EFFECT OF FINANCIAL FACTORS ON POSTSUCCESSION PERFORMANCE OF FAMILY BUSINESSES IN NIGERIA

This study surveyed the effect 0/financial /8/075 072 post-succession performance 07family businesses in Nigeria. In the study, financial factors on post-succession performance were measured by change in capital level, improved sales level and improved access to financial facilities while survey designwas adopted as research design. The population of this study is 4141 family owned firms registered with Corporate Affairs Commission (CAC) of Nigeria as at January 2018. Out of the total population, only 1215 firms have transited and are in their second generations and above. However, only eight hundred and fifty eight (858) family businesses were able to provide the required information across Nigeria. The number of selected businesses that met the requirement were used as sample size of the study. The data collected were tested for reliability. The result of the reliability indicates a Cronbach Alpha of 82% which implies that the instrument is capable of measuring the views of the respondents with consistency. The data collectedwere analyzed usingregression techniques. The analysis was done for each zone and their combined effects using panel regression. Hence, the study recommends that for an improved post succession performance of family businesses, the successors must ensure that their businesses are financially healthy. This can be done ■with improved access to financial facilities such as loans and plough back capitals. The factors can place the businesses in a better position to compete as it can expand where necessary in the competitive market and also have better access to raw materials. These will increase the performance of the businesses.