Trick Or Treat! Are We In A Recession Or Is It Time To Think About Succession?

Halloween is just around the corner, and markets are giving all of us plenty of things to fear. Trade Wars, Brexit, and wonky leading indicators like an Inverted Yield Curve? No good thriller ends without a few twists and turns to keep us up at night.

Unemployment is holding at record lows. We have low inflation and slow but steady growth. So, what does the future foretell? Will it bring tricks or treats? Many predict the US economy to enter a recession in the coming year.

Notwithstanding what are you doing to protect your firm’s future? Are you well positioned to kick back and enjoy retirement in the next five to ten years?

Recession or Succession? On Balance Search

Succession planning involves developing a concrete plan to transfer ownership and control of the firm in a seamless transition. Failing to develop strategic plan may put you and your firm at risk, seriously endangering your retirement.

Do you have an exit plan in place? Don’t put your retirement in jeopardy, talk to an advisor who can help structure options for your next move.

“Developing a solid understanding of the most significant challenges your firm is likely to face over the next 5 to 10 years will help you realize your goals and reap the rewards or your years of hard work” — Shari Davidson, President of On Balance Search Consultants.

ANALYSIS PARALYSIS

Many attorneys see the value of a succession planning, but simply put it off. Ask yourself . . .

  • What are you doing to protect your firm’s assets or your book of business?
  • Do you have an Internal / External Succession Plan in place?
  • Are you undervaluing your worth? Should you join forces with another firm and double your net worth overnight?
  • What keeps you up at night? When will you be able to kick back and enjoy the good life?

Recession or not, there are good reasons to consider your next move now and not later. As experts and pundits argue about whether there is a recession coming or not, start taking steps to ensure you are well positioned no matter what happens next.

“On Balance Search Consultants understand the challenges associated with thinking about the next stage of your career in law. You have options, don’t leave any money at the table. We will ensure your firm will continue to thrive no matter what the business climate.” — Shari Davidson.

 

About On Balance Search

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.4300 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.