There is only one response to succession planning questions that tells me a company is unlikely to thrive after its founder moves on.
“We haven’t gotten around to that.”
That firm is planning to fail.
Training and naming who’s next is succession planning.
Don’t plan, well, shutting the doors is what’s next.
Board members; Scared to rock the boat? Jeopardize your board seat?
Partners; Not willing to let youth prevail? Forgot how it felt when you were a youngster?
Family Members; Scared people won’t like you? Hanging on to give yourself something to do?
Do better.
Plan to thrive.