In my view, there are two colliding trends in today’s business world that we need to start paying attention to. First, we know that the pool of younger, highly qualified and experienced candidates for succession to senior leadership positions is continuing to shrink. And secondly, we know that the average median age for retirement is now 63.3 years. Thus, with the number of individuals’ right on this age cusp, businesses are at risk of losing a lot of intellectual capital. We need do to something to keep these experienced senior professionals just a little bit longer while at the same time, developing younger professionals.
Legacy Bowes Group Articles
As we all know, small businesses face a number of challenges not experienced by larger firms. One of the most pressing challenges is that of succession planning, especially when no internal candidate is readily available. Unfortunately, what I sometimes see is a business owner staying at the helm of their business until their health begins to suffer. When that happens, the health of business also begins to suffer, often resulting in a good, viable business being destroyed by lack of planning.