Research Article

LEADERSHIP SUCCESSION AS A CRITICAL FACTOR FOR SUSTAINABILITY OF FAMILY-OWNED BAKERIES IN LAGOS STATE, NIGERIA

Olufemi Olabode Olayemi1*, Damilola Omowunmi Akinsanya2, Serifat Olasumbo Jaji2
1 Department of Business Administration, Faculty of Management Sciences, University of Lagos, Lagos, Nigeria.
2 Department of Business Administration, Faculty of Management Sciences, University of Lagos, Lagos, Nigeria
* Corresponding author: olufemiolabodeolayemi@femsbukjournals.org.ng/bjms
Published: Dec, 2023
DOI: 10.67894/bjms.2023.c33i18nh
Pages: 1-14

Abstract

Family-owned businesses play a significant role in economic wealth creation and employment opportunities. However, their survival is often jeopardized due to the lack of proper succession planning. This study investigates the impact of leadership succession on the sustainability of family-owned bakeries in Lagos, Nigeria. Using a cross-sectional survey design and smartPLS3 analysis, the research collected primary data from bakery operators within Lagos metropolis. The results indicated that monitoring and training with p-values of 10.133 and 2.733 respectively significantly influence the sustainability and survival of family-owned bakery businesses. Effective leadership succession is crucial for business growth and continuity. For bakery businesses, succession plans are pivotal for sustainability. The study recommends that bakery owners prioritize training successors to ensure the business's continuity and long-term survival. In conclusion, this research underscores the importance of succession planning for family businesses, especially in the bakery industry, and its profound to influence on sustainability

Keywords

Leadership Succession Sustainability Family business Survival Continuity

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How to Cite

Olayemi, O. O., Akinsanya, D. O., & Jaji, S. O. (2023). LEADERSHIP SUCCESSION AS A CRITICAL FACTOR FOR SUSTAINABILITY OF FAMILY-OWNED BAKERIES IN LAGOS STATE, NIGERIA. Bayero Journal of Management Sciences, 5(1), 1-14. https://doi.org/10.67894/bjms.2023.c33i18nh

O. O. Olayemi, D. O. Akinsanya, and S. O. Jaji, "LEADERSHIP SUCCESSION AS A CRITICAL FACTOR FOR SUSTAINABILITY OF FAMILY-OWNED BAKERIES IN LAGOS STATE, NIGERIA," Bayero Journal of Management Sciences, vol. 5, no. 1, pp. 1-14, December 2023. doi: 10.67894/bjms.2023.c33i18nh

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