Exploring the factors influencing intergenerational survival of family-owned passenger bus companies (FOPBCs) in emerging markets: a case for Zimbabwe

This paper sought to explore the factors influencing the intergenerational survival of FOPBCs in Zimbabwe. An exploratory research design was used to collect data from a population of 153 participants, made up of founders, managers, and inspectors working for FOPBCs in Harare, Zimbabwe. A 5-point Likert Scale questionnaire was designed and self-administered to the participants. Exploratory Factor Analysis (EFA) utilizing Principal Axis Factoring (PAF) extraction and Oblique with Kaizer Normalization Rotation, in IBM SPSS Statistics v 26, was used to examine the factors influencing survival of FOPBCs in Zimbabwe. An 8-factor solution, accounting for 84.76% of the total variance was established and all the factors were named accordingly. The factors which emanated from the EFA were succession planning, family entrepreneurial orientation, family total resources, leadership, management, strategic planning, corporate governance, and the external environment. The study concluded that, while all FOPBCs were affected by the external environment, firms capable of effectively implementing, monitoring, and controlling the other seven factors had higher chances of witnessing successful intergenerational business transitions. A clear strategy incorporating succession planning, family entrepreneurial orientation, family total resources, leadership, management at the same time upholding corporate governance practices will see FOPBCs surviving across generations. © 2024 by the authors. Licensee SSBFNET, Istanbul, Turkey. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).


Introduction
Family-owned businesses (FOBs) are the predominant business type all over the world (Sundaram, 2017), contributing meaningfully to economic growth and employment in both developed and developing nations (PwC, 2021).Most small and medium enterprises (SMEs) in the world are FOBs (Acquaah & Eshun, 2016).These firms play a crucial role in the long-term health and growth of national economies (El Agany & Schreiber, 2014;Davies, 2014).Davies (2014) in Cho et al., (2017) further highlights the global importance of FOBs that they account for approximately 90% of all firms worldwide, and drive employment generation, poverty alleviation and improving equality.
2 are estimated to be family firms (FFs), with this form of business becoming increasingly dominant in the country and with a huge economic and social contribution (Sikomwe et al., 2012).
It is clear from the above, and as accurately pointed out by Oudah et al. (2018), that the importance of FOBs to global economies cannot be underestimated.However, FBs have a dismal survival rate, as they struggle to be sustainable over multiple generations ( Ungerer & Mienie, 2018).The aim of this study is, therefore, to critically analyse factors influencing the intergenerational survival of FOPBCs in emerging markets, specifically focussing on Zimbabwe.This is in response to the evidently glaring failure of the businesses to survive across generations.FOPBCs face several threats that spawn their demise, which negatively affects economies through unemployment (Cho et al., 2017).Statistics show that just 30% of FOBs make it into the second generation, 10% to 15% into the third, and only 3 to 5% into the fourth generation and beyond (Baron, 2016;Walia, 2018).The family can potentially burden the business heavily and in extreme cases running the risk of causing its total demise (Baus, 2013, in Suess-Reyes, 2016).Could there be something fundamentally wrong with this type of firm that it inevitably falls into the three-generational survival trap of father merchant, son gentleman, grandson beggar (Ungerer & Mienie, 2018).
The passenger transport industry in Zimbabwe is emblematic of the alarming difficulties faced by FOBs.There is abundant evidence of family-owned bus companies (FOBCs) that have folded, following the demise of their founders.This is cause for serious concern as an efficient bus transport network is a key enabler for economic development, which oils downstream industries.Those operating in the informal sector of Zimbabwe's economy rely largely on public transportation, notably buses to transport their goods.As a result, if such firms diminish, the national government loses tax money, and the livelihoods of the founders' surviving family are imperilled.It is against this background that this study sought to analyse the factors hindering the transgenerational survival of FOPBCs in Zimbabwe.
The remaining sections of this paper are structured as follows: after the introduction, the second section comprises a literature review that explores the connection between theory and practice.The third section assesses the research methodology employed for data collection and analysis.Following the analysis and findings of the study, the paper discusses and highlights the implications of the results.Lastly, this paper concludes by summarizing key points, offering recommendations, and addressing any limitations encountered in the study.

Theoretical and Conceptual Background
Since 1989, there has been an unprecedented increase in FB research due to their significance to the global economy (Acquaah & Eshun, 2016).Despite this worldwide upsurge in FB research, little has been conducted in Africa since most studies have been conducted in developed-world settings (Sandada & Mangwandi, 2015).Although FOBs are common throughout the continent, far little is known about them (Acquaah & Eshun, 2016).As a result, Zoogah and Nkomo (2013), in Acquaah & Eshun, (2016) are spoton when they note that interest and productivity in research on the continent's FOBs have just recently surged.

Factors influencing the cross generational survival of family companies
PricewaterhouseCoopers (PwC) undertakes global market surveys of FOBs yearly to unearth key issues that impact on their operations.The yearly turnover of participating companies, in sectors including retail, agriculture, and manufacturing across 50 countries in the global regions of Europe, America, Middle East, Asia Pacific and Africa, ranges from under US$5m to more than US$6bn (PwC, 2021).The participating firms have covered those approaching their first generational transition and those measuring their longevity in centuries.The 2016 survey revealed key issues and challenges that featured in similar previous studies inherent in the family-owned firm (FOF) model.The challenges which FOBs face, among others include strategic planning, succession planning, leadership deficiency, poor management, lack of corporate governance practices, lack of entrepreneurial orientation, family-business conflicts, lack of resources and the burden of the external environment.

Strategic planning
FOBs suffer an adequate strategic planning deficiency (PwC, 2016).The 2016 study highlighted that FOBs proved good at dealing with "the everyday" or "the nuts and bolts" of running a business at the neglect of longer-term planning.FBs do not have a strategic plan that links the current position to the long-term vision of where the firm could be.The importance of strategic planning for FOBs was also recognized by Sharma et al., (1999) and Oudah et al., (2018) who noted that firms can only survive into future generations if they have properly laid strategic plans.Family and non-family businesses share a common strategic management process.This process involves formulating and implementing a strategy that is aligned with a set of goals, followed by controlling and monitoring performance.Whether the strategy is implicit or explicit, the basic steps of the strategic management process remain the same for both family and non-family businesses (Daspit et al., 2017).The goals set, performance of the strategic management process and the individuals involved mark the variations in the two forms of businesses.Harris, Martinez and Ward (1994) suggest that in FOCs, the owner is likely to have an impact on every aspect of the strategic management process, and whereas in non-family organizations, family influences are, at most, indirect and possibly insignificant (Daspit et al., 2017).

Succession planning
Consistent with PwC research since 2012, families exhibit a continued struggle to embrace effective succession planning.Only 30% of FOFs had a documented succession plan (PwC, 2021), yet it is key to putting in place the conditions for a successful next generation (PwC, 2016).PwC (2016:5) cautions that failing to plan means planning to fail and flag succession as the most obvious potential 'failure factor' for the FFs.The transition from one generation to the next is the "fault-line" in this business model.Professional support can be harnessed to moderate and address such matters properly, holding the family to professionalise the business.in addition to reconsidering the role, responsibilities, and composition of the board and management (PwC, 2021).Rather, a new thinking and terminology of 'business continuity' as opposed to 'succession' which can itself be a useful way forward, must be adopted (PwC, 2014).According to Hamrouni and Mnasser (2013) succession is not a single occurrence, but rather a series of steps or stages.The process involves thorough and meticulous planning by the owners, starting from the inception of the business.Cadieux and Lorrain (2002) propose that the key difference between a FOB and a non-FOB lies in their succession process.Succession involves the transfer of both capital and director's know-how from the predecessor to the successor.The goal of succession is to hand over the management of the business and its capital to the next generation.FOB succession literature therefore identifies two types of succession processes, which are ownership and leadership transfer (Hamrouni & Mnasser, 2013).

Family dynamics
PwC (2021) suggests that implementing a more professional approach to family governance, despite being a challenging topic for some, can lead to greater business success.It improves communication and trust between family members and across generations.This was supported by results that 68% of non-board family survey respondents did not trust other family members on the board.The same 2021 survey confirmed evidence of an underlying discordonly 58% indicated that all family members share similar views about the company direction.According to PwC (2021) family values matter, yet only half of the respondents had put them in writing and less than half had codified governance procedures in such areas as clearly agreed values, vision, purpose of company (mission) and code of conduct.While in both 2018 and 2021, FBs expected that NextGen family members would be majority shareholders within five years (23% and 35% respectively), the younger generations struggle to find meaning and purpose in FBs, the very qualities that strongly motivate their behaviour.Having well-defined values as a company can aid in closing the generational divide and providing future generations with the sense of direction they desire (Hamrouni & Mnasser, 2013).FOBs with written down values are well prepared for succession, and can get support from staff, clients, suppliers, and the community (PwC, 2021).Families that achieve success comprehend the importance of contributing to the growth of the business rather than merely considering it as a source of dividends (Walia, 2018).Family members can contribute to a business in various ways to add value, including, inter alia, taking a leadership role, supporting business strategies, possessing a deep understanding of the industry, carrying out ambassadorial functions, and caring for the communities where the business operates (Walia, 2018).

Entrepreneurial orientation
Cruz and Nordqvist (2012) postulate that the long-term survival of FOBs, especially those with a vision to succeed across generations requires the firms to undertake entrepreneurial activities.Entrepreneurial families should have the ability to renew their capabilities, which involves shedding or reallocating assets that have ceased to create value.This is known as having an entrepreneurial orientation (EO) towards their business activities (Cruz & Nordqvist, 2012).The important dimensions or elements of EO are innovativeness, proactiveness, risk taking, competitive aggressiveness and autonomy (Matchaba-Hove, 2020;Habbershon et al., 2010).Although there have been more research efforts, the influence of the family context on EO remains unclear (Cruz & Nordqvist, 2012).Aldrich and Cliff (2003), Ward (1997) and Zahra et al. (2004), among other scholars, argue that the kinship ties unique to FFs generate positive effects upon recognition of entrepreneurial opportunity and that the long-term nature of FBs' ownership fosters growth (Cruz & Nordqvist, 2012).According to Naldi et al. (2007), FC owners and managers tend to be overly cautious in pursuing entrepreneurial ventures due to their desire to safeguard their family's wealth (Matchaba-Hove, 2020).Bammens et al. (2008) have shown that family firms' strategic behaviours and direction of EO can vary depending on the stage of development and the generation in control (Habbershon et al., 2010).Hoy (2006, cited in Matchaba-Hove, 2020) suggests that further investigation is necessary to comprehend the distinct motivators of entrepreneurship during various generational phases in a FB.

Leadership
Van der Westhuizen & Garnett (2013) content that leadership is a significant determinant in a business's success and survival.It refers to giving direction so that others get the picture of and accept what needs to be accomplished and the methods; it is the process of equipping individuals with skills and knowledge to accomplish common objectives (Yukl, 2010).Achieving generational competent family leadership is one of the greatest threats to continuity of businesses (Le Breton-Miller et al., 2004).The incumbent leader plays the vital role to train and teach successors to lead with skills and knowledge to continue the succeeding generation of the business (Cater & Justis, 2010).It is imperative that a successful transfer of leadership materialises before retirement of the leader (Hartel et al., 2009).

Total family capital
The achievements and longevity or long-term sustainability of a FB is aided by family capital (Danes et al., 2009).Danes et al. (2009) elaborate that family capital consists of three components of human, social, and financial, which together constitute the total resources of the family.The survivability of the FC is a combination of the three forms (Sirmon & Hitt, 2003, in Oudah et al., 2018).Family capital generates the resources and data that influence and control the business and has also proven to raise the productivity of family members (Portes, 1998).Hoffman et al. (2006) underscore the key role for family capital, stating that it can aid to the performance and sustainable competitive advantage of the FB.
Ability, knowledge, experience, and energy possessed by members constitute elements of family human capital (Danes et al., 2008).However, Stavrou (1999) correctly points out that human capital has limits to be recognized, to appropriately place family members in positions of their capabilities and experience, rather than conference of authoritative positions based on links within the family (Oudah et al., 2018).Alder and Kwon (2002) define social capital for FOCs as the worth of networking and connections with people and other organizations that assist in achieving both short-term and long-term business objectives.Sorenson and Bierman (2009) observe a direct relationship between maintenance of good social capital and expansion the business's financial and human capital.Deriving from the foregoing it can be concluded that the three constituents of family capital combined are a critical ingredient for the family-owned enterprise's cross generational sustainability.

Design and participants
This research adopted an exploratory quantitative design to investigate the factors influencing the survival of FOPBCs in Zimbabwe.A total of 153 participants from FOPBCs registered with the Ministry of Transport as of 1 January 2021, was conveniently targeted for the study.The participants were composed of founders, owners, directors, and senior employees of the bus companies with operations in Harare.After seeking consent, one individual from each bus company participated in the study.

Instrument and data collection
A five-point Likert Scale item questionnaire was designed and self-administered to the participants.As part of preliminary analysis, all the indicator variables were assigned alphanumeric codes, to speed up data inputting and cleaning.Careful screening of data files was also done solely to reduce possible chances of omissions and data capture errors.As part of preliminary data analysis, it was crucial for the researcher to clean and code the data so that it becomes analyzable in IBM SPSS Statistics.Saunders et al., (2019) noted that data cleaning ensures that the collected responses are free from errors.The process of coding also guaranteed that the frequencies for each variable were checked to ensure that out-of-range values were detected (Knapp, 2022;Reid, 2022).

Data analysis methods
The data collected was analysed using Exploratory Factor Analysis (EFA), in IBM SPSS Statistics v26, to determine the factors inhibiting the survival of FOPBCs in Zimbabwe.Principal Axis Factoring (PAF) was utilized as the data extraction technique to explore the factors emanated from the data collected.Firstly, it was necessary to evaluate the if the data was suitable for EFA by requesting the KMO measure of sampling adequacy and Bartlet's test of sphericity (Frey, 2022;Naik, 2017;Vidal et al., 2016).In this study all factors with Eigen values above 1 were retained and named.Items with factor loadings less than 0.7 and those with significant cross loadings were discarded during the exploration process.After obtaining an acceptable factor structure, validity, and reliability, were assessed using Cronbach's alpha coefficient (in IBM SPSS Statistics v 26), average variance extracted (AVE), and composite reliability (C.R) (in MS Excel).Cronbach's alpha coefficient assess the internal consistency and values above 0.70 generally considered acceptable (Leech et al., 2020;Sreejesh et al., 2014).AVE helps to assess variation captured by the scale items relative to the total variance of the construct, with values above 0.50 considered acceptable (Wheelwright et al., 2020).The C.R. measures the ratio of the variance of the construct to the sum of the construct variance and measurement error, with values above 0.70 considered acceptable (Kherif & Latypova, 2019;Wang, 2019).

Findings and Discussions
The first step in running EFA was to check if the dataset satisfied the conditions.As part of the initial conditions for running EFA analysis, anti-image correlations for all the items were requested to observe the measures of sampling adequacy (MSA) for each item.All the items had measures of sampling adequacy above 0.7 and hence were considered during the EFA procedure.Table 1 shows the results of the KMO and Bartlet's test.In this study, the method of extraction was PFA, and the rotation technique was oblique utilizing the Oblimin with Kaiser Normalization.The oblique rotation technique was preferred because it allowed the factors to be correlated..000

Source: Authors
The results in table 1 above reveal that the sample size of 153 was adequate to run EFA.Apart from the sample size, the KMO and the Bartlett' Test of Sphericity are the two measures used to evaluate the factorability of an instrument (Shrestha, 2021).The KMO was above 0.7 and the Bartlett' Test of Sphericity was statistically significant (p = 0.000).Thus, all the initial conditions were satisfied to run EFA (Naik, 2017).Table 2 below presents the Eigenvalues and the percentage of variance explained by the factors extracted.

Source: Authors
Based on Eigenvalues and cumulative variance explained, an 8-factor solution was retained for this study.As a set, the factors accounted for about 84.76% of the total variance.This is a very high proportion given that all the 8 factors had Eigenvalues greater than 1.The scree plot below shows the Eigen values against the number of factors extracted.

Source: Authors
It is interesting to note that all the items for each factor retained had relatively higher factor loadings above 0.7 suggesting significant correlation between the item and the underlying factor.Factor loadings show the extent to which the indicator variables are the mini representations of their underlying latent construct (Meyers et al., 2013).Factor loadings have a value range of 0 to 1.The higher the factor loading, the more appropriate the indicator variable (Blunch, 2017).Some items were removed in the extraction because they did not meet the initial conditions of the analysis.Items with factor loadings less than 0.5 and those that had significant cross loadings were excluded.

Validity and reliability test results
After estimation of the factor loadings, validity and reliability was assessed by estimating the Cronbach's alpha coefficient, AVE, and C.R as previously noted.The results are presented in table 4 below.4 above show the internal consistency and reliability of the measurement scales used for the variables in the study.In our case, all the scales had very high alpha coefficients ranging from 0.85 to 0.98, indicating satisfactory internal consistency.Additionally, all the scales had AVE values above 0.55, indicating that they capture a substantial amount of variance in the construct being measured.All the scales had C.R values above 0.83, indicating that they have good reliability.These results suggest that the measurement scales obtained from the EFA were reliable and valid measures of the constructs being studied.The next step was factor naming and interpretation.
After performing the EFA, it was important to name the factors as they were rated by the participants.Factor 1 had seven items, and these measured succession planning.Factor 2 was family entrepreneurial orientation with eight items.Factor 3 was family total resources with six items.Leadership came fourth with seven items.Management came fifth with five items.The sixth factor to be identified was strategic planning with only four indicators.Finally, corporate governance and the external environment had two items each and these were the last factors to be identified.Some of the items were deleted because of significant cross loadings.Detailed explanations and discussions about the items and factors are made below.

Discussion
Factor 1: Succession planning The first factor to emerge from the EFA was succession planning.These results reveal that for FOPBCs to survive, greater emphasis should be placed on succession planning.The ratings of the participants reiterated on the work of both the founder and the successor.The study noted that the founder should be prepared to pass on the baton stick and have the intention to keep the business in the family.The founder must have the intention to pursue succession planning so that the new generation will carry on with the vison and mission of the business.For succession planning to be effective, there must be a suitable successor capable of moving the business forward.It was noted that the successor must have interest and relevant experience in the transport business.Therefore, succession planning is very important if FOPBCs are to transition from the first to second and successive generations.Walia (2018) and Cho et al. (2017) emphasised the importance of the founder's role in influencing succession planning outcomes.By the same token, succession planning should be handled in a professional manner, where all parties take their time to prepare and take the business forward (Chundu et al., 2021;Dandira et al., 2020).

Factor 2: Family entrepreneurial orientation
The second factor which emanated from the study was family entrepreneurial orientation.This study established that venturing into cross-border routes, acquisition of new buses and adoption of latest technologies go a long way in making sure that the FOPBCs survive.Like any other industry, the transport industry faces intense competition from both local and international players.As a result, it was noted that companies that can come up with new tactics of fighting competition in the market will survive.Additionally, as a way of diversifying, the study also found that it was paramount to venture into other unrelated businesses so that the revenues generated will support the passenger transport business in times of downturn.The COVID-19 pandemic forced the FOPBCs to park their buses for a very long time.To curb the spread of the virus and ensure public safety, the Zimbabwean government called all public transport operators to join the Zimbabwe United Passenger Company (ZUPCO).Most of the bus companies which joined ZUPCO witnessed significant gains since they managed to generate revenues during the pandemic.As part of family entrepreneurial orientation, the study further established that the family should not only rely on revenues generated by the transport business but must engage in other business activities such as farming, retailing and spare parts sales, among others.As revealed by Naldi et al., (2007) FOBs that are entrepreneurially oriented are characterised by a pursuit for innovation, a tremendous desire for some risk undertaking and to proactiveness in beating competitors (Matchaba-Hove, 2020).For such companies to grow and survive, it is imperative to maintain and increase their original entrepreneurial orientation across generations (Zellweger et al., 2012).

Factor 3: Family total resources
The study also established that the total family resources are important for the survival of the FOPBCs in Zimbabwe.Apart from a stable financial base, the total resources include, among others, a balanced human resource team, suitable physical infrastructure for the transport business, social networks, and good relations with the community.All these elements have been found to contribute to the company's total capital resources.This study argues that the firm does not only need financial resources to be successful but also needs business and social networks.Therefore, FOPBCs which enjoy good relations with the community as well as other businesses are more likely to survive into future generations than those which do not.This is illuminated by Sundaram (2017) that three kinds of capital i.e., financial, human, and social are needed by family business leaders for the longevity of their businesses.The importance of total family resources is augmented by the RBV theory, which states that resources are at the heart of competitive advantage, and hence business success (Zellweger et al., 2010).Similarly, other scholars such as Peteraf (1993), Barney (1991) and Grant (1991) concur that the RBV articulates how resources can contribute to competitive advantage of organizations (Zellweger et al., 2010).

Factor 4: Leadership
Leadership has been reported as one of the factors responsible for the survival of FOPBCs in Zimbabwe.The organizational structure of passenger bus companies is not as structured as in other organizations.This limits the number of leaders who make decisions for the company.Therefore, leadership is one of the most important factors in the survival of FOPBCs.The results of the EFA revealed that visionary leadership capable of influencing the family, employees and pull others is very important.Among other important traits of the leader, knowledge transfer, ability to embrace change, make sound decisions and someone compassionate about employee welfare were mentioned as the key traits of the leader.This study noted that the leader has a central role to play if FOPBCs are to transition from the first to successive generations.If the leader lacks vision and cannot handle the pressure associated with the business, chances are high that the business will fail in the long run.Visser and Chiloane-Tsoka (2014) reported that FOBs fail to transition due inability to transfer leadership skills across generations.According to Hartel et al. (2009), for a family-owned business to survive across generations, a successful transfer of leadership must take place at the retiring leader's departure.Oudah et al. (2017) also support this notion.

Factor 5: Management
Management pertains to what leaders do to sustain the operations of the company.This study established that management was another important factor which could lead to survival or FOPBCs in Zimbabwe.A participatory management system which is open to communication with employees and other stakeholders has been recommended as the appropriate.When managers allow other people to participate in decision making, chances are high that this increases the ability of the company to survive.Managers who hold regular meetings with employees and allow them to attend training sessions are needed for the survival of the FOPBCs.Employee motivation rests in the hands of the management.If FOPBCs are to realize the much-needed transition, employee motivation should always be a central topic among the managers.De Falco and Vollero (2015) and Katz & Green (2014) also reiterated the importance of motivation as a key success management factor in businesses.

Factor 6: Strategic planning
Another factor which was established by the study during EFA was strategic planning.FOPBCs which have long term plans enshrined in the vision, mission and values increase their chances of surviving into future generations than those which do not have.Additionally, involving employees in strategic planning has also been found to be one of the important elements of the strategic plan.Since these are family businesses, family involvement in strategy formulation, implementation and execution is important for the survival of the company.The strategic plan should be clear to everyone involved.The managers have a duty to make sure that all the concerned stakeholders understand the direction which the company is taking.If employees, family, and other stakeholders fail to understand the direction of the company, chances are high that the business fails to move into future.As part of strategic planning, marketing is important.A strategic marketing plan should be put in place so that the business becomes well known to its customers and competitors.Organizations which have clearly laid down strategic plans increase their chances of survival in turbulent environments (Walia, 2018& PwC, 2016).Respondents in Deloitte (2016) mentioned the need for a long-term perspective and building a sustainable family business, while also considering family issues within the strategic plan as well as all other stakeholders.Daspit et al. (2017) suggest that agency theory and the resource-based view are the primary theoretical perspectives used to demonstrate how family involvement and influence can impact a firm's performance (Chrisman et al., 2005).
Factor 7: Corporate governance Corporate governance was another factor which respondents considered to be important for the survival of FOPBCs in Zimbabwe.The factor had only two items which received close ratings.These items were presence of external advisors and knowledge of employees about the reporting structure.FOPBCs which invite external advisors such as lawyers, auditors and accountants have higher chances of progressing into the future.Additionally, if employees know the reporting structure within the FOPBC, chances are high that the conflicts will be reduced.Tien et al. (2019) and Kandade et al. (2021) observed that when FOBs fail to differentiate between family and business boundaries, it can lead to familial issues that impede the business's smooth operation.Professionalization of the FOBs can assist them to survive into future generations.Dumbu (2014), Sandada and Mangwandi (2015) and Matchaba-Hove (2020) concur that FOBs usually do not have formalized governance structures but rely on advice provided by senior family members or other external advisors.

Factor 8: External environment
The effects of the external environment on the FOPBCs were also revealed by the participants.Zimbabwe's political and economic outlook affected the FOPBCs to a larger extent.This is because when the politics of the country are not right, operations of businesses suffer.Legal instruments that are put in place in the form of laws and regulations have a direct effect on the FOPBCs.Additionally adverse movements in macroeconomic fundamentals such as inflation, foreign exchange and interest rates cannot be ignored in business.While macroeconomic fundamentals affect all the players in an economy, the decisions that are made by the FOPBC management to protect the business are important.Zellweger et al. (2012) argued that considering just the closely connected relationship of the business and the family as the only basis for sustainability is inadequate as it is an exclusive focus on internal features of the family and business only.

Conclusions
The study emphasizes the importance of succession planning for the survival of family-owned and -operated businesses in Zimbabwe.To ensure a smooth transition from one generation to the next, founders should be prepared to pass on the business and have a suitable successor in place.Succession planning should be handled professionally and with the intention of maintaining the business's vision and mission.Family-owned bus companies in Zimbabwe can improve their chances of survival by adopting a family entrepreneurial orientation.This involves venturing into new routes, acquiring new buses, adopting technology, and diversifying into unrelated businesses.Companies that innovate, take risks, and proactively compete have a better chance of thriving across generations.
The total resources of a family-owned bus company, including financial stability, human resources, physical infrastructure, social networks, and community relations, contribute to its survival.It is not only financial resources that matter but also the support of the community and other businesses.Building and maintaining various forms of capital is crucial for long-term success.Effective leadership plays a central role in the survival of family-owned bus companies.Visionary leaders who can influence family members, employees, and stakeholders are essential.Traits such as knowledge transfer, adaptability to change, sound decision-making, and compassion for employee welfare are important for successful leadership transitions across generations.
Good management practices are vital for the survival of family-owned bus companies.A participatory management system that encourages communication with employees and stakeholders promotes success.Regular meetings, employee training, and motivation are key aspects of effective management.Strategic planning, including long-term plans, family involvement, and clear communication, is essential for the survival of family-owned bus companies.Companies with well-defined strategic plans and marketing strategies have a better chance of thriving in turbulent environments.Family involvement in strategy formulation and consideration of all stakeholders' interests are crucial.
Implementing good corporate governance practices, such as engaging external advisors and establishing clear reporting structures, contributes to the survival of family-owned bus companies.Separating family and business boundaries and professionalizing the business can help overcome familial issues and improve operations.The external environment, including political, economic, legal, and macroeconomic factors, significantly impacts the survival of family-owned bus companies.While these factors affect all businesses, effective management decisions and adaptation strategies are crucial for mitigating their impact on the company's success.
Mindful of the myriad challenges faced in transitioning across multiple generations, this study recommends that FOPBCs should put in place a clear strategy incorporating succession planning, family entrepreneurial orientation, family total resources, leadership, management at the same time upholding corporate governance practices.The family firm must always be geared to timeously take advantage of the opportunities and at same time heading off challenges presented by the external environment from time to time.

Figure 1 :
Figure 1: Scree plot with Eigenvalues and number of Factors extracted; Source: Authors Figure 1 above is the scree plot which shows the number of factors extracted using EFA.All factors which had Eigenvalues greater than one were included in the study.On the other hand, the remaining factors from factor 9 to 41 were discarded because their contribution to total variance was below the expected value.As a result, this study only managed to identify eight important factors which were influential with regards to the success of FOPBCs in Zimbabwe.It can be seen from these results that the participants had high levels of agreement about the factors impacting survival of FOPBCs in Zimbabwe.

Table 1 :
Determinants of FOPBCs survival KMO and Bartlett's test results

Table 2 :
PCA total explained variance results When factors are correlated, sums of squared loadings cannot be added to obtain a total variance.

Table 3 :
Pattern matrix of factors influencing survival of FOPBCs in Zimbabwe Extraction Method: Principal Axis Factoring; Rotation Method: Oblimin with Kaiser Normalization; a. Rotation converged in 5 iterations.

Table 4 :
Validity and reliability assessment