Family Business Retention Practices in Hospitality Industry in Nigeria

The study evaluated the Family business retention practices in Hospitality industry in Nigeria. The specific objectives are to: Examine the influence of succession planning practice and fostering an inclusive culture on the survival of family Hospitality industry in Nigeria. The study used the descriptive survey design approach. The primary source of data was the administration of questionnaire. A total population of 302 staff of hospitality industry understudy. The whole population was used due to small number, Two hundred and seventy three (273) returned the questionnaire and accurately filled. Data was presented and analyzed using Likert Scale and the hypotheses using Z - test. The findings indicated that Succession planning practice had significant positive influence on the survival of family hospitality industry in Nigeria, Z(95, n = 273), 5.750 < 9.669, P. <.05 and Fostering an inclusive culture had significant positive influence on the survival of family hospitality industry in Nigeria, Z(95, n = 273), 6.824 < 10.107, P. <.05. The study concluded that Succession planning practice and Fostering an inclusive culture had significant positive influence on the survival of family hospitality industry in Nigeria. The study recommended among others that for setting clear goals for career advancement, and ensuring a seamless transition of leadership roles within an organization there is need for succession planning.