Home » Estate Planning » The Show Must Go On: Helping Your Clients Navigate Business Succession Planning
The Show Must Go On: Helping Your Clients Navigate Business Succession Planning
When Queen sang “The Show Must Go On”, they weren’t just talking about keeping the music playing—they were speaking to the heart of family business succession. As professional services providers like accountants, lawyers, and financial planners, you’re the ones who help ensure that when the founder steps off the stage, the business doesn’t miss a beat. And let’s face it—family businesses aren’t rock bands. But like any good band, they need a solid plan to ensure the show goes on smoothly, even when the lead singer takes a bow.
Why Succession Planning is Essential (Even for Non-Rockstars)
Family businesses are built on passion, trust, and a little bit of that entrepreneurial magic. But at some point, the original founder will need to step aside. Whether it’s retirement, health reasons, or just a desire to watch the next generation take over, the leadership baton needs to be passed. But without a clear succession plan, things could get a little chaotic—like trying to play “Bohemian Rhapsody” without a plan. You’re there to make sure that doesn’t happen.
As trusted advisors, your role in helping clients navigate this transition is crucial. Without proper succession planning, businesses risk losing direction, going off-key, or worse—facing internal family drama. That’s where you come in. Your job is to help ensure the next generation is ready to take the stage. Just like in a band, the show must go on, and it’s up to you to make sure the transition is a smooth one.
How to Make Sure the Show Goes On: Tips for Professional Advisors
- Start Early—No Last-Minute Dramas
The best bands don’t wait until the last minute to prepare for a tour, and neither should your clients when it comes to succession planning. Starting early allows for a smoother transition and gives the next generation time to learn the ropes. Whether it’s mentoring, shadowing the founder, or getting hands-on experience, it’s crucial to ensure they’re ready to step into the limelight. After all, you don’t want them fumbling through the lyrics at the big show. - Get Everyone in Harmony—Communication is Key
Even the best bands need to be in sync. When it comes to family business succession, it’s essential to ensure everyone is on the same page. That means open and honest conversations with the family about expectations, roles, and the future of the business. This will help avoid any unwanted drama—because, let’s be real, no one wants a backstage feud. It’s all about making sure that everyone’s ready to play their part. - Professional Advisors: Your Band’s Backup
Let’s face it: even Freddie Mercury needed his bandmates. Your clients need professional support to navigate the complexities of business succession. Accountants, lawyers, financial planners, and even tax experts are all essential for ensuring that everything is handled smoothly. You’ll guide them through the legal, financial, and emotional intricacies, helping them avoid any “off-key” moments. A solid team of trusted professionals will help ensure the business remains on track for years to come. - Prepare the Next Lead—Don’t Just Pass the Baton, Train the Successor
The next generation isn’t just stepping into the business—they’re stepping into a legacy. As advisors, it’s your job to help prepare them for leadership. Whether it’s formal training, mentorship, or giving them real-world experience, you want to make sure they’re ready for the spotlight. After all, they’ll be the ones running the show long after the founder takes a bow. Make sure they’re prepped and ready to take the stage. - Be Flexible—The Show Must Go On, No Matter What
Even with the best planning, life has a way of throwing curveballs. That’s why your succession plan needs to be flexible. Have a clear roadmap, but leave room for adjustments as the business changes over time. Flexibility ensures that when unexpected twists happen, the business can adapt and keep going. Just like a Queen concert, the show
Helping Your Clients Leave a Lasting Legacy
At the end of the day, business succession is about leaving a legacy that lasts. It’s about making sure the family business continues to thrive—without missing a beat. As advisors, you’re the ones who help your clients make that happen. With a clear plan, solid communication, and the right professional support, the business will keep rocking long after the founder steps down.
As Queen so brilliantly put it, “The show must go on.” And with your guidance, it will go on.
