More than 30% of companies with more than 1,000 employees don’t have a succession planning program at their organization and half of those in senior management said they don’t have a successor for their current role, according to a survey conducted by CareerBuilder.

This survey was conducted online within the U.S. by Harris Interactive on behalf of CareerBuilder.com from February 21 through March 10, 2011. Respondents included 1,097 employers ages 18 and over with 1,001 or more employees. More than one-quarter (27 percent) of companies said they've been adversely affected financially by poor succession planning or a lack thereof. And, employers cited the recession as an obstacle to effective succession planning. More than one-quarter (28 percent) of companies said that the recession has left gaps in their succession plans due to downsizing or workers leaving voluntarily.

"As the economy gradually improves, it's important for organizations to proactively plan for the future of their businesses," said Jamie Womack, vice president of corporate marketing and sales training at CareerBuilder. "Having a blueprint on who will succeed management at all levels is a critical facet to your overall strategy, as it ensures that your organization will be able to tackle future challenges and compete in your industry."

Succession planning is one of the most complex management tasks a business owner faces and should begin the day you become a business owner, writes Skip Snyder, president of Snyder Company, Inc., in his article, Passing The Torch, for HVACR Business. “You need five to 10 years to develop and implement a sound succession plan,” he wrote.  Snyder reviews some necessary steps for succession planning and provides tips to help you begin to develop a successful and profitable exit strategy.

Read more about succession planning in Michael Coyne's article. Coyne is a founding partner of the law firm, Waldheger Coyne, located in Cleveland, Ohio and an HVACR Business columnist.