Laura A. Colca, a partner in Goldberg Segalla’s Corporate Law and Transactions and Commercial Litigation and Arbitration groups, spoke with Buffalo Business First about how business owners planning succession should focus on retention of higher-level executives.
In the interview, Laura points out that taking steps to retain right-hand employees is more important than ever in today’s tight labor market.
“They need to think about how they can incentivize the talent they have, so there is a succession plan in place,” Laura said. “In the past, companies didn’t focus on that as much because the pool of top talent wasn’t as fluid or changing as rapidly as it is now. That wasn’t a thing pre-COVID; but now, people are getting drawn away.”
Laura also suggests incentives might include improved compensation plans, stock options, profit sharing, or performance-based equity plans.
“A Pivotal Piece of Your Business’ Succession Plan: Retaining Top Talent,” Buffalo Business First, October 13, 2021
Laura A. Colca is a skilled transactional and corporate counselor, intellectual property attorney, and litigator who brings more than 20 years of experience to her practice. Laura is a trusted legal advisor to a wide variety of clients, including manufacturing and technology companies, construction and development companies, retail and hospitality franchises, media entities, higher education institutions, nonprofits, and small and family-owned businesses. Whether acting as outside general counsel to a long-time client or parachuting in to handle a complicated matter, Laura’s practice includes high-value transactions; corporate formation, governance, and dissolution; commercial litigation and contractual disputes; and numerous matters related to trademarks, patents, and copyrights.