Examining The Effects of Succession Planning on The Sustainability of Family Businesses In Cameroon
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 5
Abstract
Family businesses are at the centre of economic wealth and job creation of most economies including that of Cameroon. Unfortunately most of these businesses always collapse especially when the founder dies. Many researchers have pointed out this worry but failed to bring out what may be the cause of the non-sustainability of these businesses. The situation appears to be more serious in Cameroon due to sibling rivalries given that most owners of family businesses are polygamists with many children and wives. The collapse of these businesses leaves many people jobless and this also affects the economy of Cameroon. This has been observed to be due to poor succession planning or failure to plan for succession. This study which seeks to determine the effects of family business succession planning on the sustainability of family businesses in Cameroon employed the case study approach using both the qualitative and quantitative methods through observations, interviews and questionnaires, given that it is an exploratory study. The participants included family business founders, family members and employees. The data collected was analyzed with the aid of SPSS software. The results of the study show that succession planning has a significant effect on the sustainability of family businesses in Cameroon. Succession planning on the other hand is highly affected by the readiness of the successors to take over and the rivalries between children and wives from polygamous households.
Authors and Affiliations
Nkam Michael Cho, susannash Limungaesowe, alain Vilardndiisoh
Keywords
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