According to a Nationwide survey, the majority of business owners with 300 employees or fewer do not have a succession plan. A leader’s job is to plan for the future. Business owners and those in senior executive positions are often woefully unprepared to turn over their business and their jobs. Leaders need to develop a plan that ensures both a smooth transition AND the ongoing longevity of the business after the owner or senior people have handed over the reins.

Supercharge Your Staff with Succession Planning Most executives set production goals to encourage their company's employees to move forward, resulting in improved productivity and job satisfaction. Fewer executives look to succession planning as one of the tools that...