Succession Planning & Knowledge Transfer
Why You Need to Think About Succession Planning Today!
Question: How many people in your organization would be hard to replace quickly and competently if they were to leave, voluntarily or involuntarily?
Any organization intending to be sustainable beyond a pop-up event will be faced with succession issues, sometimes with little or no warning. Ideally a process for succession, knowledge transfer and transitioning should be baked into the business model from early on. When things are humming along well, no one likes to have to think of changing critical personnel – but it may not be in your control to determine when people leave.
Here are some circumstances our clients have found themselves in that disrupted or significantly distracted the business of the organization.
- A senior and most visionary partner and de facto managing partner died after a short illness of about two weeks at age 69 and in the midst of new plans for the firm. None of the other partners in the 15-lawyer firm had an aptitude or interest in firm management except for the one in his 30s. The 50 and 60-somethings had no intention of putting management in his hands, though they respected him as a person and practitioner. The firm muddled along for a few years and then was absorbed into a mid-sized firm based in a neighboring state, diminishing its 75-year plus brand, illustrious history and niche reputation.
- The popular founder of a mid-sized firm with both a big reputation and long resume of community involvements was giving more lip service to the need for transitioning planning than action, resistant to letting go of control. The choice of successor as managing partner was obvious and would be uncontested, as long as the heir apparent did not leave in frustration. This story has a happier ending but required sensitivity and a collaborative strategy that we discussed in a non-threatening way in a carefully planned and prepared partner retreat. And there they began to develop implementation steps for gradual governance transition and modification of policies. We also got all the senior partners thinking about their legacies in order to become aware of what matters to them. The outcome: Much of the plan was implemented over time, the succession occurred, and the firm has thrived with a stronger institutional reputation.
- Our articles in this section discuss several other scenarios for which the need to avoid business disruption as well as loss of clients and younger talent is crucial.
Click on the links below for our workshop content/topics and articles on succession planning, knowledge transfer and transitioning, and Contact Us for more information and hands on guidance.
WORKSHOPS
Avoiding the Cliff
Succession Planning/Transitioning Topics
ARTICLES
Succession Planning Breaking Down Silos
Cross-Generational Perspective on Succession Planning – Part One
Cross-Generational Perspective on Succession Planning – Part Two
Succession Planning & Knowledge Transfer: When Confidence is Lacking in the NextGen