29 Apr Succession isn’t Someday – Three Ways to Start Now
Succession is no longer just a possibility – a wave of leadership transitions is already underway. According to recent data, nearly 40% of family businesses expect a leadership transition in the next five years, yet only a fraction of them have started planning for succession. That means the majority are heading toward major change without a clear roadmap, leaving them vulnerable if health, timing, or external pressures force a transition sooner than expected. The question isn’t whether succession will happen – it’s whether you’ll be ready when it does.
Over the past few years, family enterprises have faced more than their fair share of change. Some have discovered rising leaders ready to step in. Others are facing clear gaps with no easy answers.
But here’s what we do know: Succession takes time. It’s a process, not a handoff. And the best way forward is simply to begin. Here are three places to start.
- Start with Strategy. A smart succession plan doesn’t begin with naming a successor – it begins with knowing where you’re going. Your business strategy should shape your leadership development efforts. What capabilities will the next generation need? What kinds of decisions will they face? A strategic planning process is a powerful, practical place to engage rising leaders – not just in thinking about the future but helping to build it.
- Start with Family. Very often, succession plans focus on increasing owner return on investment or choosing a successor. Those things are essential, but it’s just as important to work on family values, communication and relationships. In fact, succession depends on it. When it comes down to it, longevity is in the family, not the business. Strong business transitions are built on strong family foundations.
- Start with Yourself. If you’re an incumbent leader, no one plays a bigger role in setting the tone for succession than you. The transition of your business depends on you. Or rather, it depends on not depending on you. That means doing the inner work: deciding what legacy you want to leave, what role you’ll play after transition, and how you’ll develop the next generation. Letting go isn’t passive – it’s one of the most intentional acts of leadership there is.
The reality is clear: Succession is already happening, and the decisions you make today will shape your future. If you’re not actively planning, you’re leaving your business and family exposed. Focus first on one of the essentials – strategy, family dynamics, or your own transition – instead of waiting for a perfect roadmap. Often, the hardest part is just getting started.
For families in business, success is not just measured in fiscal years, but over generations. Yet often, leaders are so focused on the day-to-day that they aren’t able to step back and focus on the issues that impact long-term sustainability. We help leadership teams assess where they are now, where they’re trying to go and how they’re going to get there. Our expertise in the areas of organizational strategy, structure, process and performance is a unique feature of our work, and integral to our transition management approach.
Most leaders accept that at some time in the future, their time at the helm will end and the business will be given into the care of the next leader. However, just thinking about the transition can be daunting and overwhelming for the senior leader. If that weren’t enough, most owners experience their own succession just once. Tandem Partners provides the experience and professional guidance needed to move through the strategic, operational and interpersonal issues that are all a part of transition.