It’s easy to push succession planning to the bottom of the to-do list - especially when your business is thriving, your team is strong, and you’re not planning to exit “anytime soon”.
The fact is that you don’t get to choose when you’ll need a plan.
You only get to choose whether you’ll have one ready.
Most Owners Are Flying Without a Map
In Canada, over 75% of small business owners don’t have a formal succession plan. That means three out of four founders are potentially putting millions of dollars - and decades of effort - at risk.
Why the delay?
Because succession planning feels like something you’ll deal with later.
After the next product launch.
After that hire.
After this quarter.
But waiting is the most expensive strategy there is.
The Silent Threat: Value Erosion
Without a clear transition strategy, your business loses value daily:
- Key knowledge stays locked in your head.
- Leadership potential within your team goes undeveloped.
- Buyers see risk instead of opportunity.
- Your community can’t rely on your company’s future.
A founder I recently spoke with lost a major acquisition opportunity because the buyer couldn’t get clarity on how operations would run without them. No documentation. No next-in-line. No deal.
Think Beyond the “For Sale” Sign
Succession planning doesn’t have to mean selling right away. It’s about creating optionality - giving yourself choices for how to eventually step back or scale back on your terms.
That might mean:
- Developing an internal leader or team.
- Exploring employee ownership.
- Identifying founder-friendly investors like CommonShares (as we discussed in Ep. 327 of the podcast).
- Setting up a sale strategy aligned with your personal wealth goals.
The right time to plan isn’t when you’re burnt out or forced to. It’s when you still love your business - and want to protect its future.
What you Can Do This Quarter
Here’s what I recommend to every founder in my 1:1 Wealth Gap Analysis
- Clarify your financial goals.
What do you need to walk away with to fund your next chapter? - Start documenting operations.
Pretend you had to step away for 30 days - could the business run without you? - Talk to your advisors.
That includes your accountant, lawyer, and yes, someone like me who sees the whole picture.
Your business isn’t just a source of income. It’s an asset, a legacy, and often, a big piece of your identity. You owe it to yourself - and your community - to plan for what comes next.
Let’s talk.
If you're a founder thinking about your cash-rich exit, I offer a complimentary 1:1 Wealth Gap Analysis to help you map a path toward financial freedom and a legacy you’re proud of.
Message me on LinkedIn - Colleen O’Connell-Campbell - or email to book your session.
You don’t need to have all the answers.
But you do need to start asking the right questions.
TTFN - ta-ta for now!
Colleen
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