Succession Planning: The Benefits of Partnering with an Experienced Advisor

Succession planning is critical to ensuring the longevity and continued success of any organization. It prepares teams for unforeseen changes in leadership due to retirement, restructuring, or sudden departures. However, the process is complex and often fraught with challenges, both logistical and emotional.

While it might be tempting to handle succession planning on your own, enlisting the help of an experienced advisor can provide invaluable benefits.

Align Your Objectives with a Tailored Approach

Succession planning is not a one-size-fits-all process. Your organization is unique, with unique challenges, goals, and dynamics. An advisor can tailor their approach to fit the specific needs of your organization, providing a personal touch that you wouldn’t get if you did it alone or leaned on generic online resources for support. This can be especially powerful for a longtime leader, whose legacy is tied up in the organization they are preparing to leave.

An advisor can work closely with you to craft a succession plan that addresses the unique needs of your organization, increasing the likelihood of a successful transition.

An advisor will take the time to understand the intricacies of your organization, your vision for the future, and the dynamics of your team. This personalized approach ensures that the succession plan is comprehensive and aligned with your long-term objectives.

Identify (and Resolve) Unknown Challenges

Many leaders are so deeply involved in the day-to-day operations of their organization that they are unable to see potential issues that could arise. An outsider can offer different perspectives on business dynamics, act as a sounding board for leaders, and perceive nuances that leaders might not be aware of.

At Eide Bailly, we begin the succession planning process with an organizational assessment — a diagnostic tool which helps evaluate structure, processes, culture, and readiness for change. It’s not uncommon during these assessments to identify unforeseen inefficiencies or interpersonal conflicts.

Sometimes, it takes the fresh perspective of an outsider to truly understand your needs and identify underlying problems.

Consider one nonprofit organization which had been serving the community for over 50 years and was seen as a pillar of stability and support to many. By analyzing feedback and identifying gaps presented in their organizational assessment, the organization recognized the need for more modern approaches to align its services with stakeholder needs and preferences. They were then able to transform their service delivery and stakeholder engagement for enhanced effectiveness and impact.

Tap into Industry and Market Expertise

When you enlist Eide Bailly for support with your succession plan, you don’t gain just one trusted advisor — you gain access to a wealth of expertise from across our entire firm. Our advisors bring together a diverse range of skills and knowledge, ensuring that every aspect of your succession plan is meticulously crafted and executed.

By leveraging the collective experience and insights of our professionals, you can confidently navigate the complexities of succession planning and secure a prosperous future for your organization.

Move Forward with Confidence

Succession planning is not a one-time event; it’s an ongoing process that requires continuous attention and adjustment. Your plan must respond to evolving circumstances both within your organization and externally. Having a trusted advisor by your side means having a go-to resource when questions or challenges arise down the road, providing stability and reassurance during times of transition.

There is incredible value in working with a trusted advisor who knows — and cares about — you and your business holistically. At Eide Bailly, we pride ourselves on providing personalized, comprehensive, and ongoing support to organizations navigating the complexities of succession planning. Our experienced advisors are here to help you ensure a smooth and successful transition, safeguarding the future of your organization.