Succession Planning Practices and Sustainability Of Emerging Business In Oyo State, Nigeria.

Abstract

This study succession planning practice and sustainability of emerging business in Oyo state was carried out because of constant collapse of small and medium scale enterprises in Nigeria. The study specifically analysed the relevant practices necessary to promote succession planning among emerging business and determined the extent to which succession planning contributes to the sustainability of emerging business in Nigeria, with particular attention on Oyo state. The study adopts descriptive survey research design and data were sourced primarily using a structured questionnaire that was administered to a sample of emerging business in Ibadan, Oyo State, drawn from the total population of 7987 registered emerging businesses. The convenience sampling technique was used, and data collected from the respondents were analysed using regression analysis. The findings of the study revealed that succession planning has a significant contribution F (4, 316) =28.619, p=0.01, as it accounts for 26.6% (.266) variance in the prediction of sustainability among emerging business. Specifically, to the sustainability of small and growing business, knowledge sharing positively contributes 82.8%, delegation positively contributes 40.0%, and teamwork positively contributes 34.0%, while talent management negatively contributes 31.4%. The study therefore concluded that succession planning influences the sustainability of emerging business, with knowledge sharing as the most adequate succession planning practices that contributes to the sustainability of emerging business.