I often am asked, “How long does succession of my business take?”
The answer is never straightforward and I respond like many typical professionals with, “It depends.” This is not the answer that the person wants. So then I pose two questions:

1. what does a successful succession look like to you?
2. how long do you have to commit to the endeavour of succession?

Succession can span a wide range of activities from ensuring that your business has management capability sufficient to continue day to day operations when the principals may no longer be there, to the engagement of multiple generations in understanding the history and purpose of the business along with the responsibility that goes along with being in the business and being part of the family. This latter goal is significant and challenging and encompasses all three of the family business circles: family, business, ownership, called the three circle model.

The timeframe to achieve the first more tangible succession goal above could be 2-5 years. The latter succession goal of a holistic understanding by the family of the three circle model could be a lifetime. Working actively to achieve this latter goal is similar to defining whether one has had a successful relationship with his/her life partner or whether or not a parent has raised child in the best way. These measures are personally defined.

Having said all this, the best way to begin to achieve succession is to simply start. Talk it out with your family and stakeholders. If you do not know how to begin, plenty of resources are readily available, written by academics and practitioners. Here is one example: Sample succession planning article. As well, you may seek outside help as there are plenty of consultants and professionals who can assist in guiding you through the succession process.

The journey of a thousand miles begins with the first step – Lao Tzu. Are you ready to start?

Learn, think, apply.