Cultural Influences and Succession Management among Family Owned Businesses in Southeast Nigeria

Finding a model for addressing the unimpressive rising mortality rate of family owned business model in Nigeria has being a teething problem. This study therefore examined cultural influences and succession management among family owned businesses in southeast Nigeria using an econometric regression model of the Ordinary Least Square OLS on a sample of 321 respondents in South East Nigeria. Findings revealed that inheritance laws have a positive relationship with succession management proxied by business generation survival in southeast Nigeria and it accounts for 34.2 growths in business generation survival in southeast Nigeria. Apprenticeship system has a direct and positive relationship with succession management proxied by business generation survival in southeast Nigeria. and it accounts for 57.4 growths in succession management in southeast Nigeria. Female seclusion and polygamy have inverse relationship with succession management in southeast Nigeria. Either of female seclusion and polygamy will negatively affect succession management in southeast Nigeria by 11.5 and 33.1 respectively. Family governance has positive relationship with succession management in southeast Nigeria. It accounts for 46.1 influence on succession management in southeast Nigeria. In other words as family governance increases succession management increases by 46.1 . In the final analysis, all the five regression coefficients inheritance laws, apprenticeship system, female seclusion, family governance and polygamy have significant influence on succession management in southeast Nigeria. Based on the findings of this study, the following recommendations are made With respect to inheritance laws and polygamy the original owners of family owned businesses should consider have a planned succession management by ensuring that the successor undergoes the necessary tutelage and mentoring for succession. Apprenticeship system was found to be significant. It important that the owner ensures that the intended successor undergoes the needed apprenticeship training to enable acquire the needed intellectuality for growing and sustaining the business. Females segregation is found to be significant and should be discourage by law and the original owners of FOBs. This is because some females are born with innate abilities and critical thinking aids successful management and when they are segregated by inheritance laws, family members may mismanage the business among others. Akwaeze, Emeka Alex | Abba, Ugochukwu Evaristus | Edokobi, Tonna David "Cultural Influences and Succession Management among Family Owned Businesses in Southeast Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd57516.pdf Paper URL: https://www.ijtsrd.com.com/management/business-administration/57516/cultural-influences-and-succession-management-among-family-owned-businesses-in-southeast-nigeria/akwaeze-emeka-alex