The 10 Components of an Internal Succession Plan for Professional Service Firms

We're at the beginning of one of the largest ownership transfers as the baby-boom generation retires.  Here are 10 components of an internal succession for professional service firms such as accounting, consulting, legal, architecture, construction, engineering or coaching.

1.  Assess the Adequacy and Desires of People that will Replace Departing Partner(s)

2.  Determine the Partners Intentions with Respect to Succession

3.  Determine the Value of the Partner’s Equity

4.  Consider how all of the Retiring Partner’s Roles and Responsibilities are delegated 

5.  Factor how the Client and Staff Relationships are protected

6.  Have Succession Plan cover all possibilities of loss of partner

7.  Create a Economic Win/Win Proposition for both Parties - Departing Partners and Remaining Partners

8.  Strengthen the Support and Service Team

9.  Have a Contingency Plan for the Firm if terms for transition are adversely affected

10.  What are Options if Internal Succession Plan is not Viable?

If you find your firm at this pinnacle point i.e. within 4 or 5 years of a partners retirement then let's have a discussion on how to ensure you'll succeed.

eM:  StephenMarino@ActionCOACH.com ph:  972 709 6776