Passing the Torch: Navigating Succession in a Family Business by Asha Sciarra-Boardman, CAO

Running a family business is as much about legacy as it is about operations. Family businesses carry stories, values, and a deep sense of identity—but that emotional connection can make succession especially complicated. Planning for the next generation isn’t just a business decision—it’s a family one. And that’s why it’s essential to approach it with both structure, time, and sensitivity.

Succession planning isn’t a moment—it’s a process. It can span years, even decades, and it requires more than naming a successor. It’s about growing leaders, modeling decisions, aligning visions, and preparing for the inevitable moment when the torch must be passed—expected or not.

Start with Co-Design

One of the most powerful strategies is co-designing the transition plan. This means involving both the current generation and the next in the planning process. This approach encourages collaboration, transparency, and shared ownership.

By bringing all stakeholders to the table—family members, advisors, even key employees—you allow expectations, hopes, and concerns to surface early. It may feel messy at first, but airing these issues builds trust and reduces the chances of conflict later on.

Define Roles and Timelines

From the outset, it’s important to define clear roles, responsibilities, and a realistic timeline for the transition. According to The Family Business Consulting Group, ambiguity is one of the biggest threats to succession. Without clarity, assumptions can spiral into resentment, especially among siblings or cousins vying for leadership roles.

A few questions to guide the process:

• What qualities and experience should the successor have?
• Will the transition happen gradually or on a fixed date?
• What role will the current leader play after stepping down?
• How will non-family employees be supported through the change?

Answering these early can minimize future surprises and set expectations for everyone involved. Don’t be afraid to bring in a neutral third party. I have served in this capacity many times and it helps every concern and thought to be placed on the table more quickly.

Prepare the Successor(s)

Succession isn’t just about choosing the right person—it’s about preparing them. That means giving the next generation meaningful opportunities to learn the business inside and out. This might include rotational roles across departments, outside education, or mentorship from current leaders.

As Forbes points out, successors must be empowered to lead, not just maintain. They should be encouraged to innovate and grow the business in ways that are authentic to their strengths, while still honoring the legacy they inherit.

Address the Emotional Layer

Let’s not pretend this is purely about strategy. For many families, the emotional side of succession is the hardest part. Founders often view the business as their life’s work—and stepping back can feel like a loss of identity. Meanwhile, the incoming generation may wrestle with imposter syndrome or fear of disappointing their elders.

Acknowledging these emotions openly is critical. Creating space for these conversations, perhaps with the help of a neutral advisor or family business consultant, can go a long way. Empathy and honesty will always be more productive than avoidance. 

Put It in Writing

Finally, once the plan is agreed upon, document everything. This includes leadership roles, ownership changes, governance policies, and a communication strategy. A clear, written plan reduces uncertainty and keeps the family (and the business) aligned when the time comes to execute it.

Regularly review the plan as circumstances evolve—new family members join, priorities shift, and business conditions change. The best succession plans are living documents. Re-evaluate it every couple years, or months depending on the different timelines. Keep it top of mind as the business changes. 

Working with family can be incredibly rewarding, but it comes with its own unique challenges. Succession planning is one of the most critical tests a family business will face, and how it’s handled can determine whether the enterprise endures for generations—or falters at the handoff.

Start early. Be transparent. Involve everyone. And most importantly, approach the process with the same care and dedication that built the business in the first place.

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