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ROLE OF STRATEGIC SUCCESSION PLANNING ON SURVIVAL OF FAMILY BUSINESSES IN KENYA

Nelson Maina Weru

PhD Student, Jomo Kenyatta University of Agriculture and Technology

Dr. Robert C, PhD

Jomo Kenyatta University of Agriculture and Technology

Dr. Anthony G.Waititu, PhD

Jomo Kenyatta University of Agriculture and Technology


CITATION: Weru., N. M, Weru, R. & Waititu, A.G. (2015). Role of Strategic Succession Planning on Survival of Family Businesses In Kenya. International Journal of Human Resource and Procurement 4 (4), 41-55.


ABSTRACT

A strategy is a high level plan to achieve one or more goals under conditions of uncertainty. Strategies most often devote a general programme of action and an implied deployment of emphasis and resources to attain comprehensive objectives. Strategy helps an organization to meet uncertainties in the business environment with due diligence. Strategic planning on the other hand is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. The objectives of the study were to determine if there was any strategic succession planning in family owned businesses in Kenya and assess the effects of strategic succession planning on future direction of the family businesses. The Study used descriptive survey design. According to the findings, strategic planning and succession plans respectively are major factors affecting survival of family owned businesses and hence need to be addressed to facilitate family businesses to the next generation. As a direct response to the fundamental changes in the economic landscape, family enterprises, today more than ever, need to rise to the challenge and address both inherent and structural problems and threats. Like any other problem, there is no magic solution that fits all. It is imperative that a gap analysis is conducted, which examines governance, organizational and legal structure and other areas.

Keywords: strategy, strategic planning, succession planning, and family enterprises.


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