Six Steps to Implementing a Succession Plan

Source: RedZone, Play of the Month

The following excerpts are presented, with permission, from Accountants Advisory Group.

1. Succession planning needs to start from the top. Holding partners accountable for implementing the firm’s succession plan and compensating them accordingly is the key to the success of the plan.
2. Reviewing and updating the succession plan at the annual partner’s meeting is not enough. A firm succession plan must be practiced daily and taken seriously by all the partners, young and old.
3. Recruiting and retaining the best entry level and experienced professionals the firm can identify.
4. Establishing formal staff career development programs, partner-in-training programs, and mentoring programs.
5. Establishing a staff-centric culture, including compensation and reward program that retain your most talented professionals.
6. Establishing relationships and dialogues with smaller and larger firms for possible merger transactions.

For the complete article, click here.

From RedZone, Play of the Month, Accountants Advisory Group LLC, www.accountantsadvisory.com, July 2008.

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