When most people search what to include in a succession plan, they find checklists focused on a single area: employee pipelines, estate documents, or exit strategies. While important, these siloed approaches miss the bigger picture.
True succession planning is holistic. It brings ownership, management, family, and performance into one coordinated framework to protect continuity, business value, and family harmony.
Quick Summary
This guide outlines what to include in a succession plan using the Succession Matrix® framework. Each section highlights the building blocks necessary for a resilient plan, including spanning ownership goals, successor development, financial planning, and culture.
Define Your Why: Purpose-Driven Succession Planning
Succession planning isn’t just about exiting. It’s about succeeding through transitions: economic shifts, family changes, or leadership departures. Defining your “why” creates context for all decisions, whether your priority is growth, family security, or independence. Aligning your succession plan with this purpose ensures clarity and long-term focus.
Learn more in What Is a Succession Plan?.
What’s Next for You? Planning Post-Transition Roles
What do you want your role to look like after transition? Whether you envision stepping back into a strategic seat, moving to an advisor role, or fully exiting, your desired involvement shapes the structure of your plan. Include:
- Desired level of involvement (active, semi-active, none)
- Lifestyle and income needs
- Communication strategy with family, leadership, and stakeholders
Align Succession with Long-Term Growth Strategy
Your succession plan should support growth—not stall it. Address how leadership and ownership transitions align with:
- Expansion goals (3–5+ years)
- Successor roles tied to business development
- A leadership structure capable of executing the growth plan
See Succession Planning Process: What It Takes to Get It Right.
What Happens Without a Succession Strategy?
Without a succession plan, businesses risk:
- Leadership vacuums that paralyze decision-making
- Turnover of top managers to competitors
- Disputes among family members or owners
- Declining performance and market value
- Stressful and expensive legal and tax complications
The absence of a plan often forces rushed decisions under pressure, with lasting negative consequences.
Business Continuity & Crisis Planning
Unexpected change is inevitable. A business continuity succession plan should address:
- Interim leadership assignments
- Communication flow to employees, customers, lenders, and partners
- Access to key documents and financial controls
- Contingency plans for both short- and long-term disruption
Build Leadership Bench Strength and Team Continuity
Succession is rarely about just one leader. Build a pipeline of capable successors across departments. Include:
- Key roles critical to continuity
- Potential successors (family and non-family)
- Development investment strategies
For evaluation, use BASKE (Behavior, Attitude, Skills, Knowledge, Experience). Explore more in Succession Planning vs Succession Management: What’s the Difference?.
Financial, Ownership, and Governance Alignment
A plan must coordinate personal and business finances, ownership structure, and governance. Include sections for:
- Owner’s financial independence from the business
- Ownership transfer strategies (gifting, sale, ESOP, hybrid)
- Buy-sell agreements and tax strategies
- Family governance protocols (roles, rights, responsibilities)
Culture and Advisor Team: The Glue That Holds It Together
No plan thrives without the right culture and the right advisors. Address:
- Core values and behaviors expected of leaders
- Feedback systems to sustain accountability
- Your succession planning advisory team (CPA, attorney, wealth advisor, succession planner)
- A designated Succession Planner or point person to coordinate the moving pieces
Key Takeaways
- Knowing what to include in a succession plan prevents blind spots that derail transitions.
- A succession planning template brings successors, governance, and finances together.
- Plans must include owner vision, successor preparation, financial and legal structuring, and cultural alignment.
- Regular updates ensure your plan grows with your business.
Take the Next Step
Want to know where your business stands? Take the free Business Growth & Continuity Scorecard to see your strengths, blind spots, and opportunities.
Learn more about the holistic approach in Succession Planning Framework: The 10 Key Areas of the Succession Matrix®.
When you’re ready for tailored advice, schedule a 30-minute conversation with a Certified Succession Planner to discuss your unique situation.
FAQs on What to Include in a Succession Plan
What should be included in a succession plan?
A comprehensive plan includes ownership goals, successor development, governance, financial structuring, business continuity, and cultural alignment. The succession planning template helps ensure none are missed.
How do I use a succession planning template?
A succession planning template provides structure to document critical roles, successors, readiness levels, governance, and financial strategies. It reduces blind spots and creates accountability.
Is succession planning only about leadership transition?
No. While leadership is a focus, a holistic succession planning framework also addresses ownership, family dynamics, financial independence, and continuity planning.
The Succession Matrix: Unlocking Growth and Future-Proofing Your Family Business
Many people put off succession planning because they think it means retirement, exit, and the end. However; succession planning is just the beginning. It gives the owner options in terms of what “their next” looks like, whether that be growth, philanthropy, or a new business venture. Our process focuses are addressing 10 key areas of what we call the Succession Matrix.
Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.
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