Posts by Terry Putney
When Should You Commence the Execution of Your Succession Plan
A key factor in successful transition of clients, as a partner moves toward retirement, is how dependent the client has become on the individual, rather than dependent upon the firm. In most firms, retirement benefits for partners are dependent upon the number of clients that remain with the firm. So, it is important that you…
Read MoreThe Fifth Step in Succession Planning-Develop and Execute a Transition Plan
In previous blogs, I discussed the need to assess the level of need you have for replacing retiring partners, how to assess your firm’s potential for partner level talent, developing that talent into viable successors, and making sure you have the right financial arrangement for buying out and admitting new partners. The final step is…
Read MoreThe Fourth Step in Succession Planning-Make Sure You Have the Right Financial Arrangement
In previous blogs, I discussed the need to assess the level of need you have for replacing retiring partners, how to assess your firm’s potential for partner level talent, and developing that talent into viable successors. The next step in this five step process is to make sure your owner agreement is financially feasible for…
Read MoreThe Fourth Step in Succession Planning-Make Sure You Have the Right Financial Arrangement
In previous blogs, I discussed the need to assess the level of need you have for replacing retiring partners, how to assess your firm’s potential for partner level talent, and developing that talent into viable successors. The next step in this five step process is to make sure your owner agreement is financially feasible for…
Read MoreThe Third Step in Succession Planning-Obtain Talent and Develop Them Into Successors
In previous blogs, I discussed the need to assess the level of need you have for replacing partners that will retire in the near future and how to assess the potential for partner level talent you have on your bench. The next step in this five step process is to get the right people on…
Read MoreThe Second Step in Succession Planning-Take an Inventory of Your Succession Bench
In a previous blog, I discussed the need to assess the level of need you have for replacing partners that will retire in the near future. The next step is to determine what the potential for partner level talent you have on your bench. I have consulted with dozens of firms about the quality of…
Read MoreThe First Step in Succession Planning-Assess Your Need for Replacement Partners
The first step in developing a plan for the internal succession of your partners is to develop an understanding of the nature and timing of their replacement. This will provide you with what you need to know for acquiring the necessary talent and developing viable successors. Start with when each partner is likely to relinquish…
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