Succession Is Not a Plan. It’s a Process.

On Legacy, Letting Go, and Watching the Next Generation Rise

I remember meeting a retired businessman in Los Angeles—first-generation immigrant, self-made, still sharp in his eighties. He had built a successful company, raised three children, and started a foundation that reflected everything he believed in: discipline, community, and faith.

But now, years later, he sat across from me with a simple question: “What happens when I’m gone?”

It’s a question I hear more often than not. And while most founders start a foundation with long-term goals, many discover that planning for succession—real succession—is harder than it looks. It’s not just about paperwork or legal structures. It’s about identity, family, and trust.

Legacy Isn’t What You Leave Behind. It’s What You Build Into Others.

Over time, I’ve come to see succession not as a single decision, but as a gradual process—one that starts long before a founder steps away.

Some families handle this beautifully. Others struggle. The difference often comes down to whether they’ve invested in passing down not just authority, but wisdom.

What I’ve Observed Along the Way

1. Involve the Next Generation Early — Even If It’s Just ListeningOne family I advise gives each grandchild a small pool of money every year to recommend a grant. At first, it was just an exercise. But over time, it sparked curiosity. One of the grandchildren went on to lead a social enterprise. Another now helps vet grants professionally. Seeds planted early take root in surprising ways.

2. Values Need Storytelling, Not Just StatementsYou can write a mission on paper, but it only comes alive through conversation. One Hong Kong-based client gathered her family annually—not just to make decisions, but to share stories of why they give. Those stories became the glue that held the foundation together through generational change.

3. Not Everyone Has to Lead — And That’s OkayI’ve seen families struggle because they assume every child should be on the board. But philanthropy, like any calling, isn’t for everyone. One family I worked with let one sibling lead operations, while another stayed involved informally. Clear roles and honest expectations saved years of tension.

4. Define What Succession Actually Means for YouDoes it mean stepping back entirely? Naming a chair? Hiring outside leadership? Succession isn’t just “who’s next”—it’s how the baton gets passed. One U.S.-based family even created a rotating board chair model to give each sibling a sense of ownership—without permanent pressure.

5. Revisit the Mission as Part of the TransitionTransitions are natural moments to re-anchor. Some families use this time to re-express the mission in the next generation’s voice. One young successor told me, “We’re not changing the values. We’re translating them into a new era.”

A Family That Chose Intention Over Inheritance

One memorable family—originally from Taiwan, now based in New York—brought their adult children into foundation meetings long before the founder stepped aside. They didn’t rush it. Instead, they let the next generation shadow, observe, question. Eventually, they handed over leadership in stages. Today, that foundation is still family-led, but with new ideas, new causes, and a renewed sense of purpose. The founder told me recently, “I’m proud not just of what we’ve given—but of who’s giving now.”

Closing Reflection

Succession isn’t about giving up control. It’s about building a bridge.

It’s about trusting that the same values that led you to start a foundation can guide the next generation, even if their path looks different.

If you’re thinking about what comes next, start with small steps. Invite your family in. Share a story. Ask what they see that you don’t. And let the process unfold—not with fear, but with faith.

Because the most enduring legacies are the ones lived, not just inherited.