Succession Planning and Continuity of Family-Owned Business: Perception of Owners in the WA Municipality, Ghana
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 6
Abstract
The focus of this paper was to examine perceptions of succession planning by owners/founders of family businesses and its importance in ensuring the continuity and prosperity of businesses in the WaMunicipality,Ghana. An interview schedule was used to collect data from arandomsample of 205 enterprisesout of 440 family businesses, and these data were analysed by using descriptive and inferential statistics. The findings indicate that majority (94.1%) of owners/founders perceive business planning as an important skill, while the ability to develop a business strategy has a positive impact on succession and leads to continuity.Owners/founders with high level of formal education tend to have positive perception of the importance of succession planning and business continuity as compared with those with lower levels of formal education. Majority of owners/founders perceive that business continuity benefits the founder, the successor, the family and other stakeholders. It is therefore recommended that founders or owners of FOBs should make provision for the education and training of potential successors to facilitate succession for continuity.
Authors and Affiliations
Rhoda Saan, Francis Enu- Kwesi, Remy Faadiwie Nyewie
Keywords
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- EP ID EP411638
- DOI 10.9790/487X-2006032434.
- Views 72
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