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Problems With Succession Planning

There is undoubtedly a void in second- and third-generation offspring wanting to take over the family business, but there is also a huge void of CRE executives ages 40 to 50 since the recession flushed them out, executives tell GlobeSt.com.

Griffin Cogorno Cogorno: “I hear daily about large CRE portfolios going to sale because the siblings don’t have an interest and would rather cash out.”

IRVINE, CA—There is undoubtedly a void in second- and third-generation offspring wanting to take over the family business, but there is also a huge void of CRE executives ages 40 to 50 since the recession flushed them out, executives tell GlobeSt.com. Griffin Cogorno, VP of client development at Unire Real Estate Group says he been hearing of the impending potential epidemic coming when all the Baby Boomers begin to retire, creating a possible serious gap in the retiring group of leaders and the next generation. Moreover, many companies don’t have a succession plan or next generation of top-level executives to steer the company.

We spoke with Cogorno, along with Brooke Gustafson, managing director at Birtcher Development, and Berkeley Davis, managing director of RETS Associates, about the biggest issues in CRE regarding succession planning and how companies should approach this issue.

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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