Business expert witnesses may advise regarding executive management, director duties, executive compensation, and related topics. CrainsNewYork.com writes that about 98% of corporate executives believe succession planning is important, yet only 35% have a succession plan in place, according to a recent survey by the Korn/Ferry Institute. In Taking Over: Insider Tips from a Third-Generation CEO, Mitchell Kaneff, chief executive of Arkay Packaging in Manhattan, offers a guide to succession planning.
1. Plan early. “Start succession planning a minimum of five to 10 years prior to the next generation coming into the business,” advised Mr. Kaneff. Sometimes, the process may get stalled, so it is important to build in extra time.
2. Get an outside perspective. Making decisions about succession can be lonely, so it helps to have a sounding board outside of your family or colleagues. “We brought in an industrial psychologist,” said Mr. Kaneff.