By 2027, it is estimated that as much as $10 trillion of wealth will transfer from one generation to another. Much of that wealth transfer will occur through the transition of the active management and ownership of 4.5 million businesses.
How prepared are companies to deal with the management transition that will invariably occur over the next decade? According to a study by Deloitte, only 10% of companies assess themselves as having a management succession plan that is effective in preparing for the departure of seasoned executive leadership and the transitioning of younger leaders into senior executive roles.
SMACNA’s Management Succession Manual is written to provide contractors:
- An overview of the benefits of internal management succession
- Best practices in management succession
- A process for effective management succession