FINANCIAL MANAGEMENT PRACTICES IN FAMILY BUSINESSES IN PORT HARCOURT, NIGERIA
This paper has investigated the association between financial management behaviours and business performance in family businesses in Port Harcourt, Nigeria's oil and gas center. By studying 150 family firms in various sectors along the Port Harcourt region, the study explores the impact of targeted financial management practices on business life span and expansion within the regional socioeconomic environment. Results show that the introduction of formal financial management procedures directly correlates with positive business outcomes while suggesting specific hurdles that Port Harcourt family firms must address in adopting these through procedures whilst navigating Nigeria's evolving economic landscape. The review offers actionable advice for improving financial management practices taking into account the local cultural and economic conditions. Keywords: Family Business, Financial Management, Business Performance, Port Harcourt, Nigerian Economy, Succession Planning, Business Sustainability
Keywords: businesses, family, financial, harcourt, management, nigeria, port, practices