Leaders many times fall into the trap of not planning for succession in a predetermined way.
Through succession generation planning, executive leaders identify and develop internal team members with potentials to fill positions of responsibility in organizations.
A 2006 survey conducted by Canadian Federation of Independent Business revealed that about one third and two-third business owners plan to exit their businesses within 5 years and 10 years respectively.
According to the survey, whereas only 10% of business owners have a formal written succession plan, 38% have an informal, unwritten plan and the remaining 52% do not have any succession plan.
The failure of executives to put in place a generation of successive leadership is a major setback factor in execution of initiatives.
In places where some leaders have produced succession leaders, they indirectly work for their failure due to inadequate investment of trust and confidentiality.