EFFECTS OF SUCCESSION PLANNING ON SURVIVAL OF SMALL-SCALE BUSINESSES IN NORTHERN SENATORIAL DISTRICT OF CROSS RIVER STATE (A SURVEY OF SELECTED SMALL-SCALE BUSINESSES IN NORTHERN SENATORIAL DISTRICT)

Ihe study focused on the effects of succession planning on survival of small-scale businesses in Northern Cross River State. The specific objectives of the study were to evaluate the effects of succession planning on the market share, the patronage, the performance of small-scale businesses in Northern Cross River State. A survey research design was used for the study Fhe population and sample size of the study was $3 The instrument for data collection was a structured questionnaire, Data collected were analysed using simple percentage. Chi-square was used in testing hypotheses. The result of the study revealed that succession planning has positive effects on market share of small-scale businesses in Northern Cross River State as il increases the number of partnerships of small-scale businesses. The result of the study also revealed that succession planning has positive effects on the patronage of small-scale businesses in Northern Cross River State and that succession planning has positive effects on the performance of small-scale businesses in Northern Cross River State. The implication of these findings is that succession planning is very important to the sustainability of small-scale businesses. Therefore, every small-scale business owners’ should consider it as one of the basics of business sustainability beyond first generation entrepreneur. It is based on this that the study recommended that since training and development affect the survival of small-scale business after retirementor death of first generation entrepreneur, the owners of the companies should propose successors for their business in good time so as to allow enough time for training that could see their business survive through several generations and that there should be a government policy on frequent training for businessmen in such areas as financial management, strategic management and human resource management that are paramount in the survival of any business.