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“The best-laid plans of mice and men often go awry,” wrote 18th century poet Robert Burns in his famous poem "To a Mouse." And there’s a good reason you still hear the phrase today. No matter how meticulously you plan something, there are always uncontrollable variables that can derail your efforts. The same holds true for succession planning. A good succession plan is just that—a plan. Of course, without a comprehensive, long-term plan, a succession will usually fail. But even the best, well, you get the drift.
After decades as a family business consultant, I have seen time and time again the most common reason for a failed succession plan is a lack of commitment by one or more of the key people in the process—and it’s usually one single person. There are a variety of reasons for lack of buy-in from some individuals, but one of the biggest is a fear of self-reflection. Looking inward at your behaviors and motives can be an uncomfortable process. And in a family business, there are often more factors at play — family dynamics, personal relationships, uncomfortable discussions about money — that can make addressing these issues even more difficult. But an honest look in the mirror is necessary for the type of growth required to become a successful leader of a company.
The reluctance to commit to the process can come from either generation, but it is most damaging to the future of the business when it comes from the generation next in line to take the reins of the company. Generational divide is a big reason — the younger generation thinks differently than the older generation, as has been the case across human history. This leads to inevitable stubbornness, with each party falling back on their own dogma. In these cases, a breakthrough is needed before the real work can be done.
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