Professional Practices – Governance & Succession Status Check
Change is a constant in any long-term professional practice. Pro-active, long term succession planning is characteristic of professional firms which survive – and thrive – for generations.
These 10 questions will help you think about your succession readiness.
- Have you recently reviewed your firm’s governance and organization structure to ensure it is meeting the needs of a growing professional firm in a rapidly changing and more competitive environment?
- Have you clarified the roles and responsibilities of the key people in your firm - partners, associates, governing bodies and management or executive committees?
- How will you choose the right leaders for the firm - those responsible for governing, strategy-and-oversight leaders, and the executive management leaders?
- What is best decision-making process for your firm - one that is informed, transparent, timely and not bogged down?
- Do you have an effective strategic planning process to produce a business roadmap that distinguishes your firm and guides it toward continued growth and success?
- Do you have a client strategy that acknowledges key clients, and that encourages client cross-sharing and the orderly transition of clients by retiring partners?
- Do you have a healthy firm culture where there is sense of team unity, a respectful way to manage conflict, and where people like to come to work?
- Do you define and measure performance and success for the firm and its people in a way that continues to attract top talent and operates successfully in the marketplace?
- Do you have a well-designed succession plan that respects outgoing partners while ensuring talent development and business continuity?
- Do you have a communications system that sends consistent and positive messages throughout the firm and invites feedback?
Board Dynamics will work with you to build a succession plan that ensures orderly transition, client retention and business continuity.