Title: Development Strategies And Succession Planning Of Nigerian Family-Owned Businesses In Rivers State, Nigeria
Authors: Miller, George Anumeye and B. Chima Onuoha
Volume: 10
Issue: 1
Pages: 245-254
Publication Date: 2026/01/28
Abstract:
This study examines the connection between development strategies and succession planning in family businesses within Rivers State, Nigeria. The study employed a cross-sectional survey design, gathering data from 168 respondents across ten family-owned FMCG and manufacturing firms located in Rivers State. Development strategies were implemented through growth and innovation approaches, whereas succession planning was executed via leadership development and talent retention initiatives. Hypotheses were evaluated through the application of Spearman's rank correlation. The analysis revealed a robust and statistically significant correlation between growth strategy and leadership development (? = 0.894, p = 0.000), as well as between growth strategy and talent retention (? = 0.865, p = 0.000; rē = 0.748). In a similar vein, the innovation strategy showed significant correlations with leadership development (? = 0.775, p = 0.000; rē = 0.601) and talent retention (? = 0.788, p = 0.000; rē = 0.605). The findings demonstrate that effective development strategies play a crucial role in improving succession planning, ensuring the continuity and sustainability of family firms. This study examines the influence of strategic development practices on fostering effective leadership and retaining essential talent, in line with stewardship theory. The findings suggest that family businesses in Rivers State ought to focus on strategic planning for growth and innovation to enhance their long-term sustainability and ensure effective leadership transition across generations.