FAMILY OWNER BUSINESS MODEL AND FIRM SURVIVAL OF BUSINESSES IN SOUTH-SOUTH NIGERIA
This work seeks to establish the effect of family owner business model and firm survival of businesses in South-South Nigeria. The broad objectives of the study were to examine the effect of family-owned business model on firm survival of selected businesses in South-South Nigeria. Cross sectional survey research design was adopted for the study and Taro Yamane’s formula (1964) was used in determining the sample size. A total of 78 respondents drawn from selected businesses operating in Edo and Delta States participated in the study. To ensure the soundness of the research instrument, the Content Validity was used to test for the validity of instrument, while the Split-Halves Method was used in testing for the reliability of the instrument. Seventy eight (78) copies of questionnaire were distributed, while seventy copies were correctly filled, returned and used for the analysis. Ordinary Least Square multiple regression was used for the analysis. In testing the research hypotheses formulated in line with the specific objectives, the regression statistical tool was applied. The findings indicate the following: First, that there is a significant adverse linear relationship between family ownership structure and firm survival. Second, that significant linear relationship exists between succession planning model and firm survival. Third, that there is a significant linear relationship between internal grooming model and firm survival. The study concluded that family ownership structure, succession planning model and internal grooming model have significant effect of businesses in South-South Nigeria. The researcher recommended that owner-managers of family businesses in Southern Nigeria should embrace the retirement age in the nation’s civil service and the multinational companies and discards their work-for-life attitude so as to prevent age-related challenges from hampering the fortunes and perpetuity of the businesses. This is important because family businesses are heavily dependent on their owners, not only for their leadership and drive but also for their connections and technical know-how.
