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.
Saving Sick Succession Plans
The likely impact of the COVID-19 crisis is that many firms will abandon their already fragile internal succession plans and seek refuge in the safety of institutional buyers and larger organizations. Founders need to continue trying to save internal succession, even if it’s tempting to give up.