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Tag Archives: Succession Plan

Failure to Launch (Your Succession Plan)

Everyone who owns a business understands the need to have a carefully designed succession plan to ensure the sustainability of the operation for the long term, starting with a smooth “handoff.” While it sounds rather easy to draft and implement such a succession plan, reality is far different—and one of the biggest stumbling blocks are owners who just won’t let go. The MIT Age Lab and Hartford Funds, as part of its research into the benefits and challenges of living longer, came up with … Read More >

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The Process of Preparing a Successor

While it’s certainly human nature to focus on the here and now—relegating the future to the back burner—when it comes to operating a business successfully over the long term, it’s critical for leaders to choose and groom their successors. The fact is, the more valuable a leader is to his or her operation, the less valuable the business is. With the goal of succession being a seamless transition, the best-case scenario is to be able to follow a carefully orchestrated plan to achieve that … Read More >

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The Fundamental Elements of a Successful Succession

Many advisors believe your most important action with regard to succession is finding the right person to take the reins of your practice from you when you decide the time is right to walk away or an unplanned incident like death or disability occurs. Although I acknowledge the importance of the individual tasked with the care and feeding of your practice after you leave, I believe that’s just one of the four fundamental human elements that are critical to the long-term viability of “your … Read More >

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