Succession Mentoring and Sustainability of Family-Owned Business in Lagos and Ogun States, Nigeria

Abstract

The study examines the effect of succession mentoring on sustainability of family-owned business in Lagos and Ogun States of Nigeria. The descriptive research design was used to study 1,806 family-owned businesses registered in the states (NAMSE, 2012). The stratified sampling method was used to select 327 enterprises from the two states. Questionnaire was the main instrument for data collection measured on a 5-point Likert scale from Strongly Agree to Strongly Disagree. Data were analysed using the Pearson's Correlation statistical technique with the aid of SPSS software.  The findings of the study reveals that succession mentoring significantly affect sustainability of family-owned business (r = 0.777; p<0.05) and therefore recommends that entrepreneurs running family-owned businesses should recognise succession mentoring as a sustainable ingredient for the economic growth of Nigeria.