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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