Summary: As an independent firm grows, the role of an owner evolves from being a player on the team, to leading and managing an organization. Eventually, size and complexity will drive the need for greater professional management to help drive the owner's vision. Firms facing this need have three options: have the owner move into professional management and reduce responsibilities, elevate next generation professional talent from within or hire professional management from outside.
 Building a management team through elevating the next generation professional can be one of the most rewarding choices you make as a business owner. Current owners can free up valuable time and increase future returns on ownership if structured properly. Invest the time and resources to elevate the next generation into management. You might be pleasantly surprised with the result.”John Furey is principal and founder and Brandon Kawal is a consultant at Advisor Growth Strategies. |
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