How should a partner’s value be determined?
This is actually the first step you should take when evaluating your firm’s ability to execute an internal succession strategy or plan. Many firms begin with an assessment of their current internal talent pool. There is no question as to the importance of that step; however, if a firm’s current partner or operating agreement does not […]
What is the key success component to developing an internal succession solution?
Admittedly there is more than one component necessary to developing a successful internal succession solution. But if we had to choose just one based on our experience of working with dozens of firms, large and small we would offer that it is necessary to acknowledge that the majority of firms do not possess or have […]
What role does the shareholder/partner/operating agreement play?
In summary, your shareholder/partner/operating agreement could single-handedly implode your internal succession plan. A dramatic statement? Yes, we agree it is but it does have significant truth to it. Many firms have not updated their internal agreement for years, if ever. It is most likely outdated, insufficient or not applicable especially when developing an internal succession solution. […]
What are the challenges to internal succession?
One of the major challenges to internal succession is the measurement of internal capacity and available talent against the projected timeline of the partner(s) succession. A simple test is to perform something like the below chart. Identify the role and responsibility of the projected timing and partner. Benchmark that against internal capacity, talent and readiness. […]
What should a firm’s “readiness assessment” consist of?
The internal succession readiness assessment is an involved process and will focus on the following key questions: Can your firm obtain the necessary talent? Can your firm develop the talent into internal successors? Do you have the proper financial arrangement to attract and keep the talent? Can you develop an effective transition plan? Does the firm possess […]
What is your firm’s degree of readiness for an internal succession?
Many firms find out too late they are not prepared for partners to leave or retire as they thought. Here are some helpful things to review to ensure your circumstance is different. How many interactions will there be – and how many are necessary – to get the clients and their new assigned partner acclimated with one another? Are […]