Finding the Next “Star” at Your Firm

Last week I delivered my first 2015 post-tax season CPE to one of the state societies on – well, you guessed it – succession planning.

Despite the fact that roughly three quarters of the attendees appeared shell shocked after yet another brutal tax season, it was a lively and interactive group who peppered me with questions with refreshing regularity.

When the subject of internal succession came up, one attendee asked me bluntly “How do you know if someone has the potential to one day lead your firm?”

I responded by telling him it’s a difficult question to answer because there are dozens of variables that go into it.

For example, sometimes it’s easy to spot a “star;” they have that “it” quality that you know will only get stronger as they are mentored and develop. 

As a former editor I was fortunate to have that experience twice when interviewing candidates for open posts. One woman came in and literally after 1 minute speaking with her I excused myself and told my assistant to cancel the remainder of the interviews scheduled for that day – I had found my hire.

Other times building your bench with strong candidates doesn’t fall quite so easily in your lap. And despite the importance of training, leaders cannot always be molded through rote development programs. Leadership is often an innate trait and while it can no doubt be strengthened, it cannot be manufactured from scratch no matter how good the teacher.

So what criteria should firms seek in order to help identify their next generation of leaders or perhaps more importantly what should they avoid?

For what it’s worth, here’s what I told him:

1. Look for high potentials who are not afraid of taking strategic risks; you don’t need an over-intelligent and meticulous employee who falls into the common abyss that has traditionally befallen many CPAs – “paralysis by analysis.”
2. Someone who exhibits management skills early on and is willing to be challenged.
3. Someone who thinks differently when confronted by problems or roadblocks.
4. A candidate whose problem solving strategies aren’t exclusively constrained by the bottom line.
5. And lastly, one who has demonstrated an ability to inspire their co-workers.

That was sort of the Cliff Notes version but he got the idea.

Now whether he or anyone else at the session will take that into consideration is another matter. But now many of you are dusting yourselves off after the latest 1040 tsunami here’s hoping you find the next star at your firm.

And if you don’t, well we can help you with that too.