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Tips for Planning a Business Succession

HSE retired partner, Raymond P. Miller, was recently interviewed by the Rochester Business Journal for an article on business succession plans. In “Tips for Planning a Business Succession,” Ray mentioned a perfect scenario in the legal industry where every attorney is so organized that someone could take over their practice without much disruption. However, effective succession plans are “absolutely imperative” for attorneys nearing retirement. “Firms need attorneys to have succession plans to preserve client relationships and avoid time spent “putting out fires” after departures,” Ray said. He added that the most important step with the longest lead time, however, is choosing and training a successor, and advanced planning can lead to better outcomes.

To view the article on Rochester Business Journal’s website, click click here.

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