved if the children are enrolled as apprentice so as to ensure that they are able to smoothly transition from one generation to another.

Keywords: Documented transition, family harmony, succession planning, successor capability

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