Warren Buffett, who turns 83 years old in August and has been at the helm of Berkshire Hathaway Inc. (NYSE:BRK.B) for nearly five decades, isn't afraid of a little succession planning. While the company's board is keeping the identify of the successor a mystery for now, we know that there's a plan in place, which seems to be enough information to keep shareholders content. Besides, they're not in any hurry to see Buffett step down – shares of Berkshire Hathaway Inc. (NYSE:BRK.B) are up 25% year-to-date. Things are even less transparent at other companies that could potentially face change-in-the-helm events in the foreseeable future, including private equity firm KKR & Co. L.P. (NYSE:KKR). There, (co-Chief Executives Henry Kravis and George Roberts are both near 70 years of age), succession planning has been a topic of discussion for years. After all, whose going to fill the shoes of its historic co-founders?