Succession Planning: Part III

When Scholastic Corporation CEO Richard Robinson unexpectedly passed away, his estate plan surprised the world. According to the Wall Street Journal, Robinson left controlling interest in his $1.2 billion publishing business to his Chief Strategy Officer and former lover, Iole Lucchese.

Robinson’s two sons and ex-wife are now at the mercy of his former romantic partner’s wishes. Robinson’s oldest son, Ben, said he lives off the land and the youngest son is a filmmaker. Neither is involved in the business.

Proverbs 17:2 teaches, “A prudent servant will rule over a disgraceful son and will share the inheritance as one of the family.”

We can’t know what Robinson thought of his sons. However, succession planning needs to carefully consider the plan's impact on customers and employees, not just family.

Your company sustains the livelihoods of a few, if not dozens, of individuals, depending on the size of your company. Careful succession planning is as much, if not more, about them than you. You will not be here to live with the consequences of your choices, but your employees and family will.

Questions for Reflection

• Is your primary desire to provide a future livelihood for your family? Or are you more interested in the business itself; in creating a long-lasting company? How could you balance the two?
• How can you build longevity into your business? Are you building a community that can adapt to change that is flexible enough to stay afloat far into the future?