Leadership Succession Planning: An Examination of Sole Proprietor Estate Surveying and Valuation Firms in Lagos Metropolis, Nigeria
No Thumbnail Available
Date
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Description
This paper reports the results from a survey of 38
small sole- proprietor estate surveying and valuation firms in
Lagos, Nigeria. A 45% questionnaire retrieval rate was achieved
while CEOs/owners of estate surveying and valuation firms were
interviewed. Descriptive statistics were used to analyze the
respondents’ general characteristics as well as their attitude
toward business succession planning. The study found that soleproprietor
firm owners desired that their firms outlive them
through transferring of the firms’ businesses to their next
generation. However, majority of these sole proprietors’ next
generation were not keen on pursuing real estate business related
courses in their undergraduate days in view of their exposure to
modern technology and the influence of peers. Also, the study
found that the owners of these firms have not, as a matter of
policy, planned for their succession because of the cultural and
attitudinal beliefs and values, which forbid thoughts about death
or incapacitation about a living soul. As a result, the study
indicated that only 5% of sole proprietor estate surveying and
valuation firms in this category have continued to the second
generation in the study area. This outcome has serious
implications for small professional service businesses’ economic
and job creation potential for Nigeria.
Keywords
TA Engineering (General). Civil engineering (General), TH Building construction