Abstract:
The study investigated the importance of succession planning, factors influencing succession planning and practices in succession planning in family businesses. The population included all family businesses in the Ketu South Municipality (KSM) of Ghana. The sample size 10, and participants were sampled using snowball method. Each business owner was interviewed, using an interview guide. Spiral model of content analysis was used for data analysis. The results showed that succession planning maintained cultural practices, leadership transition, business continuity and employees support family executives without envy. Factors influencing succession planning are reluctance to let go of control and power, transparency, family taboos, and spouses’ resistance to change. Best practices identified are top managements’ involvement in succession planning, focusing on specific goals and development programs. Comprehensive assessment based on competencies, talent databases and identifying future talent were not practiced. As a result, business owners in the KSM should have role models to encourage them to overcome succession planning fears. Besides, assessment programs, talent databases and future talents should be identified for effective succession planning best practices.
