Powered by MOMENTUM MEDIA
Whilst quietly acknowledging HRH Queen Elizabeth II’s recent passing and her remarkable life well-lived, the end of an era got me thinking, once again, about the difficult issue of succession planning, writes Travis Schultz.
Now more than ever before, my colleagues and I find ourselves in a space where we are planning for the transfer of equity within our practice and designing a team structure for mission-critical roles and future growth.
Because — unlike a royal family where the team’s destiny is largely predetermined from birth — in the business world, change is a fact of life. And sometimes it’s quick and unexpected. Key personnel leave, move on, retire or have to give up work; equity holders become ill or develop other priorities. And talented up-and-comers demand a pathway to their own career aspirations, which, unmet, will likely see them leave the organisation.
Planning for the retirement of a Baby Boomer is relatively easy to manage; the organisation generally has some insight into and advance notice of the likelihood of a departure. But in professional services firms, it’s not just the partner and chief executive roles that are “mission critical” — ever tried to run a firm without your experienced finance, marketing, HR, IT, or legal support team? We’re in the middle of a major skills shortage, which means that it can be very difficult to replace a key team member.
So, indulge me a few observations for successful human capital planning, based on nearly three decades of mistakes and learning:
Travis Schultz is the managing partner of Travis Schultz & Partners.