Succession Planning for Non-Profits
December 14, 2017 by Douglas Wright, CPA
Not-for-profit organizations are run by boards of directors, but the day-to-day operations usually rest on the shoulders of one person, an executive director. In successful not-for-profits, the executive director may wear many hats, or they may direct staff members to keep the mission on track and the members or other stakeholders happy.
In the non-for-profit world, a good executive director is essential and a great one can make the difference between success and failure for the organization. So, all not-for-profits that run like well-oiled machines thanks to the efforts of their executive directors should already be planning for leadership succession before the need arises.
One thing to understand is that if your not-for-profit board members are business people, they may not understand the differences between planning a for-profit business succession and planning a not-for-profit leadership succession. The differences, however, are easily managed if you know what they are. Gordon Advisors can help!
At Gordon Advisors, we have decades of experience in the not-for-profit sector and have gained a thorough understanding of not-for-profit needs. In our guide, Anatomy of a Succession Plan written by Gordon Advisor’s Chief Operating Officer Jeff Farrington, MSM, and Principal Hannah Thoms, CPA, MSF, CFP®, we spell out what should be involved in leadership succession at a not-for-profit and offer insights that can help to ease the transition.
Among the many considerations are the importance of board involvement in and understanding of the entire leadership succession process, succession planning as a part of the overall strategy of management, budgetary considerations, and more.
Replacing a not-for-profit’s executive director in a smooth and organized fashion is as important as choosing the right replacement. We want to help make your leadership succession transition seamless and offer our guide Anatomy of a Succession Plan at no cost to you. Download the guide today and take the first step toward a successful leadership change at your not-for-profit.