think it’s too early? think again.
by august j. aquila
what makes a great partnership
it’s no surprise to anyone thinking about retiring or selling a practice today that the number one issue they face is finding someone to take over the practice. there is a definite shortage of buyers and those who are buying are becoming more and more selective. many firms will find that it has now turned into a buyers’ market.
more: firms must plan ahead for partner retirement | retiring partners are valuable assets | nine ways to handle partners with strong views | rate managing partners in six areas | five ways to keep your edge as a leader | managing partner: the toughest job in the world | why partners need written goals
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there are still a few exceptions out there. first, if you happen to be a very profitable firm in a major market you are lucky. firms will continue to seek you out. second, if you have a very strong niche market presence you can be an attractive acquisition candidate. however, if you are an average firm in a secondary or tertiary market, selling the practice will take more work and time.
here are some ideas to help you plan your succession.
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