For a group of principals that’s just starting, the main task is to become fully informed in general about all elements of succession planning and how they specifically apply to their firm. The best way to do this is by talking to colleagues who have done it, and reading about the process for professional service firms. It will probably be necessary to hire a consultant. The most prudent use of the consultant’s time is the front-end strategizing—setting forth goals, requirements, making a timeline, and specifying tasks—and moving forward. A consultant can prevent mistakes, such as inadvertently chasing away viable successors by overpricing the firm, or advise principals against selling out but failing to retire.
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