Henry E. Vail II is a seasoned and accomplished wealth advisor. Since 1997, he has worked as a private wealth advisor for Sucre-Vail Wealth Advisors, based in Houston, Texas. Henry Vail II undertakes many responsibilities as a wealth advisor, including offering succession planning services to several businesses.

Succession planning is a business term referring to the various strategies companies adopt to transfer leadership to new sets of employees. Through proper succession planning, a business can continue to thrive in cases of its leader's demise, retirement, or resignation. It is more like a contingency plan that requires reevaluation from time to time as the business continues to experience changes rather than a stipulated plan.

In addition, succession planning ensures the company takes a holistic view of its needs in terms of leadership qualities, identifying employees with such attributes and training them to be prepared to lead. It could also involve looking for potential replacements from outside of the company.

Succession planning is very common for family-owned businesses as it involves training the next generation to assume control. However, it is the board of directors' responsibility for large companies.