“SUCCESSION PLANNING IS VITAL – YOU NEED TO BE DOING IT ALL THE TIME, NOT JUST FOR LEADERSHIP, BUT TO IDENTIFY A CAREER PATH FOR EVERYONE IN THE ORGANISATION,” TOM JORDAN, HAYBALL Like all businesses, architecture firms need to be serious when it comes to succession planning. This is especially true now, when a huge amount of businesses are facing uncertainty as Baby Boomer leaders and owners reach retirement age. A recent survey in Australia found that, in the next decade, 60 percent of private business owners in Australia will be reaching retirement, and that the resultant transfer of ownership assets and business equates to $607 billion (Monash University Family and Private Business Research Unit).
Unlike other professions, such as accounting and law firms, in architecture, succession planning is one…