Every day we wake up, we get another day older! So as bank management, directors, shareholders and even customers, we are another day closer to our eventual exit from our banks. Unless we know when that exit is going to happen, planning for this eventual exit needs to happen — well, yesterday!
Succession planning is four dimensional for any community bank: management succession (at all levels), board succession, shareholder succession and customer succession. And unless each of these is addressed, the eventual exodus could be unexpected and less than positive.
Successful succession planning for each of these four components of your bank requires meticulous strategic planning and execution of the resulting strategic plan. We at Wipfli have been through this exercise with numerous community banks and know what works and what may not work. Let us work with your bank to help you succeed in your succession planning.
So, wake up tomorrow and know you are another day older and another day closer to another successful era for your bank!