A Conceptual Consideration on Family Business and Succession Planning in Nigeria

Recent studies have studied many aspects of business organization, the area of family business and succession planning have been virtually neglected in Nigeria. The present study aims at examining the intricacies of family business and succession planning based on conceptual consideration. Based on our review, the paper established that family business are characterized with informal structures, management sentiment and poor transition process. However, our study highlighted that the poor transition in business succession is limited when there is management succession planning, leadership succession planning and ownership succession planning. Thus, founders of family businesses need to provide formal ground for better succession planning and decision making.