INSIGHT

Building Your Legacy: A Practical Guide to Family Office Succession Planning  

Kris Marney • December 8, 2025

Services: Family Office

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Succession planning keeps many family office leaders awake at night. You’ve spent years building wealth, nurturing relationships, and creating systems that work. Now you face the challenge of passing the torch without dropping it.  

Family Office Succession Planning: Essential Steps to Take 

The stakes are high. Poor succession planning can fracture family relationships, erode wealth, and dismantle decades of careful stewardship. Yet many families delay these conversations until crisis forces their hand. This article will walk you through the essential steps to create a succession plan that protects your family’s legacy while preparing the next generation to lead. 

Start with Honest Conversations About the Future 

You cannot plan for succession without first discussing it openly. Too many families avoid these conversations because they feel uncomfortable or premature. This avoidance creates risk.  

Begin by gathering key stakeholders—family members, trusted advisors, and senior family office staff. Discuss your vision for the future. What do you want your family office to accomplish in the next decade? Who shows interest in leadership roles? What concerns do people have about the transition? 

These initial conversations reveal gaps in understanding and alignment. You might discover that your intended successor has different career aspirations. Or that multiple family members want the same role. Better to learn this now than during a crisis. 

Map Your Leadership Succession Timeline 

Effective succession happens in phases, not overnight. You need to create a realistic timeline that gives everyone adequate runway. 

Consider three horizons: 

• Immediate (0-2 Years): Identify emergency successors for critical roles. What happens if your current family office leader becomes unavailable tomorrow? Document essential responsibilities and relationships. Make sure at least one other person understands each critical function. 
• Medium-Term (2-5 Years): This window allows you to be strategic. Evaluate which family members or professionals might step into leadership roles. Begin their development now through mentorship, education, and hands-on experience. Rotate promising candidates through different areas of the family office so they gain broad exposure. 
• Long-Term (5-10 Years): Think about structural changes. Will your family office need to evolve as the family grows? Should you consider co-leadership models? How will you handle transitions between generations with different values and approaches? 

Document this timeline and share it with relevant stakeholders. People perform better when they know what you expect and when. 

Invest in Leadership Development Before You Need It 

The skills that built your wealth may not be the skills needed to sustain it. First-generation wealth creators often succeed through risk-taking and decisiveness. Later generations need different capabilities—collaboration, diplomacy, and systems thinking. 

Create individualized development plans for potential successors. These plans should include: 

• Formal Education: Financial management, investment principles, governance, and family business dynamics 
• Mentorship: Pair rising leaders with experienced family office professionals or outside advisors 
• Practical Experience: Give candidates real responsibilities with appropriate oversight 
• Peer Learning: Connect next-generation leaders with peers from other family offices 

Do not wait until someone needs to step into a role to begin their preparation. Leadership development takes years, not months. 

Address the Structural and Legal Foundation 

Your succession plan needs solid legal and structural underpinnings. Review these elements regularly: 

• Estate Planning Documents: Confirm that trusts, wills, and other documents reflect your current intentions. Verify that the right people hold fiduciary roles and that clear succession mechanisms exist. 
• Operating Agreements: Examine shareholder agreements, partnership documents, and family office governance structures. Do they facilitate smooth transitions or create obstacles? 
• Asset Titling and Valuation: Ensure assets are properly titled and valuations are current. Outdated valuations can create conflict during transitions. 
• Decision-Making Frameworks: Document how your family makes important decisions. As leadership changes, these frameworks provide continuity and reduce conflict. 

Setting Up a Family Office? Here are 8 Top Tips.

Sometimes family dynamics may affect the conversations that need to be had.  A neutral team of advisors with a lack of self interest can assist.  

– Kris Marney, Partner, Advisory

Navigate the Emotional Complexity with Care 

Succession planning is never purely technical. Family dynamics, identity, and emotion play enormous roles.  

You may face difficult realities. Perhaps your children lack interest in managing the family office. Or multiple family members want the same leadership position. Some rising leaders may not have the capability you hoped they would develop. 

Handle these situations with honesty and compassion. Engage outside facilitators when needed to guide sensitive conversations. Consider creating meaningful roles for family members who want involvement but may not be suited for executive leadership—board positions, committee chairs, or advisory roles. 

Remember that stepping back does not mean stepping away. Find ways for transitioning leaders to continue contributing their wisdom without blocking the next generation’s growth. 

Learn more about our Family Office Services

Work with BPM to Build Your Family Office Succession Strategy 

Succession planning requires both technical knowledge and deep understanding of family dynamics. You need advisors who can navigate both dimensions effectively. 

BPM works with family offices to develop comprehensive succession plans that protect wealth while strengthening family relationships. We help you assess your current situation, identify gaps, and create actionable roadmaps for smooth leadership transitions. Our approach balances the financial, legal, and human elements that make succession planning so challenging. To build a succession plan that preserves your legacy and prepares the next generation to thrive, contact us.