FACT: It takes 10 years to do succession planning right. It takes at least 5 years to do it, under pressure, with lessened chance of success.
FACT: Most design firms leave it TOO LATE.
FACT: With depressing regularity, PSMJ sees very good design firms with much to pass on, blow their chances of leaving a legacy because they either waited too long, got bad advice, or both.
Ownership transition (OT) can be quite tricky. What do you do about the 30-year employee who expects to lead the firm in the future but simply does not have, and will never have, the skills to lead the firm?