Every firm goes through generational change at some point, or it ceases to exist.
The best firms are quite consciously undertaking generational change all the time, because that’s the best way to to do it.
But many firm leaders just don’t get around to it – and then suddenly they face the fact that they haven’t got anybody in their employ who can really take over and run the firm, providing them with an “annuity” for their years of hard work.
Ideally, it takes at least 10 years to build a generational change program – and 5 years is about the bare minimum.
Helping firms with these issues is a key part of our business. For more information, see our sister site, psmj.com.au.