December Leadership Forum
Vol. 3 No. 12, December 2011
The Leadership Forum is a panel of the most prominent thought leaders in the profession. Each month we ask them to respond to a question dealing with CPA firm management and leadership.
This month's question is: What are the key components a firm needs to execute an internal succession plan?
Consultants and Other Prominent Observers
| August Aquila | Aquila Global Advisor Group, LLC | www.aquilaadvisors.com [email protected] |
| ...Succession planning is all about creating option for the individual who is stepping down, for the firm and for the successor...More | ||
| L. Gary Boomer | Boomer Consulting, Inc. | www.boomer.com [email protected] |
| ...This plan should identify objectives, measurements of success, strategic initiatives, due dates and responsible parties/advisors...More | ||
| Rita Keller | Keller Advisors, LLC | www.ritakeller.com [email protected] |
| ...I believe that succession planning is simply good management. It means that firm management continually works to create a culture that attracts and keeps top talent...More | ||
| Patrick Pruett | The Alliance of Professional Associations and Enterprise Network Worldwide | http://enterprisenetworkworldwide.com [email protected] |
| ...Connect partner compensation plans to firm succession - partners in the firm need to have incentives to coach, mentor, and train people...More | ||
| Marc Rosenberg | The Rosenberg Associates | www.rosenbergassoc.com [email protected] |
| 1.The first step is to "do the math." Poll each partner and find out when they plan to retire...More | ||
| Joel Sinkin | Accounting Transition Advisors | www.transitionadvisors.com [email protected] |
| The first thing you need to have is the excess capacity and the expertise to replace the role of the partners that will be slowing down...More | ||
| Douglas H. Thompson | CPA Choice, LLC | www.cpamerica.org [email protected] |
| ...Starting the process early (five years minimum recommended) with drafts of firm and of individual retirement plans. Review and update/affirm plans annually...More | ||
| Jennifer Wilson | ConvergenceCoaching LLC | www.convergencecoaching.com [email protected] |
| ...Developing a unifying, engaging vision for your firm's future that both the mature and up-and-coming leaders can get enrolled in ...More | ||
Firm Leaders
| Bob Knight | Lane Gorman Trubitt, PLLC | |
| Undertake a true assessment of the next generation's ability to continue to build the practice, lead the team members, and not just focus on their charge hours and technical ability. | ||
| Paul Regan | Hemming Morse, Inc., CPAs | |
| Identify the tasks done by the person to be succeeded and delegate them to others as soon as possible. Those that are not to be delegated should be done by the both the person retiring and the person that will take that persons place. | ||
| John Sensiba | Sensiba San Filippo LLP | |
| A written plan and excellent communication of expectations with all parties. | ||
| Anonymous | ||
| Good leadership and good-next generation willingness. | ||