Mentoring and talent identification are important elements of successful succession planning, according to two Hungerford Nichols CPAs + Advisors experts interviewed by Sheri Welsh for The Welsh Wire podcast, sponsored by the Family Business Alliance.
“People start at different areas and levels in their career and grow to be where they’re at now and what we’ve realized is that there’s such an importance, both in our own organization, but also a lot of the closely held family owned businesses we’re working with, that [employees] don’t learn everything when they go to school,” says Senior Manager Tessa Keena, CPA.
“The hope is that you’re learning it on the job, but sometimes there’s certain parts of the job that you need others to provide insight and advice from within. And that comes in the form of a mentor.”
The mentoring process can be crucial to finding the next generation of leaders who will help the company continue to be successful, says Business Advisor Katy Felver, MSMSL.
“We help that business owner really get comfortable and identify those talents in their firm,” Felver says.
“Talents come in all different shapes and sizes and levels, and I think that because we’re really in the pulse of working with our clients, we have the privilege of learning and meeting different people in the organization. So we can also help unveil to the business owner, hey, have you seen this person in your organization, that they have this interest or this talent?”
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Alternatively, you can watch the interview here: https://www.youtube.com/watch?v=XhewNp8iDgA