Posts Tagged ‘succession’
Be the Firm You Want to Be
Every organization is perfectly designed to produce the results it’s producing. If you want a different result – you must change something. The originator of this phrase is debatable. Its premise is not. The business case for change is that firms that continue to do things as they have always done at some point will…
Read MorePeople at the Center of CPA Firm 2015 Top Issues
The CPA Consultants’ Alliance (CPACA), a group of thought leaders working together to further leadership within the CPA profession, recently held its annual meeting to discuss the most pressing leadership challenges facing the CPA profession and identify solutions to address these challenges. Following the meeting, CPACA members were asked to comment on the single most…
Read MoreThe First Step in Succession Planning-Assess Your Need for Replacement Partners
The first step in developing a plan for the internal succession of your partners is to develop an understanding of the nature and timing of their replacement. This will provide you with what you need to know for acquiring the necessary talent and developing viable successors. Start with when each partner is likely to relinquish…
Read MoreBuilding Your Bench For Succession
Thousands of firms are working through the succession and retirement of senior partners and deciding along the way whether or not they can pull it off internally and stay independent. The single most important factor for success is what we see when we look over our shoulder – is the bench of people there to…
Read MoreCan You Afford to Buy-out the Retiring Partners of Your Firm?
Many firms are struggling with the prospects of paying retirement buyout payments for their senior partners who will be retiring in the next few years. In some cases, several partners will be receiving retirement buyouts simultaneously. The financial burden can seem daunting. As we have emphasized in earlier blogs, make sure you first have the…
Read MoreWhen Should You Commence the Execution of Your Succession Plan
A key factor in successful transition of clients, as a partner moves toward retirement, is how dependent the client has become on the individual, rather than dependent upon the firm. In most firms, retirement benefits for partners are dependent upon the number of clients that remain with the firm. So, it is important that you…
Read MoreCan You Feel The Power Shift?
78 million Baby Boomers, born from 1946-1964 need to transfer responsibility, wealth, and assets over the next 12-15 years. It might be easy to lull yourself into believing that the impact of this is a ways off. But studies estimate that 10,000 to 12,000 people are retiring every day and the impact in firms (and…
Read MoreA conversation with Managing Partners
I recently facilitated a panel discussion with three managing partners. The topic of discussion was around developing future leaders. They also shared best practices around creating a culture focused on creating value for clients, and not just what we ordinarily think of as value. True value and deep relationships that come from a focus on…
Read MoreThe Fifth Step in Succession Planning-Develop and Execute a Transition Plan
In previous blogs, I discussed the need to assess the level of need you have for replacing retiring partners, how to assess your firm’s potential for partner level talent, developing that talent into viable successors, and making sure you have the right financial arrangement for buying out and admitting new partners. The final step is…
Read MoreThe Third Step in Succession Planning-Obtain Talent and Develop Them Into Successors
In previous blogs, I discussed the need to assess the level of need you have for replacing partners that will retire in the near future and how to assess the potential for partner level talent you have on your bench. The next step in this five step process is to get the right people on…
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