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Plan Your Succession

A succession plan keeps your business running if you step away, whether you choose to or not. It settles important questions like when the transition happens, who takes over, and what happens if no family member or employee is ready to take over.

Family businesses, in particular, tend to not have well-established succession plans. Only about 30% of family-owned businesses survive the transition into the second generation, according to the Conway Center for Family Business. Owners who define their succession goals early give their companies a better chance.

Start with one goal: a business that runs without you

The first goal of any succession plan is keeping the business running if something happens to you. That means knowing who can step into each critical role on short notice.

Identify a point person for your responsibilities now, before you need one. If you lose another key employee tomorrow, your point person keeps the business operating while the longer-term plan takes effect.

Choose a successor, and plan for the one who hesitates

The right successor isn’t always obvious. You may not recognize the best candidate right away, and the person you choose may be unsure about taking the job.

Give yourself time to evaluate candidates, and give your candidate time to decide. A successor who takes over without commitment or preparation puts the business at risk.

Decide what happens if there’s no obvious successor

If no family member or employee is ready to lead, you have to decide between closing the business and selling it. Both choices affect more than you. Consider what each would mean for your employees, your family members and your clients.

These decisions are sensitive, and they take considerable time and thought. Our answer to an owner who needed a succession plan after health problems walks through the options.

Expect family dynamics to shape the plan

Timing the transition and choosing a successor can spark disputes among family members. Discussing the criteria for the decision, before anyone discusses names, helps the family agree on how to choose. We cover these questions in our article on working through conflicts in a family business.

How Oaklyn Consulting helps with succession

We help owners define their succession goals, evaluate successors inside and outside the company and decide whether a transition, a sale or another path fits best. We bill for time and never charge a success fee, which allows us to remain completely objective.

If the right answer is a sale, we help with that, too. The Semprebon family used a time-based engagement with Oaklyn Consulting to test the market for Calmont Beverage, their multigenerational Vermont distributor, before committing to a sale.

Frequently asked questions

When should I start succession planning?

Start well before you plan to step away. Preparing for a major transaction should begin two to three years in advance, and a succession plan for unexpected events should be in place now.

What if my children don’t want to take over the business?

You can still keep the business going. Common paths include selling to your management team, selling to an outside buyer or bringing in a leader from outside the family while you keep ownership.

How do I keep succession planning from causing family conflict?

Agree on the criteria for the decision before anyone discusses who should succeed you. Family members find the final choice easier to accept once they understand what matters and why.

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Oaklyn Consulting brought senior-level attention and analytical rigor to every stage of the process. They understood my business, ran a thoughtful and disciplined sale process and helped me make sound decisions when it mattered. I couldn't have asked for a better team in my corner.”

Jarod BuschFounder, 911 Custom LLC

(If) you've never been through this before, you've never done it before, frankly you're out of your depth and you're lost, you need someone that's going to pilot this through with you, as sort of the copilot, and your mentor and advisor. I absolutely feel very strongly that that's the role that Oaklyn Consulting played for me, and I would always recommend them.”

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Mike WalshCEO, Essco Calibration Laboratory

If you’re on the fence, I would say meet Frank and his team. I would recommend him to anyone who is considering selling their company, even if they’re just exploring their options.”

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Janet ElkinCEO, IMN Enterprises

Eighty years of family history does not get sold in a hurry. Oaklyn Consulting understood that from the first conversation.”

Jamie SemprebonCalmont Beverage

Oaklyn Consulting told us to pause when everything in me wanted to keep moving. Six weeks later, we closed clean. That advice was worth more than the process itself.”

Jeremy GrenierCEO, Calmont Beverage

I know they had other clients, but we felt almost like we were their only one at the time just by how much attention they paid to us. They’ve got a good team that can walk you through the process step by step, and they’re going to give you the attention you deserve.”

Devan WelchSenior VP and General Manager, Powell Construction

We really appreciated your willingness to adapt to the unique nature of our engagement — i.e., advising both sides — rather than forcing us into a typical approach.”

It was a very helpful professional experience. You are very knowledgeable and explained how you work transparently, even offering that you were probably not a good match. That is rare. Most people try to force-fit their model to every opportunity.”

As I stated many times during our conversations, I so appreciate you and your team for interceding throughout this transaction. It made such an incredible difference!”

Excellent setup and organization of data as well as business-level guidance for transactions.”

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You continue to be my go-to for business owners thinking about their business options. I appreciate your approach and everyone I have sent you has said good things.”

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When running a business, making the right and crucial capital decisions can be the difference between success and failure. With Oaklyn Consulting by your side, you can confidently make the decisions that will shape the future of your business.

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