Exploring the issues in sustaining family business: a case study in Anambra State, Nigeria

Family businesses are a cornerstone of the global economy, particularly in developing regions, where they contribute significantly to employment, wealth creation, and community development. However, sustaining these businesses across generations presents unique challenges that intertwine both family dynamics and business operations. This study explores the complex challenges and strategies involved in sustaining family businesses in Anambra, State Nigeria, constraints and challenges, and knowledge of Human Resource Management. The study uses in depth interviews to unravel the issues and challenges face by business owners as well to know how they have been able to apply the Knowledge of Human Resource for the good of their businesses, it identifies uncertainty, inconsistency, and resistance as major factors influencing family business sustainability, while also emphasizing the importance of succession planning, recruitment, training, and creating a positive work environment. Furthermore, government policies and their effects on family businesses, including challenges like rising costs and limited access to financial resources, were found to significantly impact their operations. The research suggests that family businesses can achieve greater sustainability by adopting Human Resource management practices, including clear succession plans, structured training programs, and fostering a culture of meritocracy. Additionally, addressing external disruptions, such as economic and policy challenges, through adaptive strategies is crucial for maintaining long-term business viability. Also, a need for further study is also recommended to expand the scope of this research.