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The role of succession planning in promoting business continuity: A study of family-owned enterprises in Namibia
(University of Namibia, 2023) Amon, Lovisa Ingavamwena
Family-owned businesses are not exempt from the importance placed on succession planning in the business world. The study's purpose was to examine the role succession planning plays in ensuring the survival of family-owned businesses. This qualitative research study, had ten (10) family-owned business owners serving as the sample size. Thematic analysis, which involves identifying themes by spotting similarities in meaning across data, was used to study the data. The findings showed that most participants had a sufficient understanding of succession planning and itsimportance to family-owned firms. It was also discovered that they had a sufficient understanding of what it meant to run a family-owned business, particularly when it came to the purpose of passing it down to the next generation or instances in which it had previously been given to a family member to run and manage. Additionally, it was determined that, in FOBs, succession planning increases competitiveness, which is a trait that results from such planning. The study recommends that business owners put the understanding and knowledge they have about succession planning into practice by having a succession plan in place. Further study across all regions of Namibia is recommended to determine the overall view of the country at large