Succession planning, conflict resolution and survival of family businesses
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The purpose of the study was to examine the relationship between succession planning. Conflict resolutions and survival of family business around Kampala Uganda. The study adopted a cross sectional survey design. A simple random sampling technique was used to select 116 respondents who were running the different family businesses in Kampala. Data was collected using self-administered questionnaires and after it was entered into Statistical Package for Social Scientists (SPSS) computer program and hypotheses tested using Pearson product-moment correlation coefficient (r). Thus, according to the study, findings revealed that family managed businesses skewed more towards the trading sector. Additionally, findings showed that male gender dominance is still owning and managing family businesses and mostly those between 25-35 years respondents were majority. Lastly, Pearson correlation results revealed that a significant positive relation existed between succession planning and family conflict resolution; whereas there was no significant relationship between succession planning and survival of family business as well as between family conflict resolution and survival of family business. Basing on the findings, family owned businesses should define a very clear succession strategy with key directions. But such a strategy can be rendered ineffective if family affairs are not put in order. Therefore, it is essential to have an agreed-upon strategic succession plan and a transparent mechanism to manage matters related to family members, their accountability, management of conflicts and disagreements among them.