When Scott’s fourth-generation family business leaders started taking regular time off for hunting, fishing, and travel, their competitors may have thought they were crazy.
But there was a method to this seeming madness.
Their intentional absences created something invaluable: margin for growth.
This brings us to Succession Planning Pitfall #6: The failure to leave enough margin in your plan to take advantage of new and unexpected opportunities.
Rigidity is the enemy of growth.
Creating Space for Magic to Happen
The most successful multi-generational businesses understand that starting succession planning early isn’t just about preparing for an eventual handoff - it’s about creating space for magic to happen.
Here’s what early planning provides:
Room for Course Corrections
Like a ship setting out on a long journey, your initial heading might be perfect, but winds change. Early planning gives you:
Time to adjust strategies that aren’t working
Opportunity to test different approaches
Freedom to learn from mistakes without catastrophic consequences
Leadership Development Flexibility
When you start early, you can:
Develop multiple succession candidates
Allow potential leaders to rotate through different roles
Create opportunities for emerging leaders to prove themselves
Market Adaptability
Business landscapes change rapidly. Early planning provides:
Flexibility to respond to market shifts
Space to align leadership development with evolving business needs
Opportunity to pivot without panic
Time to build relationships with key stakeholders
Creating Intentional Margin
How do you build this crucial flexibility into your succession plan? Here are four key strategies:
Start Earlier Than You Think You Need To
- Begin succession discussions while they still feel premature
- Create space for natural leadership emergence
- Allow time for multiple iterations of your plan
Build in Regular Review Points
- Schedule quarterly plan reviews
- Adjust timelines based on progress
- Remain open to new opportunities and challenges
Develop Multiple Leaders
- Create a deep bench of potential successors
- Allow for different leadership styles and approaches
- Build redundancy in key positions
- Practice Intentional Absence
Like Scott’s family business, create opportunities for next-generation leaders to:
Make decisions independently
Learn from both successes and failures
Develop their own leadership style
Build confidence gradually
The Magic of Margin
One of our clients experienced a 50% growth in revenue because they had this kind of margin in their planning. A second client had a similar experience, being able to seize opportunity.
When you leave enough margin in your succession plan, something remarkable happens: opportunities you never imagined begin to emerge.
New leaders step up in unexpected ways. Innovation flourishes. The business becomes more adaptable, more resilient, and ultimately more successful.
Remember: Your succession plan shouldn’t be a straitjacket - it should be a springboard for growth.
The Choice Is Yours
Are you ready to build margin into your succession plan? Start by asking yourself: “Am I creating space for the unexpected, or am I holding on so tightly that I’m strangling opportunity?”
Your legacy depends on your answer.
Harry T. Jones
Ready to build more flexibility into your succession plan? Let’s talk about creating margin for growth in your business. Email me at harryt@cultivatingimpact.biz to learn more about our succession planning process.