As real estate investors we’re often caught up in the day to day rush of analyzing markets and asset projects, dealing with partners / investors, consummating deals, and trying to understand as well as we can the vagaries of the national and global economies. 

David Jacobstein of Deloitte and Touche USA’s Real Estate Industry Group wrote an article in the March issue of Commercial Property News dealing with a topic we all should take some time to ponder - a succession plan for your business. 

It’s been our experience over the years to note that many very successful real estate investment companies are run by a strong and dynamic leader supported by a great team.  The management level tier of many of these companies is often quite thin; the loss of a key leader might indeed be devastating to the integrity of the company and its operations. 

Jacobstein suggests thoughtful development of a succession plan, not only for top tier management level position(s), but which includes recruitment and development of young talent. 

It’s never too late to improve your business model and operations. 

Technorati Tags: ,