Only 20 percent of all CPA firms make it to the second generation. Why? In short, firms suck at succession planning:
- Partners often lack mentoring skills;
- There is very little accountability for mentoring;
- Partners fail to give mentoring the same high-level focus as their client activities;
- Firms have inadequate leadership development and mentoring programs; and,
- Partners’ affluence makes them feel that failure at leadership development will not jeopardize their livelihood.
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