Succession Planning in Accounting Pt2: External Talent

Accounting Talent Podcast

Are you prepared for the leadership void in your accounting firm? What if your firm's next leader isn't even on your radar?

In this eye-opening episode of the Accounting Talent Podcast, Rob Brown dives into the critical topic of external succession planning for accounting firms. Building on his previous episode about internal succession, Rob explores why looking outside your firm for future leaders isn't just an option—it's a necessity for staying relevant and competitive in today's rapidly changing business landscape.

Rob highlights the alarming statistics that less than 50% of accounting firms have a formal succession plan, yet 80% expect to face succession challenges in the next five years. He emphasizes the importance of starting early, thinking strategically, and considering both internal and external candidates for leadership roles. The episode provides valuable insights into best practices for external succession planning, including defining clear roles and expectations, ensuring cultural fit, and adopting a hybrid approach that combines fresh perspectives with institutional knowledge.

Key Takeaways:

✓ Start succession planning early, thinking 2-5 years ahead

✓ Define clear roles and expectations for external hires

✓ Ensure cultural fit is prioritized alongside technical competence

✓ Consider a hybrid approach, blending external and internal talent

✓ Ignoring external succession planning can lead to significant risks and lost opportunities

Quotes:

"What got you here won't get you there."

"Succession planning is not just keeping the lights on when someone leaves. It's about setting your firm up for long-term success."

You can watch this specific episode on our YouTube Channel here: https://youtu.be/7DsrcGyb7RY

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This is the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

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Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and insights—further enhances their ability to stay on the cutting edge of remote recruiting by tapping into a natural pipeline of job seekers.

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If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.