HEIR APPARENT PREPAREDNESS AND SELECTED FAMILY BUSINESS SUSTAINABILITY IN LAGOS STATE NIGERIA
HEIR APPARENT PREPAREDNESS AND SELECTED FAMILY BUSINESS SUSTAINABILITY IN LAGOS STATE NIGERIA

Summary/Abstract: Family-owned businesses are extremely important to Nigeria's economy, creating jobs, generating income, and helping the country's GDP increase. However, the Heir Apparent's readiness to take on leadership responsibilities poses a threat to their sustainability. Myriads of research on family businesses and their sustainability exist, but little of it has looked at heir apparent as a factor of sustainability. By analyzing the relationship between heir apparent preparedness and the sustainability of selected family-owned firms in Lagos State, Nigeria, this study seeks to bridge the gap in literature. Drawing on a deductive methodology, the study employs a cross-sectional survey to gather quantitative data. Responses from 388 family-owned enterprises were obtained using a questionnaire. Data were analyzed by applying SPSS package, version 25. The findings reveal significant positive relationships between Heir Apparent Level of Education, Heir Apparent Experience, and Quality of Mentorship Received by Heir Apparent, and their joint effect with family business sustainability. It was thereby concluded that heir apparent level of preparedness impacts the sustainability of family businesses in Lagos State. The study recommends prioritizing formal education, providing diverse experiential learning opportunities, and establishing strong mentorship programs to enhance family business sustainability.

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