Differences Between Minority And Non Minority Small Business Owners ' Approach Succession Planning

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The aim of this quantitative correlational study is to understand the differences between how minority and non-minority small business owners’ approach succession planning. This study will use a ex-post facto design. An A priori power analysis test using the G*Power software program will be used to establish a minimum overall sample size of 134. Specifically, a Wilcoxon –Mann-Whitney (two groups) statistical two-tailed t-test calculation with an effect size d of .5, an alpha level of .05, and beta level of .80 will be used to determine a sample size group of 67 participants. The subjects for the current study will consist of U.S. small business owners selected using multiple sampling frames. Although multiple sampling frames hamper generalization to the population, it allows for convenience and is suitable for difficult and rare populations (). Subjects in the study must fit the definition of small business owner, one who establishes an independently owned and operated business for profit in the United States and has less than 500 employees.
The current study has two types of variables: the independent and dependent variables. The dependent variables are succession preparedness, enterprise characteristics, and proportion of businesses with formal succession plans and the independent variable, small business owners’ approach to succession planning. The independent and dependent variables will be measured using an electronic questionnaire composed of items from

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