TechSoft CEO Warns Other Executives to Have Plan After Heart Attack

April 13, 2012Quotes & Mentions
Business Courier
Clifford Bailey, CEO of TechSoft Systems Inc., died Feb. 18, technically speaking. He “coded” twice after suffering a heart attack and was revived both times by emergency medical technicians. Bailey had created a succession plan years ago for TechSoft but realized after his heart attack that his plan needed to be updated.

A Bank of America study recently reported that 97 percent of business owners have no business succession plan.  Following Bailey's incident, Dinsmore's Lee Stautberg discussed the importance of creating a succession plan and communicating it to key advisors before it may be too late.