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Factors Influencing the Sustainability of Family Businesses in Kenya: a Case of Naivas Supermarket

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Factors Influencing the Sustainability of Family Businesses in Kenya: a Case of Naivas Supermarket FACTORS INFLUENCING THE SUSTAINABILITY OF FAMILY BUSINESSES IN KENYA: A CASE OF NAIVAS SUPERMARKET BY PHOEBE MURUGI WAHOME UNITED STATES INTERNATIONAL UNIVERSITY – AFRICA SUMMER 2019 FACTORS INFLUENCING THE SUSTAINABILITY OF FAMILY BUSINESSES IN KENYA: A CASE OF NAIVAS SUPERMARKET BY PHOEBE MURUGI WAHOME A Research Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Master of Business Administration (MBA) UNITED STATES INTERNATIONAL UNIVERSITY – AFRICA SUMMER 2019 i STUDENT’S DECLARATION I, the undersigned, declare that this is my original work and has not been submitted to any other college, institution or university other than the United States International University - Africa in Nairobi for academic credit. Signed: __________________________ Date: ___________________ Phoebe Murugi Wahome (ID No: 655171) This research project report has been presented for examination with my approval as the appointed supervisor. Signed: __________________________ Date: ___________________ Fred Newa Signed: __________________________ Date: ___________________ Dean, Chandaria School of Business ii COPYRIGHT Copyright © Phoebe Murugi Wahome, 2019 All Rights Reserved iii ABSTRACT This study examined the factors influencing the sustainability of family businesses in Kenya while focusing on Naivas Supermarket. The study specifically dwelt on determining the influence of succession planning on sustainability of family businesses, determining the influence of corporate governance on sustainability of family businesses and examining the influence of strategic planning on sustainability of family businesses in Kenya. In this study, the descriptive research design was used to facilitate data collection. The target population were all 210 employees of Naivas Supermarket headquarters located in Nairobi. The sample frame was a list of all employees of Naivas Supermarket and was obtained from the employee record at Naivas Headquarters. This study used the stratified sampling technique. The study used the Yamane (1967) formula to calculate the sample size which brought the sample size to 68 respondents. Data was collected using self- administered questionnaires and was analyzed using quantitative analysis. Collected data was analyzed using the Statistical Package for Social Science (SPSS). Pearson’s correlation analysis was used to determine significant factors for the study and a p value of 0.05 was set as the study’s threshold. Regression analysis was used to examine the degree of variance between the independent and dependent factors and presentations were by use of figures and tables. The study showed that succession planning is an ongoing challenge for Naivas because it is ill prepared for succession and transition, however, the firm does not have external pressure that challenges how the family runs the business. Naivas has prepared the next generation for its succession since the family owners are the stewards/ custodians of the business and controlling family’s discretion over strategy and access to resources is significant to the organization. The study revealed that corporate governance facilitates Naivas’ ability to achieve its objectives and it does receive much attention from managers. Naivas as a family business is at stage where it is becoming more difficult to manage and thus, corporate governance is significant to the business sustainability. Family dimension is also an integral part of iv business governance at Naivas, where the firm uses family council to govern the business formally or informally. The study showed that strategic planning at Naivas must incorporate family issues into its thinking, however, these family considerations in the firm’s strategic plans limit the strategic aggressiveness of the firm. Naivas’ strategic plan indicates ways in which the business can compete more effectively and its survival is subject to how well it accomplishes its internal and external strategic arrangement. Family owners of Naivas are willing to sacrifice short-term material gains for the company investment and the firm has a family statement of commitment to the business. The study concludes that inter-generational succession at Naivas is done through a balance between parenting and mentoring successors and the firm has manager(s) who provide the successors with knowledge of the principles of the business, and its business successors have the ability to replace their founders and this is because family member commitment is a critical component of intergenerational transfer of leadership within the firm. Long-term investment policies in the organization, however, require the need and for a more structured way of governance, even though the decision-making process involves rational decision-making and family members’ intuition. The study recommends the governing body of Naivas to ensure that family considerations in the firm’s strategic plans do not limit the strategic aggressiveness of the firm. This may lead to the firm missing out on big opportunities of expansion which may limit the ability of the firm to sustain itself in the long-run. v ACKNOWLEDGEMENT It goes without saying that I could not have completed writing this research project report without the guidance and help from the people who have surrounded me. I acknowledge my research professor, Fred Newa, for imparting in me the knowledge and skill set of conducting research and writing a research project report. I thank you for being patient with me as I undertook the course, and I am grateful for the knowledge and experience I have gained. I acknowledge my classmates and research support staff for providing me with the insight for my research topic. Without your help, guidance and cheering me on, I would not have gained much knowledge in doing the research. May God Bless you all for having contributed in one way or another in making this research project report a reality. vi DEDICATION I dedicate this research project to my family and friends. Thank you all for your support. vii TABLE OF CONTENTS STUDENT’S DECLARATION ........................................................................................ ii COPYRIGHT ....................................................................................................................iii ABSTRACT ....................................................................................................................... iv ACKNOWLEDGEMENT ................................................................................................ vi DEDICATION.................................................................................................................. vii TABLE OF CONTENTS ...............................................................................................viii LIST OF TABLES ............................................................................................................. x LIST OF FIGURES .......................................................................................................... xi LIST OF ACRONYMS ................................................................................................... xii CHAPTER ONE ................................................................................................................ 1 1.0 INTRODUCTION........................................................................................................ 1 1.1 Background of the Study ............................................................................................... 1 1.2 Statement of the Problem ............................................................................................... 5 1.3 General Objective .......................................................................................................... 6 1.4 Specific Objectives ........................................................................................................ 6 1.5 Significance of the Study ............................................................................................... 7 1.6 Scope of the Study ......................................................................................................... 8 1.7 Definition of Terms........................................................................................................ 8 1.8 Chapter Summary .......................................................................................................... 9 CHAPTER TWO ............................................................................................................. 10 2.0 LITERATURE REVIEW ......................................................................................... 10 2.1 Introduction .................................................................................................................. 10 2.2 Succession Planning and Sustainability of Family Businesses.................................... 10 2.3 Corporate Governance and Sustainability of Family Businesses ................................ 15 2.4 Strategic Planning and Sustainability of Family Businesses ....................................... 20 2.5 Chapter Summary ........................................................................................................ 24 CHAPTER THREE ......................................................................................................... 26 3.0 RESEARCH METHODOLOGY ............................................................................. 26 3.1 Introduction .................................................................................................................
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