Now it is now time to talk about positioning your firm so that it can fairly manage and treat those people who have given years of sweat equity to build a successful firm. We also will cover how to allow them to retire or gracefully phase out of the practice.
Our premise has always been the same: Succession to the next generation of leaders, dealing with the retirement of an owner, or the transition of a member of leadership from owner to employee are all best accomplished through formal processes, procedures, accountability and governance. You must also have a large enough firm to justify having the level of talent on your team that can become your internal successors. And last but not least, you must be able to develop that talent.