Avoid These Mistakes in Succession Planning

Source: Partner’s Report

Follow this advice when creating a succession plan.

• Create a title for your succession plan such as:
  • Partner-in-Training
  • Leadership Development Program
  • Human Capital Management Program
  • Talent Program
• Don’t assume a person who is successful in one job will succeed at a higher level.
• Don’t rely solely on partners to make judgments about promotions. Sometimes they fear that promoting someone will leave a void in his or her position. Obtain assessments from various sources.
• Promote based on performance, not as an award for length of employment.
• Don’t assume everyone wants to be a partner.

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From Partner’s Report, The Monthly Update for CPA Firm Owners, Institute of Management and Administration, Inc., [email protected], February 2009, p. 5.