Factors affecting Succession Planning in Small and Medium Enterprises in Kenya

Abstract

The main purpose of the study was to investigate the factors affecting Small and Medium Enterprises in Kenya. Specific objects of the study included establishing how nurturing and development is a factor influencing Succession Planning in Small and Medium Enterprises The study will be significant to the Small and Medium-scale Enterprises, and the government who will appreciate and understand the factors affecting Succession Planning of Small and Medium Enterprises. This will enable policy makers, practitioners and other SMEs stakeholders to identify the factors that affect the growth of the SMEs with a view to understand and appreciate the importance of their services to financing of Small and Medium Enterprises and be able to encourage use of succession plans. It will also provide background information to researchers who may want to carry out further research. The study established that small and medium enterprises have a succession plan, replace the current owner/manager with a successor in good time, plan ahead for succession and customers do find it easy to get used to the new owner. The study recommends a need for the government and SMEs to create an appropriate information base to support and promote SMEs in Succession planning and come up with a follow up policy and mechanism