Succession Planning: Part I

According to an article on investmentbank.com, roughly 40% of family-owned businesses will have leadership changes over the next 5 years. Succession planning has never been more important!

Most adults do not have a will, so it’s not surprising that many business owners have no succession plan for their business. Our mortality is not a subject on which many of us desire to dwell.

In Ecclesiastes 2, Solomon wrote, “I hated all the things I had toiled for under the sun, because I must leave them to the one who comes after me. And who knows whether that person will be wise or foolish?”

King Solomon spent the entirety of Ecclesiastes 2 venting his disquiet at the seeming futility of working. Solomon’s frustrations and hesitation are understandable. Knowing one day, you will have to relinquish control of your life’s work is intimidating. However, giving your life’s work to another person for them to continue does not invalidate your progress and successes thus far.

The first step towards succession planning is recognizing why you’re hesitant to develop a plan. Eventually, you will die whether or not you prepare for it. Avoiding the subject will not elevate the problem, but it will cause you to lose control of the situation.

Questions for Reflection

• Are you anxious about the future? What specifically makes you uneasy? Have you asked the Lord for help? Are you relying on his strength or on your own?
• Do you have a plan in the works for your succession? If not, what fear or hurdle do you need to overcome to start one?
• Are you struggling with finding meaning in your work or just in your life in general? Consider 2 Corinthians 4 for hope and guidance.