Succession Challenges-Part 1
Succession Strategy is a major issue facing businesses across the globe. Recent studies show that over half of firms could not name a new CEO should the need arise today. More recent studies show that many firms still lag when it comes to putting rigorous plans and strategies into place to ensure continued business success when changes occur within the top leadership of the firm. The train is heading down the tracks and we see the light heading for us. What are we to do?
This series of articles will describe the challenges many firms face and will also delve into some of the first steps you need to take in order to be prepared not only for the future, but for the present as you embark on the journey to set your company up for success when changes do occur, because they will occur, whether you want them to or not.
I have had the opportunity to be part of firms going through succession and I have also had the honor to work with firms at varying stages of succession and transition. This takes time and it also involves much discussion, planning and work.
Stay tuned as we share more in the coming weeks regarding succession and how you need to be planning for the future.