Let’s be honest—when things are going well in a business, succession planning isn’t usually top of mind. It’s easy to assume the good times will keep rolling. But what happens when a key player leaves? Or you decide it’s time to step away? Without a plan in place, even the strongest businesses can stumble.
That’s where succession planning comes in.
Think of it as your safety net and growth strategy wrapped into one. It’s not just about replacing a leader—it’s about creating a vision for the future, ensuring your team is prepared, and setting up your business to succeed without missing a beat.
So how do you get started? These five steps will help you build a solid, realistic, and flexible succession plan—one that works for your company. So many times owners are consumed by working in the business and forget to work on the business.
1. Define Your Plan
A bad plan is better than no plan at all.
Where do you see things in the next 3 to 5 years? Are you planning to expand into new markets? Open another location? Simplify operations?
Your vision will influence the company’s direction and the goals it sets over the defined period, guiding its efforts to achieve them. Someone who’s great at scaling a business may not be the same person who can lead a successful exit strategy or maintain a family legacy.
2. Think Through Your Exit Strategy
This is the part most business owners either put off—or avoid entirely. But it’s crucial.
How do you envision your exit? Do you want to:
- Sell the company outright?
- Merge with another business?
- Hand it off to a family member or trusted employee?
- Step into a background advisory role?
There’s no right answer—just the right one for you. And the earlier you think about it, the more time you’ll have to shape that exit into something that works both financially and emotionally.
(P.S. It’s okay if you’re not ready to walk away anytime soon. Succession planning is just about being ready—not pulling the plug tomorrow.)
3. Spot the Right Successors Early
This part takes some honest reflection or guidance from the right advisory partner.
This part takes some honest reflection or guidance from the right advisory partner.
Look around your company. Is there someone who naturally steps up when things get tough? Someone your team respects? Someone who already lives and breathes your company’s values?
Start a list. Evaluate strengths and gaps—not just based on who’s been around the longest, but who’s truly equipped to lead.
And don’t forget to look outside, too. External candidates can bring fresh energy and perspectives that might be exactly what your business needs next. Don’t rule anyone out too early.
4. Capture What You Know Before It Walks Out the Door
Here’s the thing: most of your business knowledge isn’t written down. It lives in conversations, habits, shortcuts and gut instincts. If that walks out the door with you or another key leader, the next person could be starting from scratch. Don’t let the tribal knowledge escape.
To avoid that, start creating systems and an advisory board that make your know-how accessible: Build an advisory board in the event of your quote “hit-by-the-bus” or for the continuity of your business post-exit.
It doesn’t have to be perfect. It just has to be clear enough that someone stepping into your shoes can find their footing.
5. Start Sooner Than You Think—and Keep It Flexible
The best time to create a succession plan? Before you need it.
Too many businesses wait until there’s an emergency—an illness, a resignation, a family crisis—and by then, you’re scrambling. That’s when rushed decisions get made, and the business suffers.
Instead, treat succession planning like you would any strategic initiative. Check in on it annually. Tweak the plan as your goals evolve or your team shifts. Make it a living, breathing part of how you run your business—not a dusty document in a drawer.
Final Thoughts: This Is Your Legacy in Motion
Succession planning isn’t just about making sure your business survives without you. It’s about making sure it thrives—because of the people and systems you’ve put in place.
It gives you the confidence to step away when the time comes, knowing everything you’ve built is in capable hands.
And it gives your team the clarity and support they need to carry the torch.
So if you’ve been putting it off, take this as your nudge: Start today. Future-you—and your business—will thank you for it.
Need Help Getting Started?
If all this still feels overwhelming, you’re not alone. Succession planning can be a lot to take on, especially when you’re already busy running the day-to-day. But that’s exactly where expert guidance makes all the difference.
At The Beringer Group, succession planning isn’t just something we do—it’s something we specialize in. For over 45 years, we’ve helped business owners, leaders, and families navigate the complexities of leadership transitions, ownership changes and long-term planning. From business valuations to estate strategies and everything in between, we’re here to take the pressure off your plate and help you plan with clarity and confidence.
Whether you’re preparing to retire, thinking about the next generation, or just want to be ready for the future—our team is ready to guide you every step of the way.
Reach out today to start building your plan with The Beringer Group. Contact Brad Williams at bwilliams@theberingergroup.com or 717-951-2800. Your future deserves nothing less than a strategy built to last.