Abstract
Abstract The concept of family business in Nigeria has become significantly attractive; its root is in sole proprietorship form of business. Family businesses have the unique strength to separate culture, language and personality. The research analyses the effect of interpersonal relationship on internationalisation and determines the extent to which succession planning affects internationalisation. Research presents that a positive relationship exists between internationalisation and interpersonal relationship. It has also been discovered that no positive relationship exists between succession planning and internationalisation. This study therefore concludes that family businesses which proceed to internationalisation enjoy growth in productivity, adequate brand awareness in the world, diversification of political and financial risks, as well as experience an increase in the share of the market, capital base, asset and open up opportunities in regional markets for workers. The study also recommends that employees in family businesses should communicate with each other effectively for a healthy relationship and managers should not make secret preparations for successors.
Highlights
Business (FB) in today’s world is seen as a major source of economic growth and development. Because of their intrinsic synergies between capital and management, family businesses have the ability to transcend any other type of business organisation
Businesses are run by families who come from a mix of different cultures and social-economic backgrounds with ambitions for both the business and family future (Anderson & Reeb, 2003; Lucky et al, 2011)
Interpersonal relationship affects the internationalisation of family business organisation
Summary
Business (FB) in today’s world is seen as a major source of economic growth and development. Because of their intrinsic synergies between capital and management, family businesses have the ability to transcend any other type of business organisation. A majority of family business concepts focus on ownership and control by two or more members of the family. Businesses in particular provide for economic development in terms of jobs and Economics and Business 2020 / 34 social engagement. Businesses are run by families who come from a mix of different cultures and social-economic backgrounds with ambitions for both the business and family future (Anderson & Reeb, 2003; Lucky et al, 2011)
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