Alternative Courses of Action
The alternatives facing any size firm, assuming an internal ownership transition/management succession program with current staff is not feasible or is not proceeding at a realistic pace, are the hiring leadership from outside the firm, a sale or merger or closure of the firm.
Assuming a firm is financially successful and can fund redemptions of senior owners, the firm may seek to attract leadership from outside the firm. While a possibility, the person will need to be culturally compatible with the firm and may require a period of time to earn the confidence and trust of both the current leadership and key staff members before ascending to leadership of the firm. This scenario may not be successful or attractive, given the difficulty in attracting such a person and the time needed to have that person rise to become the leader of the firm.