A robust mentoring program can be critical.
By Bill Penczak
Legendary General Electric CEO Jack Welch is reported to have lamented the choice he’d made in his successor, choosing someone based on their personality and ability to navigate the politics of the position instead of someone who could successfully lead the company into a brighter future. Welch was correct. Today, GE is a shell of its former self because of its leadership choice.
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Welch’s one gaping failure as an otherwise stellar executive started me thinking about the current state of baby boomer-led and owned CPA firms, and how many of them are likely to commit the succession errors of GE. Or worse, do nothing at all in terms of creating and sustaining a CPA firm into its next iteration.
As firms are giddy with the prospect of a new year and with COVID in our rear-view mirrors, here are five considerations for generational succession of a middle market firm:
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