Best Practices & Firm Management

Contact: Randy Myeroff

Planning for business succession is a vital discipline to help keep organizations running smoothly, and ideally thriving, from one regime to the next. Building a plan for the future boosts confidence in customers, employees, investors and lenders.

The key to success is to start early, particularly considering today’s demographics. According to the Pew Research Center, 10,000 baby boomers will reach age 65 every day until 2029. As they retire they will take with them invaluable skills and knowledge. Aging boomers, many at the top of the organizational chart, must strategically build the next generation of leadership as they contemplate the right time to step away.

Succession planning is tough work to say the least, with a myriad of practical and emotional issues to consider. Below is a recent interview I gave to Taxonomics discussing some of the key building blocks to planning for a successful business exit.

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