First, consider yourself blessed. The majority of businesses I have encountered do not have an available, capable or committed successor. On occasion, I encounter situations where there are multiple potential successors who appear to have the capability and passion, but lack the experience. The best advice I can give you is: do not make a hasty decision. Ponder it for awhile.
In the event you have capable successors, one of the best things you can do is assess their strengths and weaknesses utilizing tools such as a 360 Review. This type of assessment is typically completed by not only the potential successor(s) but also by the senior leaders of the company and any direct reports. The valuable results of the review put you in a position to develop a leadership development curriculum for the potential successor(s). Once the curriculum is developed, it is up to the successor to meet the performance expectations and training requirements of the curriculum. In the event there are multiple successors, let the cream rise to the top. It is imperative that you do what is in the best interest of the company, even if it is not necessarily what might be the most popular decision among your family members.
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