Knowledge management practices and family businesses continuity in Edo State

This study investigated the role of knowledge management practices in mitigating family businesses failures. The specific objectives of the study are to investigate the effect of knowledge creation,  knowledge sharing and  knowledge storage on the continuity of family businesses. This research adopts survey method as its research design. The population of study are the entire family businesses in Edo state. However, the accessible population are 750 of family businesses established within the periods of 1980-2020 in Edo Central and Edo North senatorial districts. Seven hundred and fifty copies of questionnaire were administered to respondents from a sample size of 150 firms mathematically determined. With the aid of STATA software, the formulated hypotheses were validated using Pearson Correlation coefficient, the Ordinary Least Square Regression method at 5% level of significance. The study found that knowledge creation and knowledge sharing exhibit positive significant relationships with family businesses’ continuity while knowledge storage report a positive and insignificant relationship with the continuity of family businesses. This paper recommend among others that founders/owners should hire high caliber employees and embrace mentoring principles in its staff development.