Stop Calling It Succession Planning. Start Calling It Legacy Planning.

Say the words "succession planning" in a room full of business owners and watch what happens.

Shoulders tighten. Eyes drift to the table. Someone changes the subject.

I understand why. Succession sounds like an ending. It sounds like retirement papers, a farewell party, and a desk someone else will sit at.

That's why I've stopped calling it succession planning. I call it legacy planning.

Words shape the work

The words we use change the conversations we're willing to have.

When a managing partner hears "succession," the question in their head is, "When am I leaving?" Most leaders don't want to answer that. So they put the conversation off for another year. Then another.

When they hear "legacy," the question changes. It becomes, "What am I building, and who will carry it forward?"

That's a question leaders want to answer. It's about pride, not loss.

What legacy planning covers

Legacy planning includes everything succession planning does. It just starts earlier and looks wider. It asks:

  • Who are the next leaders in your business, and what are you doing to prepare them now?

  • Which client relationships depend on you alone, and who else should know those clients?

  • What does your business stand for, and will that survive your next big transition?

  • What do you want your options to be in five or ten years: stay, step back, sell, or merge?

None of those questions require you to pick a retirement date. All of them make your business stronger today.

Why now

November is when most leaders start looking at next year. Strategic planning can include: Budgets. Goals. Hiring plans.

This is the right moment to add one more line to that plan: What will I do in 2027 to build a business that outlasts me?

You don't need the full answer yet. You need to start the conversation.

Over the next few months, I'll share more on legacy planning: how to start the conversation with your partners and/or your leadership team, how to test whether your business can run without you, and how to protect the client relationships you've spent decades building.

Consider This

If someone asked you today what your legacy will be, what would you say?

And would your team say the same thing?

Start your legacy plan with our free Strategic Growth & Legacy Planning Toolkit. [Insert Toolkit opt-in link]

Ivy SlaterComment