Perhaps the most powerful illustration of succession's importance inside the family firm is the staggering number of family businesses that plan to hand over control to the next generation in the short_term. For instance, in the US alone, 40% of family business CEO's are planning to transfer power to the next generation within the next 5 years. When viewed in combination with the factors surrounding succession, this statistic truly represents the importance of the succession process not only within the firm, but also on a macroeconomic level_family_owned businesses have served as the backbone of society since the times of the ancient Greeks.
Some countries require a definite plan before the business gets approved but most do not feel the need for this. However, it is still your responsibility to protect your employees as much as you can and especially during work hours. A lot of business people find it difficult to come up with their own plan so they look for plan templates online.