Veteran agency consultant and repeat “On Point” guest Tom Doran with Reagan Consulting is on a renewed mission. He wants agency principals to understand the stark reality about their futures. “If we’re not focused on the leadership transition, we’re likely to wake up one day and realize that we don’t have an option to perpetuation internally because we haven’t done the needed things to maintain a healthy operation.” Primarily, agency owners need to develop young talent, he urges. Unlike the marketplace, this is “the one variable you can control. We desperately need to hire and develop young folks. We are asleep at the wheel in succession planning.” Moreover, the plan should be periodically updated, he says. “It’s not a three-ring notebook to put on a shelf.” On this episode, Tom outlines four pillars of a successful perpetuation: healthy operation, willing sellers, able buyers and a good transfer mechanism.

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