To answer the question “what is a succession plan” you’ve got to first come to grips with what it is not. To be successful a family business succession plan must be seen as a process and not a one time event. Trying to provide a definitive description of what is a succession plan when not being willing to first face the fact that not only is it a process, it is one that continues forever, will cause you more stress and frustration than you can ever imagine. Considering what is a succession plan seems to lead to common misconception for many business owners. Business owners picturing their succession planning as a one time event, perhaps like taking a cruise – something they do only once in their lifetime.
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