Most chief executives of America's fastest-growing private companies say that they're likely to step down within the next 10 years, but almost half have put little to no thought into succession planning, according to a survey by PricewaterhouseCoopers.
Nearly two-thirds (65 percent) of 364 CEOs surveyed plan to move on within a decade or less -- 42 percent within five years, and 23 percent in five to 10 years -- with most (51 percent) anticipating a sale to another company, according to a PwC poll of CEOs at privately held product and service companies with between $5 million to $150 million in revenue/sales. Other exit plans include sale or transition to next-generation family members (18 percent), a management buyout (14 percent), and an employee stock ownership plan (7 percent), while a smaller number cited an initial public offering or other options, according to the PwC Trendsetter Barometer.
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