Apprenticeship and Succession Planning of Family-Owned Businesses in South-East, Nigeria
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Volume 12 - November 2023 (11)
Abstract
This study examined apprenticeship and succession planning of family-owned businesses in South-East, Nigeria. Descriptive survey method based on primary and secondary sources of data collection was adopted. Data was obtained from primary and secondary sources. Primary data was gathered through questionnaire while the secondary data was gathered from a review of several research publications, annual reports, articles, textbooks, unpublished thesis, journals and internet sources related family businesses. The study population consisted of 43,868 family-owned businesses. The sample size is 554 determined using Cochran (1963) statistical formula. Analyses were carried out using simple descriptive statistics organized and presented in tables, frequency and simple percentages. At the inferential level of statistical analyses, the hypothesis was subjected to double-test using Pearson Product Moment Correlation Coefficient and Simple Linear Regression. To establish whether an outcome is statistically significant, the researcher set up a 5% significance level while a 95% confidence level was applied and tested at 5% (p-value ≤ 0.05) alpha level. All analyses were carried out in SPSS 20.0.R, the correlation coefficient has a value of 0.843which is statistically significant with t = 38.249. The study concludes based on the results above that there is a positive and significant relationship between apprenticeship and succession planning in a family-owned business, South-East, Nigeria. The study recommends that apprentices should be groomed, tested and held ready to succeed their masters when the need arises to save the businesses from succession crises which could lead to the death of the business.
Keywords
Apprentice, Apprenticeship, Succession, Succession Planning and Family-Owned Businesses
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