Succession Planning Isn’t a Spreadsheet — It’s a Commitment to Conversations
Private equity is reshaping the accounting profession. While some firms actively explore investment, others are navigating the ripple effects and general changes in the profession: rising consolidation, increased M&A activity, retiring partners, and growing concerns about talent shortages and leadership transitions.
Most firms are facing a lot of changes—rapidly. And in this evolving landscape, one thing is clear:
Succession planning has never been more critical. And yet, it’s often misunderstood.
Too many firms treat succession as a tactical, check-the-box process: a spreadsheet, an org chart, a list of potential partner names tied to rough retirement dates.
But real succession planning? It goes deeper. It’s personal. It’s ongoing.
It’s a commitment to conversations.
What Is Succession Planning?
Succession planning in professional services firms is about more than continuity. It’s about cultural stewardship. It means preparing people—not just replacing roles.
Done well, succession planning helps firms retain institutional knowledge, transition leadership smoothly, and grow from within, maximizing their talent. But more importantly, it sends a clear message to the firm’s future leaders:
“We see a future for you here—and we’re willing to invest in it.”
Why It Matters to Your Team
Succession planning isn’t just about leadership openings for team members across departments—from tax and audit to advisory, operations, and administration. It represents assurance, motivation, and opportunity.
It answers important questions:
- Is there room for me to grow here?
- Is leadership willing to invest in me or paying attention to development?
- Am I part of the firm’s long-term plan?
In today’s firms, these questions matter deeply.
They shape engagement, retention, and morale.
And it’s not just about promotions or titles. Many employees seek work-life balance, meaningful mentorship, and clarity around expectations. These desires are consistent across generations and genders despite the persistent (often unfair) narrative that “no one wants to work hard anymore.”
Hold on to your hat—Some firms are not struggling with retention or motivation. Why is this?
Because they prioritize people over quotas. They ask, listen, and respond to what their teams actually need—not what leadership assumes they need. How do they know these things? They prioritize conversations with their team and make it safe for team members to approach leaders with ideas, fears, frustrations, and goals.
Why It Matters to Firm Leaders
For current partners and leaders, succession planning is both protection and potential. It supports:
- Retirement and exit planning
- Growth of services and revenue
- Expansion of leadership and expertise
- A healthier, more resilient firm culture
But too often, leaders don’t engage in the human side of the process. Consider David Maister’s Trust Equation which is Trust = Credibility + Reliability + Intimacy (or Relationships), all divided by Self-Interest – the weakest component is Intimacy. Why is this? Because people tend to underestimate the importance of communication and relationships. Leaders sometimes draft plans without input. They assume the team will “raise their hand” if they are interested. They focus on structure but miss the strategy of relationship-building that makes any plan sustainable.
If you are not talking to your people, you’re not really planning for successful succession.
Planning for People, Not Just Positions
The firms that are getting succession right aren’t just filling out forms.
They are creating a safe space for conversations—about ambition, uncertainty, readiness, and identity.
They are leading with curiosity, not just control.
They are developing talent continuously, not reactively.
They are modeling leadership that’s not just competent but conscious.
Succession planning isn’t a single meeting or milestone. It is a mindset. One that says:
“We don’t just want to protect the firm—we want to evolve it.” We know that firms must continue to evolve to stay competitive.
So, what should we do? If your succession plan lives in a document but not in your culture—it is time to reframe the conversation.
Start talking to your team.
Start investing in and building development into your day-to-day.
Start treating succession as a shared journey, not a solo task.
Because real succession doesn’t just secure the leaders’ exit.
It builds the kind of firm people want to lead. And that’s pretty exciting!
Next Steps
To learn more about building a dynamic culture through relationships, and how to position yourself as a Trusted Advisor, don’t hesitate to get in touch with Us to schedule a complimentary phone consultation. The Rainmaker Companies can help you Grow Your Firm, Grow Your Practice, or Grow Your Self.
