Ownership transition is part of the corporate life cycle of every firm. It provides the organization with the opportunity to grow and expand into new territories and new disciplines, as well as to tap into innovative ideas from a pool of potential new leaders who have the capacity to continue to provide excellent service to existing clients and drive the firm toward new clients and audiences. For senior management, it offers the promise of retirement options with the assurance of leadership continuity for a firm they may have built from the ground up.
Fox Rothschild is home to a team of attorneys which has decades of experience working with the owners of professional services firms in the following fields, and others, to formulate strategic transition programs and plans that foster their firms' growth over multiple generations of ownership and leadership.:
- environmental consulting
- medical services
- market research
- public relations
The transition process can be fraught with pitfalls, however. It is critical to understand the process and work side-by-side with experienced counsel who can assist in formulating an effective and comprehensive plan to recognize new leadership, expand ownership and perpetuate the firm.
Our attorneys literally wrote the book on ownership transition, collaborating on the development of the Architect’s Essentials of Ownership Transition, a guide to ownership transition for the architect profession and other similar firms.
We approach the transition process as a collaborative effort, meeting with the firm’s owner or owners and its professional advisers to understand the firm’s needs and goals. Our attorneys pay careful attention to the special considerations – professional and personal – that impact both the business and the principal or principals and employees of the firm.
We work with the firm’s leadership team and its advisers to create and implement an ownership transition plan that will attract and retain future generations of firm leaders, ensure firm continuity and provide current leaders with an exit strategy that rewards their efforts in building the firm.
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