Planning for the next generation

In 2011, the oldest baby boomers reached the traditional retirement age (65), and through 2029, about 8,000 boomers will reach that milestone every day. This aging of America will result in a significant shift in mature industries and businesses.

As boomers reach their golden years, many of these leaders, who've worked hard to build their businesses, will choose to leave them — hopefully in the capable hands of younger family members or colleagues who've been trained to step into their shoes. Yet many of these same leaders are either actively or passively resisting making formal transition plans, failing to ensure that both loyal employees and clients will be taken care of beyond the owner's tenure.

Defining the problem
The process of selecting and retaining a successor is one of the most critical areas to address in determining the long-term vision and sustainability of your business transition. Beyond possessing the technical expertise necessary that will lead to success in your industry, it is essential to attract the right talent that fits your company's unique culture.