IMPACT OF SUCCESSOR’S PERSONAL QUALITIES ON POST – SUCCESSION PERFORMANCE OF SELECTED FAMILY BUSINESSES IN NASARAWA STATE, NIGERIA

The position of family business to the growth of any nation is very strategic. However, the survival of most family businesses has been the major issue of concern to the stakeholders. This study examines the influence of successors’ personal characteristics on the post succession performance of family businesses. The data were collected from a cross-section of fifty two (52) family owned businesses in Nasarawa State, Nigeria. The data collected were analyzed using regression analysis. The result indicates that all the measures of successors’ performance vis-à-vis level of education, training, work experience and preparation level all show a significant influence on the post succession performance of the businesses. The implication of the finding is that these factors are key to the success of the post succession performance of family businesses. It is therefore recommended, successors to family business should be made to undergo training prior succession; to enable them have relevant experience in the operation of such business and be prepared before taking over the family business.