Succession planning isn’t something that happens overnight — even for successful, multi-generational family businesses. Starting early is critical, but understanding why it takes time can help you create a plan that protects your legacy and sets the next generation up for success.
The Risk of No Plan
Before we explore the “why,” it’s worth considering the alternative: having no succession plan at all. Too often, businesses are hastily passed to a grieving spouse, handed off to an unprepared child, or liquidated altogether.
Unfortunately, this becomes the default option for many owners who delay planning until it’s too late.
Why It Takes Time
There are several reasons succession planning can be a lengthy process. A common one is that the next generation simply needs time — to mature, gain education, and build business experience.
As they develop, the succession plan evolves, often requiring adjustments along the way.
A Real-World Example: The Bissell Family Business
A great example of this is the Bissell family business, based in my hometown of Grand Rapids, Michigan. Bissell Inc. has been making vacuums and small appliances since 1876. With annual revenues of nearly $700 million, according to ZoomInfo, the privately held company recently transitioned into fifth-generation leadership.
In September 2025, Mark Bissell, fourth-generation chairman and CEO, stepped down into the role of executive chairman to provide strategic oversight. His son, Max Bissell (President of Global Markets), and son-in-law, Matt Kruer (Chief Investment Officer), became key members of the executive team. With a combined 22 years of experience at the company, Max and Matt represent the fifth generation.
Robin Burns, director of the Family Business Alliance, stated in Crain’s Grand Rapids Business that only 10% of their member companies are fourth generation and just 3% reach the fifth. According to Burns:
“Those making it to the fifth generation start the engagement process with the next generation early to build a connection between the next generation and the legacy. Once family members understand the legacy, that drives their engagement.”
Interestingly, Mark Bissell told Family Business Magazine in 2013 that he had been working on a succession plan even when his children were 27, 25, and 18 — 12 years before the leadership transition. At that time, he said:
“To have a family business continue, you have to have family in the business. You must create a level of excitement and desire while ensuring that there’s the capacity and ambition to do it right. A lot has to come together.”
This example demonstrates that successful succession planning is a gradual, intentional process, requiring years of preparation, mentoring, and engagement with the next generation.
How Much Time Do You Have?
Maybe you don’t have 12 years to plan your succession. Do you have Five? Four? Three?
Whatever the number, the best time to start is now. Your legacy depends on it.
At Tamarisk Advisors, we guide business owners through the succession planning process every step of the way.
If you’re unsure where to start, we’re here to help. Contact us today to begin building a plan that secures your company’s future.
