Many bosses ignore succession planning until it's too late, writes Kevin Eikenberry; in fact, barely a third of companies have viable succession strategies in place. That's a pity, he argues, because a good succession strategy develops leadership skills across the company, offering tangible benefits even before you're ready to hand over control. "When you broaden your thinking and look for success you will build the capacity of your full organization more rapidly," Eikenberry writes.

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