It is unprecedented. The opportunity to advance your firm has never been greater. I was facilitating a partner retreat last week where the conversation was focused on legacy, and the future of the firm. How do we attract, develop, and retain high level talent who will be willing to own this firm in the future? I think it’s a question on a lot of minds right now, maybe even keeping managing partners up at night.
So, what’s the answer to this million-dollar question? How do you create success? First, and foremost, focus on your legacy and next generation well in advance of needing it. Start considering how you generate the future owner of your firm, from “good work” to “client service”. Develop a plan that is 3-5 years in length and includes multiple steps to ownership.
Then reveal it. If you really want success, your next generation wants to know how to own your business, so tell them. What are your criteria? Create a memo, develop a procedure, move this decision forward with confidence and consideration.
Succession that is successful requires attention to the qualities of your next owner. Start today, you’ll need 3-5 years at a minimum.