Livengood’s target clients are business people in or nearing retirement, but he and Turnburke feel that having a younger person in line to take over someday gives the firm an advantage, because she will be able to relate to the children of the current clients.
Podnos agrees with the need to plan far ahead. In order to do so, he brought in his 29-year-old daughter, Rachel, who started out to be a lawyer before she switched fields, and is now a possible successor.
Podnos started out serving 45- to 70-year-olds, but the client base is shifting to younger clients.
“We have an agreement with another firm that could take over when I retire, but since I have brought Rachel on that might change,” Steven says. “As Rachel gains experience, she can take over gradually.
“It is nice to have an internal, rather than an external, succession plan, and a person who is a family member as well,” he says.
As far as Rachel is concerned, she says she is interested in working with people her age -- accumulators who will build assets over time.
“These younger clients will add value to the firm,” she say