Entrepreneurial Competencies and Succession Planning of Family Business Owners in a Second Class Municipality in Iloilo Province: An Explanatory Sequential Mixed Methods Study

Abstract

This study investigates the critical interplay between entrepreneurial competencies (EC) and succession planning within Filipino family businesses, which constitute a significant portion of the business landscape. Recognizing the vital role of EC in ensuring business continuity, this research employs a sequential mixed-methods approach. The quantitative phase, involving 218 family business owners, reveals high levels of cognitive competencies and a strong emphasis on succession planning, with a significant correlation between the two. Subsequently, qualitative interviews, analyzed through Lichtman's 3 Cs framework, uncover the challenges entrepreneurs face in translating their strong EC into effective succession plans. This study further identifies age, education, and experience as influential factors in both EC and succession planning. Ultimately, the research emphasizes that robust entrepreneurial competencies are crucial for driving innovative succession strategies and ensuring the longevity and prosperity of Filipino family businesses.