Navigating Generational Succession in Advisory Firms

This chapter explores the intricacies of succession planning within advisory firms, focusing on the transition from the founding generation to the succeeding generations. It discusses the challenges faced by Generation 1 in contrast to the more integrated relationships between Generation 2 and Generation 3, emphasizing the need for sustainable succession strategies. The conversation delves into the emotional and financial complexities of ownership transitions, including the impact of corporate restructuring and the importance of employee retention.