In Berkshire Hathaway's recently released annual report, Billionaire Chairman Warren Buffet, 76, says he plans to hire one or two people to understudy him in managing Berkshire's investments."? The new person will have to prepare to manage over $125 Billion dollars of cash and assets. "?Novices need not apply.

"?Berkshire Hathaway is the parent company of the world's second largest real estate brokerage company, Home Services. The wildly successful Buffet says his company's succession plans on the investment side of the business are not well developed."? As one of the world's richest people, he can do most anything he wants, but it is odd as shrewd and calculating as he has been, that he has not made better provisions for the inevitable.

Fortunately his health and abilities have been superior to most.

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Succession plans in real estate companies are almost non-existent."? The exit strategy in most companies that I have consulted with have been no better than Warren Buffet's (the only area you would not want to compare yourself to) in planning the future."? I often hear that "I will die in the business, or I am going to go as long as I can"."? This sentiment is fine if you are a billionaire, but in many cases the real estate company owners have a huge asset that is at risk with out a successful transition to new leadership.

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The best time to sell a real estate company is when you do not have to. The best time to bring on a new leader whether it a daughter, son, or outside manager is when you do not have to."? I recommend starting at least three year's before your desired departure time to maximize and ease a transition."? You, your family, and management team, should also have an emergency plan in case you become sick or unable to perform as company owner and leader."? No one likes to discuss what might happen if, but it is prudent for your family and agents to be taken care of in all circumstances.

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A succession plan is as important as life insurance."? Please consider your options as early as possible in the growth of your business."? If Buffet were to retire today, I am sure that his company would find the talent to lead them."? Are you sure your company would continue as you had hoped.

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Please let us know your secession plans, thoughts, or good excuses for not having one.