While succession plans mean a great deal to limited partners, many managers struggle with the discipline and accountability it requires. George Wilbanks opines, “It’s very hard to say, ‘I want to think about strategic staffing, development or succession planning this year,’ it just doesn’t work. If you do that, you end up working with a really expensive headhunter to solve a problem. If you don’t plan ahead and you’ve got an exercise to take three to 10 years to execute, you’ve got a problem.” Great reporting by Shayla Colon.

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