Thursday, November 21st, 2019

Succession Planning – What Are You Forgetting?

“The truest wisdom is a resolute determination.” – Napoleon Bonaparte

CPAs have been immersed in the process of succession planning for years.

As the Baby Boomers have aged and retired succession planning for firms took on a whole new life. How will the firm survive without me? Who will take over my client relationships? And, the continuing statement made by retiring partners, “We don’t have anyone who can replace me!”

When I hear that statement I always ask, “Whose fault is that?”

As you approach succession planning, I am sure you are making sure that your successors have all the experience and technical knowledge that public accounting demands. But, they need more.

According to Bruce Tulgan, a writer specializing in management training and generational diversity in the workforce, “One of the hardest things about succession planning is what I refer to as ‘wisdom transfer’—passing on institutional knowledge and soft skills to new leaders. How are you tackling wisdom transfer in your organization?”

What are you, as a firm and as individual senior partners, doing to be sure that you are making that “wisdom transfer” to the next generation of firm leaders?

  • "Foolishness is a twin sister of wisdom."
  • Witold Gombrowicz

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