6 Questions You Need to Consider in Creating a Succession Plan
Halloween is just around the corner, as we make sense out of the new normal from the pandemic there is plenty of things to fear.
The delta variant is delaying a return to school and work for some. The virus and inflation are starting to hurt the economy.
Notwithstanding, what are you doing to protect your firm's future? Are you well positioned to kick back and enjoy retirement in the next five to ten years?
Succession planning involves developing a concrete plan to transfer ownership and control of the firm in a seamless transition. Failing to develop strategic plan may put you, your firm and your future itself at risk, seriously endangering your retirement.
Do you have an exit plan in place? Don’t put your retirement in jeopardy. It’s time to take a hard look at what you have accomplished and where you want to go. Those running a marathon don’t just show up on the day of the big race and run. Marathon runners prepare plenty of time in advance and they know where the finish line is.
“Developing a solid understanding of the most significant challenges your firm is likely to face over the next 5 to 10 years will help you realize your goals and reap the rewards or your years of hard work” -- Shari Davidson, President of On Balance Search Consultants.
FEARFUL OF ANALYSIS PARALYSIS
Many attorneys see the value of a succession planning, but simply put it off. Ask yourself ...
- What are you doing to protect your firm's assets or your book of business?
- Do you have an internal/external succession plan in place?
- Are you undervaluing your worth?
- Should you join forces with another firm?
- What keeps you up at night?
- When will you be able to kick back and enjoy the good life?
In this post-pandemic economy, there are good reasons to consider your next move now and not wait until later. Start taking the necessary steps to ensure you are well positioned – no matter what happens next!