Another interesting insight on the challenge that succession presents to all businesses, but more importantly needs to be addressed by family firms the world over.
Succession planning is therefore an important process for any business – regardless of its size – and should be modelled on the specifications of that individual business. That doesn’t mean it has to be complex, however. By planning sooner rather than later, management teams can prepare for many different scenarios, from the sudden loss of a popular CEO to a carefully planned family succession, and can mitigate the costs more effectively. This will ensure that the critical business information needed by the incoming CEO is easily available and well structured.