Pass it On: A Short Guide to Succession in Business

When you’re a business leader there are countless factors vying for your attention. This is especially true for new entrepreneurs, who are often stretched to the breaking point during the first few years of the company.
Unfortunately, the grind of day-to-day operations often leads to neglecting one of the most vital steps to protecting your company, succession planning. According to a poll conducted by Harris Interactive for Careerbuilder.com, nearly 40 percent of companies don’t have a solid succession plan in place.
Which means that all it takes is a car accident, family emergency or other unforeseen disaster to take the leader temporarily out of play, and leave the company in relative chaos.
During his first few months as a warehouse operator, Tony Kucharski often went in after hours and on weekends to deal with a crisis. It was during one of these trips back into work that Kucharski realized if he were too sick to work for a few months, the company would face serious issues.
Now that successors are trained, Kucharski is able to invest time in new ventures.
Pass it On is a step-by-step guide to help leaders work through both short-term and long-term succession planning.