Case study: Partnership succession

Overview: $20m professional services firm. Founding partner was looking to exit. AltusQ facilitated a top-down strategy combined with bottom-up staff reviews and coaching. End result was a 70% growth in profit per partner.

Issues addressed

  • Founding partner and key driver looking to retire
  • Some young partners finding their feet and manager group not effectively managing
  • Issues of accountability and underperformance not fully managed.

Actions implemented

  • 2-Day Strategy Offsite to clarify and align the firm’s strategic direction and project priorities, followed by a program of regular implementation meetings and annual leadership retreats
  • Firm’s culture and values documented and embedded
  • Full review of staff attitude and capability with underperforming staff moved “up or out”
  • Structured succession program for founding partner
  • One on one and group  leadership coaching for partners and managers involving “The Leadership Circle” 360 tool.

Results achieved

  • Founding partner has successfully retired with no client losses
  • 2 new “home grown” partners have been appointed
  • Far more connected and effective partner and manager team
  • Significant reduction in staff turnover and increase in recruitment conversion
  • 70% growth in revenue and profit per partner.