Take care of the family business through succession planning

Image source: mytotalretail.com

Most of the time, when entrepreneurs start a business, they never think about the day when they would have to leave it. The experience might be the same for executives who have been key players in the same company for decades. Developing a well-founded succession plan ensures that one’s legacy will remain long after they are gone.

Through succession planning, a business owner or executive can identify potential leaders in the organization by assessing their skills and qualities that would be helpful for the continuous growth of the company. A well-developed succession plan can help the board to handpick the most qualified leaders in the organization and provide them with training and coaching if necessary.

Image source: td.org

Developing a succession plan makes the future of the family business and the intentions of the owner clear to every person involved. Critical business processes must be written clearly in the plan. High-performing employees must be maintained through training and development. High-potential performers must by kept engaged through focusing on their opportunity to grow within the organization.


An executive of the business or business owners themselves must create an exit strategy wherein the company would still run smoothly without them. Succession planning promises leadership continuity, but not the company’s long-term success. Consider a family business’s succession plan as a kind of insurance that would help the business succeed both during and after developing a plan set for the future. A long-term map for the future secures the company’s efforts and the business owner’s legacy.


Emile Haddad, a Seattle, Washington-based business coach, has taught many employees about the different skills they need to achieve professional success. For similar reads , head over to this page.