Have you thought about the future leadership of your bank? With current bank executives averaging over 55 years of age, succession issues will be the biggest tsunami to hit community banks starting in just a few years.

In fact, a recent survey across all industries showed that leadership succession planning, or the lack thereof, was the most pressing area of concern among CEOs.

Almost every executive on almost every exec team I work with in the banking industry is over 55, and many of those are over 60. These are usually very capable folks doing a great job running the bank of the present. But it’s hard to argue any of them are being groomed to run the bank of the future.

That’s an enormous shoe that is destined to drop—and you need to be sure your bank isn’t under it when it does. It’s a disaster in the making.

Smart bankers understand that NOW is the time to get a succession plan in place for your younger executives. But even those banks that have a plan in place often have an inadequate one—one that focuses on the nuts and bolts of management and strategy but overlooks the real wisdom that ensures a bank’s long-term success.

Continue Reading Succession Planning: How smart banks are securing future growth…