Does Your Business Have a Will?
In life, we make a will while we’re living, not when we’re about to die.
So … does your business have a will?
It doesn't mean you’re retiring. For your business to thrive, your company needs a succession plan that maps out leadership transitions for key team members. Having this blueprint in place makes all the difference in keeping the business running smoothly.
A question I asked when speaking at a recent industry event:
“You’ve just won a six-month, all-expenses-paid trip around the world. Everything is taken care of for you. You don't even need to pack clothes. You just need your cosmetics bag or whatever personal items you might need. You have 48 hours before boarding the plane.
Will you have a business when you get back?”
Succession Planning: More Than an Exit Strategy
When you hear succession planning, do you immediately think it’s about retirement or selling your company?
That’s a common perception, but it’s also limiting. It may feel like a far-off event, but it’s not just about leaving your business; it’s about ensuring its strength, resilience, and direction. Done right, it can actually be the catalyst for growth, culture continuation, and profitability.
Life Happens. Planning Keeps You Ready.
In a recent conversation with a client, she admitted, “I’m not quite sure about the next few years – what exit looks like, if I even want to exit, what’s best for me and the company.”
Her uncertainty is common. Many business leaders lack clear answers to these questions. Life often shifts priorities—health, family, market changes, or unexpected opportunities. That’s why waiting for “the right time” to begin succession planning is risky.
Instead, view succession planning as a method to align current operations with future opportunities. It encourages you to pause and ask:
What do I want for my future?
What’s best for the company?
How do I prepare my leadership team to carry the business forward?
Profitability as a Catalyst
When I worked with this client, we didn’t start with an exit plan. We started with profitability.
Over the next two years, her team’s priority was to focus on strengthening the bottom line, often measured by EBITA (Earnings Before Interest, Taxes, and Amortization).
Why? Because profitability and growth strategy are essential parts of succession planning. A company that shows consistent financial performance is more appealing to investors, buyers, or even family members who may someday assume control.
Succession planning and strategic planning go hand in hand. Strong strategy fuels strong succession.
For more on this, check out Strategic Planning: Guidelines to Grow By.
Leadership Readiness: The Heart of Succession Planning
Succession planning relies on leadership readiness. Ask yourself:
If you step away, even briefly, who steps up?
How well do they lead?
Are roles and responsibilities clear?
Too often, leaders are the glue holding everything together. That’s not sustainable. Preparing your leadership team ensures resilience, stability, and continuity.
The story of Succession Planning at CBS Sports demonstrates how intentional leadership development can safeguard not just a company, but its culture and reputation.
Culture and Legacy Matter
Succession isn’t only about balance sheets and org charts. It’s also about culture — the values, history, and identity you pass along to the next generation of leaders.
What values do you want to pass along? What’s the legacy you want to leave? How do you preserve the company’s DNA while still allowing room for innovation and change?
Resources like Culture of Succession Planning and Legacy and Retirement Legacy: Passing Along Culture and History highlight how leaders can embed culture into succession planning.
Succession Planning as an Ongoing Strategy
Succession planning and strategic planning go hand in hand. One strengthens the other. When you revisit your business strategy — profitability goals, market expansion, leadership development — you’re also investing in succession readiness.
As the seasons change, think of your business in the same way. Turning Leaves, Turning Leadership is a reminder that every transition — whether personal or professional — is an opportunity for renewal.
Where to Begin
If you’re ready to move succession planning from “someday” to “today,” begin with these five steps:
Clarify your personal and business goals.
Assess profitability.
Evaluate your leadership team.
Define your culture and legacy.
Incorporate succession into your overall strategy.
For practical tools, the Succession Planning Toolkit offers worksheets and frameworks to guide your process.
Final Thought
Succession planning is not just about exit; it's about success. The earlier you start, the more confident you’ll feel about your future, your leadership team, and your company’s ability to succeed.
So … What does succession – and success – look like for you? Have you prepared a “will” for the business you’ve built and the culture/legacy you’d like to leave behind?
I’d love to chat with you about any questions you may have or if you'd like to explore this further.