Summary
All employee-owned companies must pay attention to succession planning. Without it, as the first generation of senior executives who took over running the business after the departure of the founder and the sale to the ESOP begin to near retirement age, the company can face a crisis of leadership. BL Companies has elected to face this challenge head-on by devoting substantial resources to developing the business, management, leadership and strategic skills of its full employee owner team and by likewise developing those skills in its management – from which the next generation of leaders will emerge.
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