Managing a Corporate Dynasty: Succession Management Strategies of Nigerian Companies

This study examines the various strategies corporations and family owned businesses employ in selecting and grooming successors as well as the forces that shape succession culture of Nigerian firms. Case Study Method was adopted and two firms were studied in detail. The study revealed that unlike family owned businesses, corporations have articulated and long term continuous succession culture. The succession cultures in the former are by accident and never by design as most managers do not retire voluntarily rather were forced into retirement by death or sickness. It is recommended that succession planning be made an integral part of firms long term strategic plan. Also, every succession strategy adopted should be able to develop the total person, attract talent to the firms and maintain continuity while fostering a state of perpetual renewal.