In the life cycle of a business, there is no moment quite as pivotal as CEO succession. This is a huge moment, an opportunity to continue the company’s upward trajectory and to bring new skills to the company. Get it right, and the results can be transformational. But, get it wrong, and your company can lose serious momentum. This is especially true for employee owned companies (ESOPs). Employee owners are strong team players and are more heavily invested in the company, and they expect transparency, approachability and communication in return. The wrong CEO can have a devastating impact on the health of your company and the engagement of your employee owners.
