It’s been said that the CEO succession process is broken in America. Although many situations call for a new generation of leaders to take the reins of a business, surprisingly few businesses have taken advantage of planning opportunities to do this.

According to research from Harvard Business Review, half of companies with more than $500 million have no clear CEO succession plan. And those that do have plans are unhappy with them. The Corporate Leadership Council asked nearly 300 large company HR reps to rate their happiness with a succession plan, and only one in every five was pleased.

Simply put, a CEO who has been in place for several years with no clear succession plan is a recipe for disaster. The future of the company is at stake when this happens, exposing everyone to potential risks. Do you have a plan in place for your business? If not, contact a business succession planning attorney today.