Leadership Succession Planning: An Examination of Sole Proprietor Estate Surveying and Valuation Firms in Lagos Metropolis, Nigeria

Abstract

This paper reports the results from a survey of 38 small sole- proprietor estate surveying and valuation firms in Lagos, Nigeria. A 45% questionnaire retrieval rate was achieved while CEOs/owners of estate surveying and valuation firms were interviewed. Descriptive statistics were used to analyze the respondents‟ general characteristics as well as their attitude toward business succession planning. The study found that sole-proprietor firm owners desired that their firms outlive them through transferring of the firms‟ businesses to their next generation. However, majority of these sole proprietors‟ next generation were not keen on pursuing real estate business related courses in their undergraduate days in view of their exposure to modern technology and the influence of peers. Also, the study found that the owners of these firms have not, as a matter of policy, planned for their succession because of the cultural and attitudinal beliefs and values, which forbid thoughts about death or incapacitation about a living soul. As a result, the study indicated that only 5% of sole proprietor estate surveying and valuation firms in this category have continued to the second generation in the study area. This outcome has serious implications for small professional service businesses‟ economic and job creation potential for Nigeria.