The owners must lead. They must provide the inspiration, direction and motivation necessary to move the firm towards the achievement of their vision for it. They do it by creating a vision and communicating it, and by performing, setting examples, motivating, encouraging, mentoring and rewarding others so that they will perform in ways that move the firm towards the vision the owners have for it. In turn, owners need certain things from the firm and from each other. If succession is the choice, for any or all of the good reasons that apply, it must be planned.
Growth generally requires expanding leadership at the top, as well as staffing at the bottom.
Since the best opportunities to transfer ownership are internal, the owners must take care to develop their future successors. The owners must understand what the firm needs from its owners and establish criteria that ensure the firm will get what it needs from the ownership group.