Succession Planning and Organizational Survival of Family Business for Nation Building: Evidence from Private Primary Schools in Rivers State

Abstract

The purpose of this study is to investigate the effect of succession planning on organizational survival of family business. To achieve this purpose, research questions were raised, hypotheses were formulated, and a review of literature was made. The population for this study consisted of one hundred and eighty-seven (187) private primary schools in Rivers State. Data for this study were collected from the schools‟ records, and were analysed using mean and standard deviation while the Pearson product moment coefficient of correlation was used together with t-statistics to test the significance of the relationship. The findings from the study show that 30% of the proprietors of private primary schools in Rivers State are successors and not the original owners; 15% of the schools have career development programmes; 19% have talent retention programmes; while the rate of staff turnover is at 22%. In all, succession planning in private primary schools in Rivers State is about 41.3%, which is adjudged to be low. In view of the above, it is recommended that private primary schools in Rivers State should initiate and implement a career development programme for outstanding staff by either sponsoring them to attend conferences or partly pay their fees for higher degree programme; offer special rewards or recognition to outstanding staff; and minimize staff turnover by offering them retirement benefits.