If you serve on a company's board--whether it's a startup or a larger, public company--you'll face the prospect of replacing the CEO someday.

There are plenty of reasons for that day to happen. Maybe, like in the current environment, you have a whole generation of Baby Boomers looking to retire. Or perhaps they need to replace the CEO for other reasons that could range from illness or malfeasance to simply a lack of performance.

Regardless of the reason, as a board member, you will be faced with a difficult decision on choosing the successor. And one key question that you'll have to answer is whether to choose an insider, someone who already works for the company, or go outside for the replacement.

Please select this link to read the complete article from Inc.