NEW YORK CITY-A commercial real estate firm, whether it is public or private, must have a detailed plan in place to replace its current leaders to ensure that the outfit will continue to succeed years down the road. Executives talked through some of their strategies today at the Union League Club in a panel session entitled “Passing the Baton: Lessons in Leadership Transition,” sponsored by Korn/Ferry International and ULI.

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To ensure that an effective transition can happen in the first place, it helps for the business to be on steady operational ground, pointed out moderator Tony LoPinto, Korn/Ferry’s global sector leader, real estate, and author of GlobeSt.com’s Executive Watch column. “The quality of the culture makes a huge different how a business is run and perceived,” he said.