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Succession Planning in Black-Owned Family Businesses: A South African Perspective

Author

Listed:
  • Mqoteleni Gomba
  • Tumo Kele

Abstract

A significant number of businesses existing in South Africa originated as family-owned businesses and contribute substantially to employment creation, poverty eradication and wealth creation. However, globally the longevity of family businesses through generations remains a major cause for concern for all stakeholders. South African economy is characterised by a history of apartheid, where prior to 1994, the black majority only owned less than 5 percent of the businesses active in the economy. The economy is swiftly taking a turn and more black businesses are emerging. This study focused on understanding the factors that influence succession planning decisions in black-owned family businesses. The study followed an exploratory qualitative approach, using semi-structured interviews. Thirteen black family-owned business owners were interviewed. The key findings showed that possible successors in family-owned businesses regard the successor-related factors as the predominant drivers of management succession. The successor¡¯s commitment to and interest in the business has a strong influence on decisions and criteria design across all the stages of the management succession process.

Suggested Citation

  • Mqoteleni Gomba & Tumo Kele, 2016. "Succession Planning in Black-Owned Family Businesses: A South African Perspective," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 7(5), pages 9-21, September.
    • Handle: RePEc:jfr:ijba11:v:7:y:2016:i:5:p:9-21
    DOI: 10.5430/ijba.v7n5p9
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