Succession planning today is more complex for professional services firms than it was 15 years ago. Practices have become more complicated, the traditional business model that served firms so well in the 20th Century no longer works today, and clients have become more sophisticated, especially with the advent of the Internet.
Fifteen years ago, it seemed that succession planning was nothing more than having the current firm leader announce who was going to take over the firm. And for the most part, that process seemed to work.
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