Transitions in family businesses happen whether we plan for it or not. Unlike Armand Hammer who, when asked of his plans about the transition of the leadership of his firm, stated “If I die the board will decide,” we all encounter that day where we tire, get bored, or are perceived as hanging on longer than we should.

Succession does not mean giving up on life but more so, if we allow it, an acknowledging of life cycles and a grabbing on to life in a way that creates a legacy.

The architect of a family legacy and transition in the business can only be the current leadership, not their children. The head of the family must set the stage and initiate the conversations that create the legacy.