Exploring strategies for strengthening succession planning in family-owned real estate businesses in the Midlands Province, Zimbabwe.

Abstract

Globally, succession planning is a critical determinant of sustainability for family-owned enterprises, yet in Zimbabwe’s capital-intensive real estate sector, transitions remain largely informal. This study explores strategies for strengthening succession planning in family-owned real estate businesses in the Midlands Province, focusing on urban centres like Gweru. Grounded in Socioemotional Wealth (SEW) and Agency theories, the research is guided by three objectives: to explore current succession planning practices; to examine key challenges affecting effective transitions; and to identify practical strategies for strengthening leadership continuity. Methodologically, the study adopts a qualitative research approach underpinned by an interpretivist paradigm. A multiple case study design was employed, focusing on five established firms in Gweru. Data were gathered through purposive sampling of ten key informants, including business owners and senior managers, using semi-structured interviews and document analysis. The findings reveal that succession planning is predominantly informal and founder-centred, characterized by a lack of documented frameworks and a reliance on kinship-based selection over merit. Key challenges identified include founder reluctance to relinquish control, intergenerational conflicts, and macroeconomic instability. To ensure long-term sustainability, the study identifies strategies centred on the formalization of succession documentation, early successor identification, and professionalized leadership training. These findings provide a strategic roadmap for transforming succession from a crisis-driven event into a structured governance process.