Stuck Without a Succession Plan

Beverly Flaxington

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Bev,

Things have been very difficult at our advisory firm since one of the partners announced his intention to retire. I’ve read a great deal about succession planning and I can honestly say, we don’t have one.

He will need to be bought out by the two other partners and there is a fight over valuation and who takes his clients. Those of us who are more junior in stature think there isn’t anything we can do to influence outcomes. Our partners are all very strong-willed, boisterous, pushy individuals. They don’t take kindly to being told what to do. That doesn’t mean we don’t want to know if there is anything we CAN do to help chart a new course at the firm.

We are all committed to being here and we believe there is a future but don’t know how to ingratiate ourselves to prove that during this big crisis. What direction or advice can you give us?

T.A.