This article in the Financial Post says that only 10% of companies today actually invest in developing future leaders. So who is going to be ready, willing and able to take over a business in the event the CEO passes away or loses capacity suddenly and unexpectedly? This is something that all business owners need to think about and then get moving. Click here to read the article.
In my opinion, you need to devote up to five years to identify and groom your business's successor and structure the transfer of the business to him or her. This subject is of course dear to my heart because it was the subject of my second book, Succession Planning Kit for Canadian Business.
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