The unprecedented increase in the failure rate of family-owned and managed businesses in South Eastern Nigeria has been linked to the multi-cultural nature of the region. Since the region is rooted in individualistic and collectivistic cultures, this study investigates the effects of these cultures on management succession and ownership succession with a special focus on supermarkets. A cross-sectional survey design was adopted for the study. At the same time, a criterion sampling technique was employed to select 279 descendants/CEOs from a population of 349 registered supermarkets with the respective five State Ministries of Commerce and Industry in South Eastern Nigeria. The generated data via questionnaire were subjected to simple bivariate regression analysis. It was found that the effect of individualistic culture was only significant and positive on ownership succession. Again, collectivistic culture had a significant and positive effect on ownership succession. As such, family-owned and managed supermarkets in South Eastern Nigeria can enhance their ownership succession by employing either their individualistic or collectivistic culture to shape and/or reshape the potential successors’ preferences and behaviours. To facilitate successful management succession, families should put in place other cultural values that can foster supportive relationships between incumbent managers and potential managers of family businesses.