Team members who identify most strongly with the mission of the firm, and who dedicate the most emotional and physical energy to helping it fulfill that mission, are the most likely to “feel” like owners. They are also the ones most deserving of equity.
Succession Anxiety Disorder
Succession plans that stretch into the distant future may not bring much clarity. In fact, they may work against you, killing your willingness and ability to act. Here is some advice on how to overcome the paralysis of succession anxiety disorder.
The Conundrum of Balancing Ownership and Contribution
One of the most difficult issues in managing an advisory firm is establishing a fair balance in rewarding those who own a firm and those who contribute to its growth. In the short term, equity and the work contribution don’t have to be aligned, but in the long term they probably should be.