Last week I received an email from my web host. It said that all customers needed to backup and move their data because their hosting services would be shutting down immediately. It was a strange email. After some digging, I found out that the reason for the shut down was that the CEO had just died. There was evidently no one who could step in and take over the business. So the decision was make to close.
Why would the unfortunate death of one employee, even a very high level employee, cause a business to shut down? Simply put, it is the lack of succession planning. What is succession planning and why is it important? (more…)