This study explores the financial management practices of family-owned businesses in Nigeria, focusing on key challenges and implications for long-term success. It identifies reliance on informal financial systems, centralized decision-making, limited financial literacy, inadequate succession planning, and weak governance structures as major constraints. These factors hinder financial transparency, strategic planning, and business continuity. The study proposes formal financial management systems, decentralized decision-making, financial literacy enhancement, structured succession planning, and robust governance frameworks as solutions for improving resilience and sustainability.
