Page 2 - Family Business Institute - Re-Fire
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Succession in Professional Firms Suggested Solution
Professional firms regularly refresh their leadership Offer more sophisticated private client and family
teams to attract and retain talent and remain business advisory services, and encourage valued
competitive. colleagues to extend their careers by Re-Firing into
this work:
Professional careers are both
demanding, and hard to leave. 1. Identify services you don’t currently provide.
They could include: Family Business
There is a choice: Retire (end), Advisory (Best Practice); Facilitation and
or Re-Fire (extend)? Mediation; Strategy, Business and Family
Plans; Succession, Sale of Business and Exit
Re-Fire Opportunity Plans; Leadership and Executive Coaching;
Next Generation Education; Governance and
The unique training, experience and wisdom of Boards; Coaching and Mentoring.
a mature professional is just what many family
business clients need: a trustworthy adviser with 2. Design, develop and launch preferred services,
time available to work closely with them on a broad with adequate support systems.
range of difficult challenges.
3. Agree commercial arrangements between
Succession Challenges the firm and selected “Re-Firees”, including:
assignment management, collaboration and
How do you enable a firm to refresh and renew work boundaries; marketing, referrals and fee
itself, create career paths for upcoming stars, avoid sharing; access to office resources, meeting
losing the competencies and goodwill of older rooms and facilities.
personnel, provide enhanced services to clients,
AND make it all joyfully profitable for everyone? 4. Enrol Re-Firees in FBI’s Adviser Accreditation
and Re-Fire Programs and enter them in FBI’s
Registers for: Advisory Boards; Transitional
CEOs; Virtual CFOs, and Mentors.
5. Market newly expanded services to current
and potential new clients.
6. Enjoy the rewards! Your firm, your clients and
your staff will all be winners.
