Family Owned Business in Anambra State; Issues, Problems and Prospect

Abstract

The roles of Family Owned Businesses (FOBs) cannot be overemphasized in providing employment and contributing immensely to the economic growth of Nigeria. Anambra state known for its entrepreneurial exploits enjoys its fair share of family businesses as all over the states; there are a great number of them. However, the majority of these businesses do not survive up to the next generation and no more than a few get to the third generation, therefore making them unable to leave up to their expectation of economic contribution to the state and the nation at large. Therefore, this study sought to examine the challenges faced by these businesses, to explore the rationale for starting this form of business, to look at the problems of this form of business in the economy and to proffer possible solutions to the problems. The study found that some of the major problems they face are lack of planning, problem of access to finance, professionalization challenges, family dispute, infrastructural issues unstable and multiple taxation. The study recommended among other things that government policies that favour FOBs should be consistent, improvement in infrastructure, increased access to finance and harmonizing taxes paid by these businesses.