Steven E. Staugaitis, Director, Audit & Accounting, recently wrote an article on preparing for a successful exit from your business for the Mid Atlantic Real Estate Journal. According to the American Management Association, fewer than 20 percent of organizations are well prepared for the departure of a key individual.
However, businesses that achieve long-term success typically are the ones that do a good job of planning for succession. The companies that effectively plan their leadership transitions can sustain positive momentum when the next generation leader is properly groomed and allowed to rise within the organization.
In this article, Steve outlined five succession planning tips to increase your chances for success.