Why Family Business Succession Planning is Urgent
Family business succession has always mattered. Today, it’s urgent.
In her article for National Association of Corporate Directors, Suzanne de Baca outlines why family business boards can no longer afford to treat succession as a distant or theoretical exercise. Wingspan founder Christina Wing is quoted throughout the piece, reinforcing what we see consistently in our work with enterprising families: leadership transitions are inevitable, but disruption is not.
As Christina states plainly:
“Succession planning in family businesses is not a matter of ‘if’; it is a matter of ‘when.’ Without early, intentional, and comprehensive planning, enterprises risk leadership vacuums, fractured relationships, and eroded legacies.”
The Risk Isn’t Succession — It’s Waiting
Many family businesses rely on unwritten assumptions about who will step up when a founder or CEO exits. Long leadership tenures can create confidence, but they can also mask vulnerability. Unexpected transitions — due to illness, conflict, or sudden loss — often expose how unprepared families truly are.
Delaying the conversation does not preserve flexibility. It narrows options.
As Christina warns: “When families wait for the right moment, they are effectively choosing an emergency transition.”
Emergency transitions force decisions under pressure, strain family relationships, and leave employees and stakeholders searching for clarity when stability matters most.
Succession Is Bigger Than the CEO Role
A common misstep is treating succession as a single appointment rather than a system-wide evolution.
Effective succession planning touches:
Governance and decision rights
Ownership and control
Board oversight
The future role of the outgoing leader
When families focus only on naming the next CEO, they miss the broader work required to support continuity across generations.
That’s why, as Christina emphasizes: “Successful handoffs happen through thoughtful approaches initiated long before a crisis strikes.”
These approaches include clear authority, gradual transitions of responsibility, leadership development, and governance structures that support transparency and accountability.
The Rising Gen Needs Clarity, Not Assumptions
Rising Gens are often caught in the middle of delayed succession planning — expected to be ready without being prepared, patient without being informed.
Unclear roles and unspoken expectations can lead capable next-generation leaders to disengage or step away entirely. Succession planning, done well, replaces ambiguity with clarity and creates space for development rather than pressure.
At its core, this work is about more than leadership continuity.
As Christina puts it: “Succession is not just about transferring power. It’s about cultivating clarity, preserving values, and enabling the next generation to lead with confidence and purpose.”
Bottom Line
Urgency does not mean rushing decisions. It means starting earlier than feels comfortable and treating succession as an ongoing, evolving process.
The families who endure are not the ones who avoid these conversations — they are the ones willing to have them early, openly, and together.
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Note: The full article, “Why Family Business Succession Planning Is Urgent” by Suzanne de Baca, is available on the NACD website and requires NACD membership to access. If you would like to read the full article, please contact us at info@wingspanlegacy.com and we would be happy to share a PDF.
