What advice would you give a small business owner about succession planning?
It is important to be proactive, rather than reactive, when planning for business succession. Partners should strategically plan for succession within their law firms by evaluating which young attorneys have the personality and skills necessary to be in a management role. Young attorneys should be given the opportunity to enhance their management skills by placing them in management type positions, such as managing paralegals within the law firm. The partner should introduce and transfer clients to young attorneys while also involving them in social settings with colleagues and business contacts. If a firm implements its succession plan continuously and involves young attorneys in the plan, the firm will be well positioned for the future.Melissa Williams, Esq. University of Florida Levin College of Law, Adjunct Professor Mary F. Trotter, P.A., Attorney at Law