don’t assume they see the benefits.
by gary bolinger
not long ago, i was in a firm meeting with several partners and senior managers. the plan for the meeting was for me to provide an update on current and emerging issues facing the profession and firms. the issue of succession planning came up (as it frequently does). i had been scanning the room to attempt to determine who was really tuned in and who was just warming the chair they were sitting in.
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a senior manager had caught my attention because he seemed intent on learning and understanding what was shaping his chosen profession. so, i took the opportunity to bluntly ask if he was interested in being an owner in the firm. i got a raised eyebrow from some of the partners. they obviously thought i was asking a question with a rather obvious answer. but …
“i’m not sure” was the senior manager’s response. that raised eyebrows just a little more. this senior manager was someone they were counting on to take the step to ownership.
so, i asked the only question i could think of … “you’re not sure?” he simply said, “that’s right.” well, i had to go on. “what do you mean you’re not sure?”
so, this senior manager went into a description of what he thought a partner’s work and personal life were like. long hours, weekend and evening work, no time for a personal or family life. the work is routine year after year, not easy work, but routine. he just wasn’t sure that he wanted to sign up for that. partner eyebrows went up just a little more.
so, i asked the partner group what their reaction was. after a few moments of silent disbelief, one partner said, “well, that just isn’t the way it is.” the partner went into a somewhat lengthy dialog about how he viewed partnership in the firm and what the financial and lifestyle benefits were.
succession planning is a challenge when your staff has nothing but stereotypical beliefs about partnership in your firm. you can change that, and you should. partners must make a concerted effort to ensure that managers have a realistic understanding of what partnership means in their firm.
you also need to go out of your way in talking with non-partners about the future of the firm. those discussion must be sincere. the firm that is genuinely interested in the long-term success of the firm should include non-partners in any strategic planning process for the firm. that’s right, non-partners should be engaged in strategic planning. staff, seniors, managers and partners. those young professionals may have a somewhat different but equally valid perspective on the future of public accounting, value adding client services and future firm structure.
things won’t always be the way they were. it is difficult for the most experienced practitioner to see things in a different way. involving your younger staff in strategic planning is also a tremendous learning opportunity for them. they won’t learn about the firm if all they do is client service.
in the planning process with these young professionals, talk with them about what they see as future client services. how do they view advisory services? which clients could benefit the most from advisory services? are there any opportunities to offer integrated reporting services? how do advisory services and integrated reporting services complement each other? that might be a good research project for a talented senior manager. and if you don’t know what integrated reporting is and how it adds value to organizations, you should take time to study it. when you understand integrating reporting, you will see the clear connection to opportunities in advisory services. and when you agree to innovate for your firm in future practice areas, you will discover that younger professionals find the work a bit more interesting and potentially more profitable than traditional compliance services.