Family Business (FB) planning in Zimbabwe: a perspective of the Flea Market traders in Masvingo Urban

Family businesses are probably the predominant forms of businesses the world over. InZimbabwe, such forms of businesses can be traced back to the colonial period to date. Family businesses are recognised for their contributions to the economy in terms of employment creation and foreign currency generation. Literature indicated that the FB is well managed can be the panacea to the economic woes of any country. In this study, the qualitative research philosophy informed the direction of the research. The phenomenological research design was employed and open interviews conducted to generate data for the study. Sampling was purposive to allow those with rich information about the phenomenology understudy to contribute to the debate. Results of the study were that FB managers and owners were aware of the importance of planning. However, two groups emerged one with the view that planning is time consuming and the other with the view that they were planning for their FB operations. It was also established that when planning family, should be secured its commitment. Involvement and participation of the family allowed the next generations to learn how to navigate in the densely competitive business environment fully of risks and uncertainties. Therefore, it was recommended that the prerogative to plan lies in with the FB and family should not be excluded in planning to allow tapping and harnessing knowledge and expertise from family members.