Abstract:
This study sought to examine succession planning of owners or managers in family-owned basic schools in the Sekondi-Takoradi Metropolis. The study adopted a mixed-method approach to achieve the stated objectives. Semi-structured questionnaire was used to collect the primary data used for the analyses. The purposive sampling technique was used to select 100 respondents for the study. The statistical package for social sciences was employed in the data processing. The study revealed that owners of basic schools did not have any plan on succession. As a result, the schools had no succession plan policy integrated with the institutions’ planning process. Also, the study revealed that succession planning affected the future direction of the family-owned basic schools. Finally, training and education, involvement of non-family members and coaching of potential successor enhanced succession planning in family-owned basic schools. Based on the findings, it was recommended that owners of family-owned basic schools were to have a deliberate succession plan policy in place to ensure a smooth transition into the future. In addition, planning of succession was to be time-bound and updated to be realistic and relevant to the current business situations so that it became an invaluable business tool to guide transgenerational business transition and ensured future direction of the business.
