HOUSTON-Given the spate of high-profile, C-Suite turnovers the industry has seen in recent months, it would appear that succession planning is still a cutting-edge thought. While larger firms are starting to pick up on the need, there is still a vestigial go-it-alone cowboy mentality that threatens continuity.

“There’s a lot of truth in that,” Transwestern CEO Larry Heard tells GlobeSt.com. “Commercial real estate, just like the oil and gas industry, has leadership made up of people who are bold, innovative, risk takers. They also tend to see themselves as invincible. But as companies get larger it’s more realistic to recognize that there are a lot of people depending on you for discernment and strategic planning. You can’t leave succession to chance. You need to strategize on that as proactively as you would an important client relationship.”

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