SOURCE: Photo by Cytonn Photography on Unsplash Every executive loves to see growth, it is a primary indicator of success and a sign that strategies, business processes, workflow, and management in an organization are moving in an upward direction overall. Generally, when starting up a business, the goal is to experience, growth and expansion which would eventually […]
In this second part of our series on “Succession Planning: Passing and Receiving the Baton,” we will go in-depth in our discussion of the phrase “passing the baton” which means “to hand over a specific duty or responsibility.” We will look closely at the significance of this statement in the context of the transition of […]
The assessment of a firm, its profitability, retention of company culture and how it stands in future years to come can be based on many factors, but usually for a small organization or a CPA firm owner, those factors for survival has been carved out primarily on the backdrop of a consistent and systematic diet […]
A time will come when an organization will have to deal with leadership transition and succession. These complex processes will require much preparation and moving parts to succeed. Succession is similar to two runners in a sprint relay passing the baton; it’s a key moment in the race. A dropped baton might cost the team […]
The acquisition and sale of an accountancy practice is a challenging and complex process. The steps involved in this process of handing off from one entity to another requires much planning and preparation. The approach of the “Great Retirement,” a wave of “Baby Boomers” departing the workforce with the decision to sell their practices, will […]
The best way to reduce the effect of lost talent and underdeveloped employees is to take the time to develop a leadership-based succession plan that focuses on developing and mentoring the next generation. Jim Bitterle, EDSI Managing Partner and Succession Planning Expert Do you have the next generation of employees ready to step into the […]
When most firm leaders consider succession planning, they often expect cultivating a successor who has put in years of work and is fully acquainted with the team, clients, and firm practice as a whole. However, if your company lacks a well-groomed heir or a promising candidate to carry out an internal succession plan, you’ll be […]
Succession Planning according to Susan M. Heathfield is the process whereby an organization ensures that employees are recruited and developed to fill each key role within the company. In this process, you ensure that you will never have a key role open for which another employee is not prepared. It sounds like an awesome solution yet […]
Succession planning is often treated as the elephant in the room. Although a vital inclusion to the overall prolongation of a firm, it is the most likely to be disregarded or overlooked business practice. Succession planning only becomes important in the face of adversity, which, in In most cases, is a little too late because […]
“If you fail to plan, you are planning to fail.” Benjamin Franklin What would happen if you were in an accident or became sick suddenly and could no longer lead your company or firm? Will there be continuity to your company or legacy? Imagine having spent the better part of your life building and […]