Family Values and Business Sustainability of Family-Owned Businesses in Lagos State, Nigeria

Abstract

This study investigates the effect of family values on the sustainability of family-owned businesses in Lagos State, Nigeria. Given the significant role of family enterprises in generating employment and fostering economic development, understanding the influence of internal family dynamics is crucial for the long-term survival of these businesses. The study adopted a quantitative research design and employed a structured digital questionnaire administered to a randomly selected sample of 385 respondents from various family-owned businesses in Lagos. Data were analysed using ordinal logistic regression to ascertain the relationship between family values and business sustainability. The findings revealed that essential family values significantly contribute to the continuity and resilience of family enterprises. The results align with previous empirical studies, confirming that the sustainability of family businesses is strongly linked to the quality of family cohesion and value systems. The study concludes that integrating family values into succession and operational strategies is essential for ensuring the longevity of family-owned businesses. It recommends that business owners and policymakers promote value-driven leadership and structured succession planning to enhance sustainability outcomes.