{"id":110050,"date":"2023-04-07t11:59:04","date_gmt":"2023-04-07t15:59:04","guid":{"rendered":"\/\/www.g005e.com\/?p=110050"},"modified":"2024-08-07t23:09:28","modified_gmt":"2024-08-08t03:09:28","slug":"ten-steps-to-a-new-managing-partner","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/04\/07\/ten-steps-to-a-new-managing-partner\/","title":{"rendered":"ten steps to a new managing partner"},"content":{"rendered":"

\"three<\/a>how to execute a smooth, graceful transition.<\/strong><\/p>\n

by august j. aquila<\/span><\/i>
\nwhat makes a great partnership<\/span><\/i><\/a><\/p>\n

one of the most difficult events that a firm faces is the transition of power from one managing partner to another, especially when it\u2019s the first time. knowing when to pass the baton and how to pass it are critical decisions every firm will have to make.<\/p>\n

more: <\/b>five ways to keep your edge as a leader<\/span><\/a> | <\/span>five reasons that leaders fail<\/span><\/a> | <\/span>eleven things partners must do<\/span><\/a> | <\/span>seven keys to becoming an equity partner<\/span><\/a> | <\/span>how to achieve partner unity<\/span><\/a> | <\/span>the seven building blocks of a great partnership<\/span><\/a>
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the most important thing you can do at this point is to plan, plan and plan some more for the transition. the sooner you lay out your plan, the easier it will be for you to achieve it.
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\nyou might want to get an outside board of advisors, a former managing partner or a consultant to help you in the process. all three can help keep emotions under control and provide an objective opinion.<\/p>\n

true succession planning is really a lifelong process. its primary purpose is to ensure the continuity of the practice from one generation of leaders to another. ultimately it\u2019s the founder admitting and accepting that he or she won\u2019t live forever. that\u2019s a very difficult and emotional fact to come to accept, especially after spending a lifetime building and running a practice.<\/p>\n

for the managing partner who is thinking about succession, there are four primary goals that he or she should be working on during the next few years. each of these issues needs to be discussed with your founding partner.<\/p>\n