Independent Banker - December 2021 - 59

" If you see someone who is a great loan
offi cer who seems well-suited to be the senior
credit offi cer someday, don't just let them sit
there and be the best loan offi cer they can
be. Start giving them the skills, education and
training now so they don't walk away. "
-Doc Bodine, Gerrish Smith Tuck Consultants and Attorneys PC
8
Align succession planning
with your strategic plan
Every business goes through
a life cycle of startup,
growth, maturity and continued growth
or decline. Succession plans should
consider where a bank is in its lifecycle
and its goals for the future to ensure any
new leader will have the skills to help the
bank achieve them.
Francis X. Godfrey, a fi nancial services
tax partner in the St. Louis offi ce of bank
consulting fi rm BKD, LLP, recommends
mapping a resource gap analysis to the
strategic plan.
" Where do you want to be in the
future, and who will help get you there? "
Godfrey says. " Be realistic. We see a lot
of community banks where they identify
their lifecycle as the growth stage, but
they are relatively fl at. They are mature
within their market and within their
leadership team. "
Set up successors to succeed
It's common to have a CEO or other retiring leader
work alongside their successor for a period of time to
transfer institutional knowledge. Other times, a CEO
might remain on the board to ensure continuity of knowledge. The
challenge, then, is ensuring the board gives the new CEO their due,
listening to their thoughts and opinions instead of deferring to the
old CEO they know and trust.
" You need to work through that dynamic and give the new CEO
an opportunity to succeed, " Buffi ngton says. " You don't want to
undermine that role. "
9
Ford says choosing an internal candidate has made the hand-off
much easier. He turned over the reins of Central Valley Community
Bank on Nov. 1, but will be available to his successor until next April.
" I recommend you give enough time for the CEO transition, but
you have to let the new CEO take over, " Ford says. " My intent is to
fade into the background. "
Kelly Pike is a writer in Virginia.
independentbanker.org Q 55

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Independent Banker - December 2021

Table of Contents for the Digital Edition of Independent Banker - December 2021

Table of Contents
Independent Banker - December 2021 - Intro
Independent Banker - December 2021 - Cover1
Independent Banker - December 2021 - Cover2
Independent Banker - December 2021 - Table of Contents
Independent Banker - December 2021 - 2
Independent Banker - December 2021 - 3
Independent Banker - December 2021 - 4
Independent Banker - December 2021 - 5
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Independent Banker - December 2021 - Cover3
Independent Banker - December 2021 - Cover4
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