Family Business and Sustainability of Small and Medium Scale Enterprises in Enugu State, Nigeria
DOI:
https://doi.org/10.17722/ijme.v17i1.1266Keywords:
Family Business, Sustainability, Small & Medium Scale EnterprisesAbstract
The Study focuses on family business and sustainability of small and medium Scale enterprises in Enugu State, Nigeria. Specifically the study aimed to pursue the following objectives: to determine the effect of succession planning on sustainability of small and medium scale enterprise in Enugu State, Nigeria and ascertain the nature of the relationship strategic planning and Sustainability of small and medium scale enterprise in Enugu State, Nigeria . The study has a population size of (28) small and medium scale enterprises in Enugu State. Instruments used for data collection were primary questionnaires and interview. The total number of 28 copies of the questionnaire were distributed while 25 copies were returned & used while 3 copies were not properly filled. Survey research design was adopted for the study. Two hypotheses were tested using Pearson product moment correlation coefficient and simple linear regression tool. The findings indicated that Succession planning significantly affected sustainability of small and medium scale enterprise in Enugu State, Nigeria (r = 0.958; F = 257.230; t = 16.038; p< 0.05). There was a positive relationship between strategic planning and sustainability (r =. 920, P<.05). . The study concluded that family business control about 85% of nation’s wealth. The study recommends that every owner of small and medium scale enterprises should organize a proper succession plan, that will help the next in command to know, all secretes concerning the business, in order to sustain it for future generation
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