There’s a scourge in the business world and it goes like this: We start a company and accept all of the risk involved because we believe in it. We build an organization that thrives. Then, at least two thirds of the time, the firm goes away when we retire or die.
So many of us never transition our companies to the next generation of leaders — just because we never get around to it.
So starts Scot Hunsaker's series of columns about preparing a company for succession. As he explains here and in his book, Heroic Ownership, this doesn't just mean finding a suitable person to take the helm, or even to prepare the whole leadership team. Instead, it means preparing the whole company to adapt to change and run smoothly.