Public Finance Blog

Today’s blog comes about because I have been involved in a special situation involving a unique team. I was asked to help the team of non-public finance members look at their options of making a move or staying put.  Even though this is not my typical group that I work with, the lessons to be learned are indeed universal.  Let me share with you my findings, but first, some background…

The Leading Questions For The Team

The team has been together in their field for quite a while.  They are in a position where retirement thoughts are starting to bloom, and “exit strategy” is the phrase of the day.  The main questions they ask themselves are, “Do we stay where we are and use the firm’s succession plan? On the contrary, do we venture out, find a new home, which will yield the best results for our clients after we leave the business?” 

Is Complacency Holding You Back?

There are usually three concerns that they may be dealing with in a scenario like this.  Complacency, complexity, and controversy.  We’ll take those in order.  First up is complacency.  It’s easiest to stay where they are.  They know the landscape.  Their clients are used to the technology and the paperwork.  They have been getting the same information in the same format over the last couple of years (or longer).  That’s not rocking the boat.  We can make an extremely easy transition with very little concern for our clients’ welfare.  But the question they need to be asking is if their clients are receiving the best once the team retires?  Surely clients stay first for their personal contacts that have been built up over the years, but once those are severed, is this the right place for them to stay?

Is The Complexity Worth It?

Our second term is complexity.  It is difficult to move a client to a new situation.  There is always that risk of them not wanting to leave when there will be paperwork that needs to be executed and transferred to the new home.  Clients will have to learn new systems, whereas the team will have to learn how to navigate the new company’s idiosyncrasies.  These are all valid concerns, but do they outweigh the fact that the existing company is behind the times?  Only the team members can make that decision.

The Controversy…

The third is controversy.   Resigning is overtly controversial, especially when you’re at the same company for so many years.  You have great relationships with your managers and the other people who have been assisting you all this time.  But the day will come, if you see fit, to make a move where you will have to look that friend in the eye and say you’re moving your business. This is not something that is easy or pleasant to do.

But when you look at these three words of complacency, complexity, and controversy, and you know they exist, you can make that tough decision to move on.  That is, if the new place is clearly better for your clients and your succession plan.  Decisions like these need to be made as business ones, not emotional ones.

Conclusion

You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. We have also been mentioned in Forbes this year, click HERE to read more.  

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.