Polygamy and Family Owned Business Succession in Nigeria

Abstract

With the alarming rate Family Owned Businesses (FOBs) die at the demise of its founders/owners this study looks at polygamy and the role it plays in smooth succession of FOBs in the Southeast Nigeria as its major objective. The study demystifised the concept of FOB and succession in FOBs vis-a-vis polygamy. The kitchen model of succession in FOBs operated by polygamous was also explained. Some factor militating against succession in FOBs of polygamous families were discussed in detail. It was concluded that since FOBs play a great part in the economy of nations Nigeria and Southeast part inclusive, those owned by polygamous families need to start the processes of succession early enough to aviod squabbles at the demise of owner/founder. Professionals should also be brought in early to handle major business decisions as well as avoid playing into the hands of sentiments and emotions while making critical succession decisions.