If you're the CEO of a fast-growing, privately-held small- to medium-size U.S. business, chances are you haven't spent a lot of time planning for your successor. And you have lots of company. Nearly two-thirds of 364 CEOs interviewed recently by PricewaterhouseCoopers indicated they'd be elsewhere within 10 years, but almost half of them had done little or no succession planning.
Perhaps that's because just over half of the CEOs -- 51% -- figured their companies would be sold within ten years. Still, only 39% of the CEOs said they have a successor in mind -- but less two-thirds said that person was ready to be chief executive today. Nearly half of the CEOs -- 45% -- said they had not identified a successor. Meanwhile, 44% of the CEOs surveyed said they have a contingency transition plan should they be disabled rather than depart. However, nearly the same percentage -- 42% -- said they do not have a contingency transition plan in place.