Succession Planning in Five Steps
Succession planning is not easy. In fact, it can be very hard. It forces us to contemplate things that we don’t want to think about such as unexpected illness or death, or how to walk away from a career that we have spent more than half of our lives learning and living. While succession planning itself is not easy, every successful succession plan has five critical components.
1. The first component is an honest assessment. This involves asking hard questions and getting honest answers. When do you plan to retire? Can you afford to retire? How do your plans (or lack of) affect those around you including your loved ones, employees, colleagues and clients?
2. Contingency planning is the second piece. Planning for retirement is not enough. Life happens and many unexpected things can occur along the way. Contingency planning is making sure your family and your business is protected against everything that can go wrong.
3. Client planning is third. As attorneys, we are in the relationship business. Relationships do not happen overnight and your clients have relationships with you, not your successor. Transitioning these relationships takes time and planning.
4. Attorney and practice planning is the fourth component. This step involves identifying a successor and gradually turning your practice over to them through delegation and mentoring.
5. The fifth and final aspect of a successful succession plan is implementation. Implementing your plan takes time and may require an investment. The good news is that there are financial products available to bring your plan to a successful conclusion.
In our May 15 free webinar, Hope for the Best, Plan for the Worst, Succession Planning in Five Steps, we will cover all five critical aspects of a succession plan so that you can start planning today for a happy retirement.