Succession expert: A strong bench can aid a smooth succession

Written on May 15, 2014

By Gary Hunt

With the NBA playoffs under way, it’s easy to see how valuable it is to have a “sixth man” who can score some points.

Bench strength can also be an important element of success for accounting – especially when it’s time for CPAs to think about retirement.

“A good bench is when you can look over your shoulder and say, ‘You know what, I think we really do have the team here, the horses here to succeed the partners in the firm,’” said OSCPA member Gary Adamson, CPA, CEO of Adamson Advisory, a CPA practice management consulting firm.

Adamson said CPAs should formulate and stick to a succession plan that includes:

  • Recruiting
  • Development
  • Inclusion

“Too many of us CPAs have been focused on clients and getting the work done,” he said. “Too few firms, frankly, have really done a good job of building a staff development process.

“It’s a lot of hard work to grow and keep strong talent so they’re there when you’re ready to retire.”

Building your bench: Hear more from Gary Adamson, CPA

What does an effective bench look like at an accounting firm? How do you get started? OSCPA member Gary Adamson, CPA discusses that and more in the latest installment of OSCPA Spotlight.

And if you are trying to develop future leaders in your organization, the Leadership Summit June 16-17 is ideal for both emerging and experienced CPA leaders. Learn more!

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