Who’s The Next You?

Succession planning can definitely be one of those things like cleaning the garage, scheduling a dentist’s appointment, taking care of the check engine light on your car or unloading the dishwasher. They are all things you can get to later. You know you should take care of them, and you will; just not now. For a business though, putting off succession planning can be much more disruptive than a dirty garage or full dishwasher.

Why is a formal succession plan critical for business continuity?

A formal succession plan is critical because it prevents operational instability, leadership power struggles and key talent turnover during executive transitions. By establishing a proactive, written roadmap by design rather than chance, a business mitigates transition risks, preserves consumer trust and ensures seamless, multi-generational continuity of care.

According to a 2023 survey conducted by Benchmark International, a global mergers and acquisitions firm, over 61% of family-owned businesses in North America have no formal, written succession plan in place. This lack of or poor planning is something we have seen play out at both family-owned businesses as well as large publicly traded companies over the years. Without a well-thought-out formal succession plan, a company opens itself up to numerous costly risks. Consider the potential impact on a company facing next level leadership power struggles, decision making chaos, key talent turnover, loss of customers, legal troubles, operational instability or strategic misalignment. Each of these risks on their own can be severely troublesome. Together they spell almost certain demise for the company.

Because of our vast knowledge of and experience with proper estate planning, we recognize the importance of creating a formal succession plan by design and not by chance. We also recognize the importance of having those plans extend beyond ownership and senior executive leadership.

We have a formal succession plan for our chairman of the board, vice-chair, chief executive officer and president that is reviewed and approved annually by our board of directors. For us though, that type of planning is also applied throughout the company. Succession planning is an iterative process and not an event. The process starts with asking our executive leadership team – who’s the next you? It’s a powerful and difficult question to answer when given serious purposeful thought. The answer requires honest self-reflection, commitment, vulnerability and courage to identify your potential replacement. Reassurance is important that eventually it’s a replacement of their role and not necessarily their unique qualities.

Our preference is to grow our own. If our collective thoughts identify that their potential replacement is already at Greenleaf, more focused customized development with that person can begin. If interested in that type of growth involving the leadership of others, we can begin providing opportunities and experiences with dedicated coaching. It is also made clear that growth and leadership at Greenleaf can occur without necessarily managing people. Next step, we ask that developing leader – who’s the next you?

Our succession planning process is inclusive and helps us build a culture of leadership readiness. By being proactive we can mitigate the risks of surprises and ensure we are able to Serve Clients More from generation to generation.

How do companies successfully execute an internal succession planning process?

Successful succession planning operates as a continuous, iterative process rather than a single event. It begins with comprehensive leadership self-reflection, identifying prospective organizational successors and pairing those candidates with customized professional development track experiences, dedicated corporate coaching and structured growth opportunities.

Why should executive succession planning extend beyond ownership positions?

To foster a resilient culture of leadership readiness, succession planning must extend beyond senior executive tracks and ownership positions. Deep-level pipeline planning across all management layers ensures seamless, cross-departmental continuity of care, shielding the broader organization from unexpected disruptions or sudden talent vacancies.

What does it mean to build a relationship-first corporate succession plan?

A relationship-first succession plan prioritizes long-term operational stewardship over temporary operational goals. By proactively training, developing and promoting internal talent by design rather than chance, a firm ensures that localized client relationships and historical trust architectures remain fully preserved from generation to generation.