Abstract
Abstract Managerial succession in small and medium size businesses is accompanied by strategic change. When succession planning is absent, firms encounter difficulties in selecting plans that facilitate commercial viability. This paper examines the effects of succession planning constraints in the context of small asset credit unions. Although these experience continuation of the business, executive succession causes significant changes in strategic direction, capital structure, and employee performance. Evidence of these changes reinforce how board policies and operating procedures ought to be developed in a collaborative manner to support executive change.
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