The long-term success of a company depends, in large part, on how well its leadership plans for the succession of its CEO. If the transition is well executed, the business can not only continue on a predictable course, it can thrive under new leadership.
There are many different ways to transition a company, from an outright sale to an employee buyout. And there are lots of factors to consider, like the timing of the transition, the communication needed throughout the process, and the importance of internally grooming potential successors. In this whitepaper, we break down the five stages of succession planning that private companies typically need to navigate.