Mark G. Metzler, Director, Audit & Accounting, was recently interviewed for an article on succession and transition planning by the Society for Human Resource Management (SHRM). The article notes that while a wave of Baby Boomer business owners plan to retire over the next two decades, a significant number do not have a plan in place to transition the business, or a plan to identify and develop their successors.
Succession planning is not just important for the executive team; every key role in an organization needs to have a potential replacement. Mark Metzler discussed how Kreischer Miller handled one such situation, when a senior accountant with the firm signaled her desire to retire. A replacement was hired immediately, even though the accountant wasn't planning to leave for two years. Mark said, “When valuable employees retire, we need to have their successors waiting in the wings," he says. "It's our way of making sure that our clients continue to have confidence in us.”