Let’s say you are planning a vacation to an area in which you’ve never visited and are responsible for arranging the trip not only for yourself, but also your family and close friends. In addition to your day-to-day responsibilities at work and home, you must research the destination, arrange  transportation, plan meals, schedule sightseeing activities, learn about the local culture, plan for expected weather conditions, and more.

In addition, you must provide accommodations for allergies and disabilities as well as consider how to react if there are travel delays, cancellations, etc. One might decide to do it all him- or herself, hire a travel agent to take care of everything within budget, or assign tasks to multiple family members and friends. If your situation is similar to mine (e.g., a full-time job, a young family at home, and only 24 hours in a day), then the most likely – and most successful – scenario is probably a blended approach.

Likewise, succession planning is a deeply personal process for an owner or company leader who is looking to transition out of the business and into the next phase of life. Similar to the previous vacation scenario, a successful plan is driven by a mixture of specific needs, available resources, strategic goals, and timelines.

And, just like how the location of that perfect vacation evolves over time (e.g., theme park, camping, weekend getaway at the lake), successful succession depends on a number of wide-ranging factors that change over time. Lack of preparation can cost a great deal at the closing table, and so it’s critical to be fully prepared to pass on the company’s values, vision, and culture.

So, what should a company owner or leader do? The most successful leaders will take flexible approaches to succession and continuity, seeking help as needed to develop a plan that can be revised and adapted to meet their specific and changing needs.