The Biggest Mistakes Experts Make in Succession Planning

//The Biggest Mistakes Experts Make in Succession Planning

The Biggest Mistakes Experts Make in Succession Planning

Steven Babitsky, Esq.

Many successful expert witnesses have viable and profitable businesses. The desire to “keep at it” often prevents experts from forming a viable succession plan. In fact, well thought out succession plans often enable expert witnesses to continue working, be more selective in their assignments, and provide income when they do decide to retire. The biggest mistakes experts make in succession planning (or lack thereof) are:

Mistake #1 Thinking that their skills are so unique they simply cannot be replaced.

Mistake #2 Thinking that their practice is so dependent on them and their reputation that it has no value.

Mistake #3 Experts frequently will wait until they are in a crisis (health, disability, age, etc.) before they start to even think about succession/transition planning.

Mistake #4 Experts believe that transition/succession planning means they have to retire and give up practicing.

Mistake #5 Experts do not adequately consider the value that their client list and goodwill may have to other experts.

Mistake #6 Clients, lawyers, and insurance companies will not accept/hire a new expert.

Mistake #7 If I train/mentor an expert he/she will steal all of my clients.

Mistake #8 Taking on a new associate and mentoring him/her will be a chore and a distraction and take away from my practice.

Mistake #9 I will make less money when I have to pay to support an associate.

Mistake #10 Young, less-experienced experts will not “have the money” to buy my practice.

Conclusion

Experts who develop a well thought out succession plan will benefit with a longer and more successful practice as well as providing themselves with post retirement income.

About the Author

Steven Babitsky, Esq. is the President of SEAK, Inc. (www.seak.com) and works with expert witnesses in succession planning.

By |2018-06-07T08:23:46+00:00June 7th, 2018|Uncategorized|Comments Off on The Biggest Mistakes Experts Make in Succession Planning

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