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Impact of Succession Planning Knowledge on the Business Advisory Skills of Accounting Education Students

Abstract

Succession planning knowledge refers to the understanding of the processes and strategies organizations use to prepare for the orderly transfer of leadership, responsibilities, ownership, and critical roles, while business advisory skills refer to the ability to provide informed guidance that supports organizational planning, problem-solving, financial decisions, and business performance. Succession planning is relevant to Accounting Education students because accountants may provide financial information and advisory support to business owners and managers during leadership or ownership transitions. However, inadequate knowledge of succession planning may limit students’ ability to provide appropriate business advice in situations involving organizational continuity and leadership transition. This study therefore examines the impact of succession planning knowledge on the business advisory skills of Accounting Education students. Succession planning knowledge encompasses understanding the identification and development of potential successors, leadership transition strategies, transfer of responsibilities, ownership transition, continuity of critical business functions, and preparation for unexpected changes in key personnel. It also involves understanding how succession decisions may affect financial management, organizational stability, taxation, ownership arrangements, and business continuity. Through accounting education, students can develop relevant knowledge of financial planning, business management, taxation, corporate governance, and financial analysis that can support their understanding of succession planning. Business advisory skills involve the ability to analyze business situations, identify relevant financial and non-financial information, evaluate alternatives, communicate professional recommendations, and support business owners or managers in making informed decisions. Succession planning knowledge can strengthen these skills by exposing students to organizational transition issues that require financial analysis, strategic thinking, risk assessment, and professional judgment. Students who understand succession planning may therefore be better prepared to provide appropriate advisory support concerning leadership transitions, ownership changes, business continuity, and long-term organizational planning. The study will adopt a quantitative research design. The population will comprise Accounting Education students in selected tertiary institutions, from which an appropriate sample will be selected. Data will be collected using a structured questionnaire and a skills assessment instrument designed to measure students’ succession planning knowledge and business advisory skills. The instruments will be subjected to appropriate validity and reliability procedures before administration. Data collected will be analyzed using descriptive and inferential statistical techniques, while the relevant hypothesis will be tested at the 0.05 level of significance. The study is expected to establish that succession planning knowledge has a significant positive impact on the business advisory skills of Accounting Education students. Students with stronger knowledge of succession planning processes, leadership transitions, ownership changes, business continuity, and related financial considerations are expected to demonstrate stronger abilities to analyze business situations and provide appropriate advisory recommendations. The findings may also reveal gaps in students’ understanding of succession planning and their ability to apply such knowledge to business advisory situations. The findings are expected to have important implications for teaching and learning in Accounting Education. Lecturers may need to expose students to succession planning through practical and application-based learning activities. Case studies involving family businesses, leadership transitions, ownership transfers, unexpected loss of key personnel, and business continuity can help students develop advisory skills. Practical exercises that require students to analyze succession challenges and formulate professional recommendations may further strengthen their communication, analytical reasoning, and professional judgment. The study will be beneficial to Accounting Education students, lecturers, tertiary institutions, curriculum developers, employers, and business organizations. Students may gain better preparation for accounting roles involving business advisory services and organizational planning. Lecturers and curriculum developers may use the findings to strengthen succession planning and advisory-related content within Accounting Education programmes, while employers and business organizations may benefit from graduates who possess broader knowledge of organizational continuity and business advisory practices. The study recommends that succession planning concepts should be incorporated into relevant Accounting Education courses through case studies, practical exercises, business simulations, and problem-based learning. Lecturers should emphasize leadership transition, ownership succession, business continuity, financial implications, risk assessment, and professional advisory responsibilities. Students should also be encouraged to analyze succession-related business situations and develop practical recommendations. In conclusion, adequate succession planning knowledge can enhance the business advisory skills of Accounting Education students and better prepare future accounting professionals to provide useful guidance on organizational continuity and long-term business planning.

Keywords: Succession Planning Knowledge, Business Advisory Skills, Accounting Education, Accounting Students, Succession Planning, Business Advisory, Leadership Transition, Ownership Transition, Business Continuity, Business Planning, Financial Planning, Risk Assessment, Professional Judgment, Business Management, Advisory Services