Think succession planning is a public accounting issue? That it applies only to CPA firms?

Think again.

A recent CFO.com article asks finance departments and CFOs an uncomfortable question: “So, what if you’re hit by a bus?” The increasingly frequent answer: “We don’t know.”

“Studies show a majority of finance execs haven’t identified a successor,” writes author Kate O’Sullivan. “… Despite the challenges, succession planning is a crucial task for CFOs, with today’s heated competition for talent in finance driving turnover throughout the finance organization.”

As uncomfortable a notion as succession planning is, finance chiefs owe it to themselves and their companies to start grooming successors now. Says Tom Gimbel, CEO of recruiting firm the LaSalle Network: “Don’t wait for successors to show up. Create them.”

Do you have a succession plan in place? If not, what’s the biggest obstacle?