Succession planning is often overlooked in small businesses, where day to day survival and growth take center stage. Yet, ensuring continuity across generations is vital for preserving legacies, protecting livelihoods, and sustaining community impact. While doing my Ka-Nayon podcast, I met two remarkable women whose journeys in entrepreneurship provide powerful lessons on how succession planning can turn family enterprises into enduring success stories.

Victoria De Torres, affectionately known as “Princess,” embodies the spirit of resilience and foresight. Starting with a modest 10 square meter plot, she nurtured her passion for agriculture into Princess Rasec Botanical Garden, a thriving enterprise spanning multiple hectares and employing more than 100 people. Her journey was fueled by determination and strategic support from a microfinance-oriented rural bank, where she accessed loans and insurance products to expand her operations.

But Princess’ story is not just about growth — it is also about preparing for the future. With three children, she has deliberately mapped out roles for each: her eldest is set to take over the landscaping projects, her second is being prepared to manage the agricultural products store, and her youngest is being groomed for the design aspect of their business after he graduates. By assigning responsibilities early, Princess ensures that her children are not only familiar with the business but also invested in its long term success.

Her approach highlights a key principle of succession planning: gradual involvement of heirs. Rather than waiting until retirement or crisis, Princess integrates her children into the business while she is still actively leading. This allows them to learn, make mistakes, and grow under her guidance, ensuring a smoother transition when the time comes.

Renelyn Matanguihan, or “Len,” offers another perspective on succession planning — one rooted in adaptation. Together with her husband, she inherited a vinegar business from her in laws. Instead of simply maintaining the status quo, they infused innovation into the enterprise, creating unique vinegar blends that appealed to broader markets. Over time, they expanded into making atchara and chili garlic, diversifying their product line and reaching customers across regions and even abroad.

Their business, JunLen’s Food Product, established in 2021, demonstrates how succession planning is not just about continuity but also about evolution. By introducing new products and modernizing operations, Len and her husband honored the legacy of the previous generation while making the business relevant to contemporary consumers. The results were tangible: improved livelihood, the purchase of a delivery vehicle, and home renovations — all fueled by the growth of their family enterprise.

Len’s story underscores another vital succession principle: innovation within tradition. Successful transitions require heirs to respect the foundation laid by their predecessors while also adapting to changing markets. This balance ensures that family businesses remain competitive and sustainable across generations.

The experiences of Princess and Len reveal several practical lessons for small business owners considering succession planning:

• Start early: Princess’ proactive involvement of her children shows the importance of grooming successors long before retirement. Early exposure builds confidence and competence, allowing heirs to commit mistakes with calculated risks and learn lessons from them.

• Assign clear roles: By designating responsibilities based on her children’s interests and training, Princess clarifies accountability, ensuring smoother transitions.

• Respect and innovate: Len’s expansion into new products illustrates how successors can honor tradition while introducing innovations that keep businesses relevant.

• Leverage support systems: Both women benefited from their microfinance institutions’ financial products, proving that external support can strengthen succession efforts by providing capital and security.

• Think beyond family: With over 100 employees, Princess’ succession plan impacts not just the future of her children but an entire community. Small business owners must consider not just the heirs, but their employees and the broader ripple effects of continuity.

• Avoid founder’s syndrome: Let go, give heirs room to learn and lead. Founders can mentor and guide, but leadership must be passed on.

Princess and Len prove that succession planning is not reserved for large corporations. It is equally critical for small businesses, where transitions can make the difference between survival and decline.

Succession planning is more than a business strategy — it is a commitment to legacy, family, and community. Princess demonstrates the power of structured preparation, while Len shows the importance of innovation in preserving tradition. Their stories remind us that small businesses thrive not only through hard work and vision but also through thoughtful planning for the future.

For entrepreneurs, the message is clear: start succession planning today. Whether by involving children early, assigning roles, or innovating within tradition, the steps taken now will safeguard the business tomorrow. In doing so, small business owners can ensure that their enterprises continue to grow, adapt, and inspire for generations to come.

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“Someone is sitting in the shade today because someone planted a tree a long time ago.” - Warren Buffet