succession

action plans for transitioning partners

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four people meeting for business lunchthe transition process is about making the retiring partner less attractive as the client’s first point of contact.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

the key to the client transition process is the action plan that the transitioning partner needs to follow for each client.

more on performance management: partner retirement and the war for clients | how retirement issues affect succession planning | 7 succession questions to ignore for now | the pitfalls of equity allocation and reallocation | how to target what skills to develop now | job 1 for the practice owner: client management

for a small tax client, the directive could be as simple as a one-year transition and turning it over to whoever has been assigned to take over that account. for example, the action plan might be something like:

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how retirement issues affect succession planning

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an old-school bronze justice scale with inequal stacks of moneyif you believe your firm will be dysfunctional without you, now is the time to fix it.

by bill reeb, dominic cingoranelli, and tommye barie
the succession institute

when we take our clients through succession planning, eventually the focus turns to implementing the best practices for running a firm – but first we normally have to start with short-term retirement issues.

more on performance management: succession: the questions to care about | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | what having your employees’ backs means

why? because typically you won’t get any buy-in for change until the partners have looked at whether the current retirement system is paying at least roughly a fair market value to the near-term retiring partners.

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succession: the questions to care about

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track and field athletes passing relay baton. studio shot over white.bonus checklists: 5 rules to govern a succession plan. 8 keys to an effective compensation system.

by bill reeb and dominic cingoranelli

we’ve seen a lot of frequently shared, misdirected advice on commonly discussed succession issues. we would rather stop focusing on symptoms and start focusing on resolving the root cause issues that a good succession plan should address.

more on performance management: 7 succession questions to ignore for now | hazards of not reallocating equity | develop your employees or suffer the consequences | how to target what skills to develop now | what having your employees’ backs means

our solution: the robust succession framework

first and foremost, good succession management is a function of good business operating practices. over and over, we find successful firms – including many that have even effectively retired partners in the past – that are overlooking some very important best practices.
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7 succession questions to ignore for now

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serious-looking businessman in front of empty conference roomthere’s some misdirection in succession management out there.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

you can’t go a week without seeing some article or blog focused on succession management and everyone seems to have a different opinion as to what is important when addressing succession. so, we thought it was time we challenged some of the more common misconceptions.

more on performance management: how partner ratings factor into equity | hazards of not reallocating equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences | 5 harmful management attitudes (and how to fix them) | do cpa firms need management or leadership?

the first thing most authors want to focus on with succession is the development of future leaders. then the dialogue will shift quickly to mentoring programs, leadership training and more. well, it would be hypocritical for us to disagree with this because we actually develop and conduct these kinds of programs. however, training such as this is only valuable after many other issues are addressed first. so, while it is important, i guess the best phrase to describe this is “first things first,” and this is not first by any stretch of the imagination.

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how succession issues are driving desperation mergers

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2016-roundtable-outlook-for-rosenberg-map-commentary-vf-240x219millennials, aging partners both skeptical.

they say “past results are no indication of future performance.” maybe. maybe not. but if anyone should know, it’s our panel of experts, their comments drawn from the new edition of the rosenberg map survey. these are their bullet points and comments, verbatim, looking back at the last 12 months and looking ahead to 2016. – rick telberg, ceo

by terry putney
transition advisors

lessons from 2015:

the issue we are seeing that is most troublesome for firms is their lack of talent that can be developed into future leaders. often partners want to place blame on the millennials and the different views they have regarding work-life balance.

more from the rosenberg map survey: outlook 2016: change catches up with auditors | strategic plans undermined by out-of-control partners | growth, succession plans critical for firms | talent wars go from white gloves to boxing gloves | trend outlook 2016: change agents needed

however, it is clear many firms have failed to invest in leadership development. so they don’t have enough time to provide succession for retiring partners in their firms.

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