Victoria Adekomaya, Shepherd Dhliwayo, Edwin Bbenkele
Abstract
Family business succession planning is a critical process that ensures the smooth transition of leadership and ownership from one generation to the next. However, the factors that influence successful succession planning can vary across different countries and cultural contexts. In the South African context, family businesses face unique challenges and opportunities that necessitate a comprehensive understanding of the factors influencing family business succession planning. This study investigates and identify these factors in order to get insights that would guides family businesses in South Africa towards successful succession planning. The research addresses the lack of a comprehensive understanding of the specific factors that influence succession planning in the South African context. The findings of this study will contribute to the existing knowledge on family business succession planning and enable family businesses in South Africa to navigate the complexities of succession planning effectively, ensuring the long-term sustainability and success of these enterprises. The findings of this study can help South African family businesses proactively address the challenges of succession planning and create a smoother transition of leadership across generations. By ensuring the continuity and success of these enterprises, the study can have a positive impact on both the families involved and the broader South African economy.