Statistics show there could be a steady increase in the senior set in prominent roles at firms across the country for the next two decades. Whatever the reason for that, it stands to reason that the longer the older, and presumably wiser, members of the management team stay on board, the fewer opportunities it will allow for younger proteges to advance their careers and run the firms themselves. That can't be seen as a good thing, and has generated a lot of buzz across the blogosphere.
How does your firm handle the torch-passing? Do you let the founder or long-time owner dictate when it's time for him or her to go, or is there a realization that the firm can only advance by staying current and keeping tabs on its clients' needs today, not its needs from 20 or 30 years ago?