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Articles

CJBSS: VOL. 13, NO. 1, JUNE 2022

SMEs Succession Education and Family Business Succession: A Conceptual Review

Submitted
July 7, 2022
Published
2022-07-07

Abstract

This research focused on investigating the effect of succession education on family-owned business succession in small and medium-scale enterprises in Nigeria. The study adopted a conceptual review of extant literature and theories. Findings from extant literature revealed that level of education, on-the-job training, mentorship and willingness to learn have a strong impact on family-owned business succession in small and medium-scale enterprises. Succession education can form effective resilience to address the challenge of family business succession. The study highlighted the necessity for family-owned SMEs to promote succession education for their potential successors since the higher the level of education of the incumbent and successors are, the more likely the success of the succession process. It is also recommended for the potential successors to be exposed to learning the business early to enable them to acquire adequate on-the-job training for a smooth transfer of ownership and entrepreneurship which is intended to enhance sustainability among Nigerian family-owned businesses.