Every institution should have a succession plan that prepares for a seamless transition in any position due to promotion, retirement, and other changes of life. A well-thought-out, documented, and executed plan can:

  • Increase efficiencies
  • Reduce net overhead
  • Boost sales opportunities
  • Create a leaner organization
  • Superior market research
  • Grow core deposits
  • Lower employee turnover
  • Balance information control
The Art of Succession Planning book was great because it importantly underscores the need to engage in succession planning throughout the bank, not just the CEO position.

Dave Vernon, First National Bank of Orrville

What is the Process at Your Institution?

If you have a plan, it may only apply to an emergency CEO situation. We find that institutions with sustained excellence have developed a formal process, not just for senior officers but for the entire organization, instilling a culture of leadership at every level.

CEO Culture

We call this culture of leadership the CEO Culture, which means that every employee thinks and acts like the CEO of their area of responsibility. They take ownership and are accountable. The sense of ownership empowers and motivates your greatest asset, your employees, to constantly improve the organization every day.

The Integrity Test

Are you truly ready to engage in the succession planning process? Have you been 100% honest, 100% of the time with 100% of your employees on 100% of your performance appraisals? Are you committed to making changes, capable of telling a long-term associate to leave, willing to spend the time, and willing to fight to get money for training and development?

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