Poor Succession Planning by Entrepreneurs: The Bane of Generational Enterprises in South-East, Nigeria

Abstract

The Ibos of South-East Nigeria are renowned for their zeal and tenacity in business; spanning decades, yet there are no corporations that are in their third or fourth generation. This is as a result of poor attitude to succession planning. This article . a survey research, covered the commercial cities of South-East region of Nigeria. The findings include: majority of enterprises are not incorporated and over 94% of entrepreneurs have no succession plans. The factors responsible for these are: (a) the feelings that the entrepreneurs are still strong and healthy (b) uninterested children and relations; (c) entrepreneurs not knowing what succession planning is all about; and (d) no capable hand yet/fear of mismanagement. Based on these findings, the article made recommendations which will greatly assist the South-East region of Nigeria to have hundreds and thousands of generational enterprises, which in turn, will aid the country.s quest to be a major global economic player in the year 2020.

Key words: Entrepreneurs, South-East Nigeria, Succession Planning, Generational Enterprises, SMEs