Join our LMA Southeastern Communities:
As business leaders, we are typically inundated with countless tasks on a daily basis. Our law firms, clients and boards tug our attention strings at a prompt pace, often forcing us to redirect our focus to our immediate needs, abrupt deadlines and short-term goals. The unfortunate result is that succession plans and any thoughts about the future tend to move to the bottom of our lists.
It has been reported that family businesses generate well over 50% of the US Gross National Product yet it is estimated that under 10 percent of family business make it to the third generation due to the lack of transition between the generation ownerships. According to Altman Weil Inc.'s 2016 Law Firms in Transition survey, more than 58% of law firms surveyed reported either moderate or high concern about their firm's preparedness to deal with retirement and succession of baby boomers. Additionally, according to a recent survey by Nationwide, roughly three out of five businesses today do not have a succession plan in place. Yet, preparing for the future remains crucial because it enables our organizations to continue to deliver results consistently, even when key leaders leave or we experience an unforeseeable change.
In just a couple weeks, the LMASE board will spend the time it takes to plan for what's to come! We will be meeting in Charleston, SC to attend a few days of LMA meetings and prepare for the future. During the first day of meetings, we will focus on the 2017 Regional Conference and sponsorship wrap up, revisit our goals and milestones we identified earlier this year, transition to our new roles next year, and come up with new ideas and plans that we will tackle in the years to come. The following day, the board will meet with the LSC Chairs and Chair-elects to deliver leadership training with plenty of time for transitioning so that our new LSC leaders can pick up where our old LSC leaders ended. This will be the last in-person board meeting of the year and we will communicate our goals and efforts with you.
As we do this, I leave you with a few tips to consider about future planning:
What are your goals?
Knowing your goals may sound simple, but the reality is that getting your desired outcome requires knowing what you really want and communicating those goals with everyone involved.
Build your team
Most people only go through these leadership processes once in their lives and it is important to build a cohesive and inspired team(i.e. LMASE rock stars!) who is able to absorb knowledge from past leaders, collaborate and think creatively while revisiting and tweaking future goals together.
Being transparent and keeping the lines of communication open remains key in order to keep everyone informed and mitigate any disruption that will stand in the way of progress.
Setting time aside and starting the process early will allow for a greater array of potential scenarios for your succession plan, which will increase your odds of achieving the future you desire.
Don't wait until it's too late. Join Us!
Ioana Good2017 LMASE President