Succession Planning in Small Businesses in Ohio

Although small businesses are vital to job creation within their communities, over half fail within 5 years of opening. Small business owners needing succession plans are likelier to see their businesses fail. Grounded in the succession planning theory, the purpose of this qualitative multiple case study was to explore succession planning strategies small business owners use to sustain their businesses beyond 5 years after owner succession. The participants were four small business owners in Cleveland, Ohio, who successfully sustained their businesses beyond 5 years after owner succession. Data was collected using semistructured interviews and a review of company succession planning documents. Using thematic analysis, three themes were identified: (a) customer relationships, (b) adaptability to change, and (c) training. A key recommendation is for small business owners to develop training materials and succession planning strategies that include change management and adaptability content. The implications for positive social change include the potential to maintain small business employment, which could increase the availability of tax revenue for the communities and reduce dependence on government-funded assistance programs for the unemployed.