The role of succession planning in promoting business continuity: A study of family-owned enterprises in Namibia
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Date
2023
Authors
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Journal ISSN
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Publisher
University of Namibia
Abstract
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
Description
A thesis submitted in partial fulfilment of the requirements for the degree of master in business administration management strategy
Keywords
Family-owned businesses, Succession planning, Promoting business continuity