Succession is a fraught matter. For companies that survive their first three years — and 90 per cent don’t — life settles into lower risk for years, right until the founder hands over, at which point their risk of collapse soars again. In fact, three-quarters of businesses don’t survive the leadership handover.
It’s a point that has struck me following the nationwide celebrations in the UK to mark the 70-year reign of Queen Elizabeth II. Last year, the Queen’s husband, Prince Philip, passed away, and the change in the Queen has been sudden and dramatic. Barely a year ago, she was still out horse riding, which was formidable for a woman in her 90s.
