Who will be the next rainmakers?
This excerpt is from a column I wrote for the?Daily Journal of Commerce,?01/10/2011.
One of the fundamental questions in succession planning is: Who will continue the rainmaking that funds the retirement of the very people who performed most of the rainmaking? Has the firm invested in growing the next generation of leaders and rainmakers to step up? Or will the key business relationships leave the firm along with the diplomas and framed photos?
The transition in rainmaking responsibilities can be problematic, making retirement challenging. The issues are both ends of the equation: those who are trying to leave and those who are staying.
Too often, senior principals don’t want to make specific retirement plans. They may not know when they want to retire or what that looks like. Aside from the steady paycheck, they appreciate being able to contribute by offering sage advice and leveraging relationships. They have spent a lifetime building equity in relationships that often generate revenue. It’s difficult for them to simply give that up and retire. For one thing, can they trust their replacements to honor and cultivate relationships to their expectations? For another, can retirement offer the same satisfaction?