Succession correlates to a relay race:

  • There must be a commitment to preparation
  • The runner must place and release
  • The relay runner must aggressively take the baton with a commitment to win.

When you have no available family successor willing to run with the baton, it can be passed off to your key managers who you can utilize as a succession bridge. This succession bridge keeps the door open for any younger family members who, over time, develop the desire to work in and eventually lead the family business. The other option you have is to sell the business to your key managers, employees, or a third party. Succession planning will prepare you for any of these options.