AN ENQUIRY INTO THE ISSUES OF SUCCESSION IN ENTREPRENEURIAL BUSINESSES IN NIGERIA (A CASE STUDY OF LAGOS STATE)

It has been observed that every year a number of small and medium enterprises spring up in Nigeria like many other countries, this involved mobilization of resources which include life savings of owners and family members, credits from friends and financial institutions as well as aid from Governments and development institution to among others. However, many of this business die with the dead or retirement of the original founder(s) without any visible successor. The question now is, how does the owner of these dead or dying business make a conscious, honest, realistic and succession planning that this study to focuses on. Data are collected using questionnaire and such data also analyzed to find out issues involved in succession and conclusion drawn. Based on the findings and conclusion, I recommend that Entrepreneurial activities should be seen as a continuous exercise which must be frequently updated by business leader to suit the ever changing business environments.