Marketing: A Succession Planning Tool for Professional Services Firms

Marketing and business development are critical aspects of your firm's growth no matter the stage of its lifecycle. It's also vital to succession planning if you want your firm to continue into the next generation. If you hope your company will thrive long after you've moved on, you need to evaluate its marketing and business development practices today.

It isn't unusual, however, to have situations like this:

A CPA, law, or other professional services firm has been in business for 15 or 20 years, and its success has largely been driven by one or two key rainmakers. Not only are these professionals good at what they do, but they're also skilled at business development. They've devoted years to networking and professional and civic activities, and they have become widely recognized in their communities. Their philosophy, and that of their firm, has been that no one else need concern himself with bringing in business. All anyone else should worry about is getting the work done. In fact, if associates or junior partners approach them about wanting to get involved in soliciting business, their efforts are rarely encouraged and certainly not supported through training.

One day, though, these professionals realize they'd like to be out of the firm in a few years or that they'd like to relinquish some of their responsibilities and take things at a slower pace—not retire, but not constantly beat the bushes. They want the firm to keep providing them with income, and the only way that can happen is if the firm remains viable. The problem is they don't have anyone as strong as them to bring in new work.