Wealth Creation, Retirement and Succession Planning of Entrepreneurs in South-East, Nigeria

B. CHIMA ONUOHA

Abstract


The South-East, Nigeria has a long history of entrepreneurship in West Africa, yet there are no records of business enterprises inherited from the last three or four generations of their founders. This is a survey research and it covered five commercial cities of the region. The study revealed among others: close to 26% of entrepreneurs are above 60 years; majority don’t know when they would retire, or not even thinking of retiring and 94.2% have no succession plans. It is against this backdrop that the paper made far reaching recommendations such as: the need for entrepreneurs to incorporate and professionalize their enterprises, employ graduates and professionals, have well defined retirement program and good succession plans. All these will enhance the chances of these entrepreneurs to develop big and well managed corporations, hence making generational transitions of businesses possible.

Key words: Wealth creation; Retirement; Succession planning; Professionalizing; Generational enterprises; South-East Nigeria


Keywords


Wealth creation; Retirement; Succession planning; Professionalizing; Generational enterprises; South-East Nigeria

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DOI: http://dx.doi.org/10.3968/j.ibm.1923842820130701.1030

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