ROLE OF FAMILY-SUCCESSION CRISIS, ITS RESOLUTION, AND FAMILY THERAPY ON FAMILY BUSINESS PERFORMANCE IN NASARAWA STATE, NIGERIA

Abstract

Many businesses are trapped on issue of who will be the successor after the founder/leader is no longer controlling the helm of affairs. The study adopted cross-sectional design in which the population comprised family businesses in Nasarawa State, Nigeria. The study sampled 145 respondents who were purposively drawn from the entire population where data was analyzed using the regression method with the aid of the SPSS package. It was revealed that succession crisis resolution and family therapy have a significant and positive effect on family business performance. The study recommends among other issues that family business owners should imbibe the culture of leadership succession crisis resolution as it proves to ensure a smooth transition of leadership succession in the organization. furthermore, owners and managers of family businesses should engage their workers in psychological therapy, so as to enable them to be more productive within and outside the business environment.