Age No Impediment to a Successful Succession Plan

Summary: A 32-year age gap exists between the founder and outgoing CEO of an RIA firm and his successor. The story of this firm's succession plan began when the firm (with $1.4 billion in AUM) received an acquisition offer by a larger firm in another city. The offer was rejected, but it served as a catalyst for an honest discussion of “where do we go from here?”