Over the last few years, Lee Beall, CPA, principal and current CEO of Rea, has been focused on laying the groundwork for the future of the firm and he will join Dave on this week’s episode to talk about his experience and the importance of managing a comprehensive succession plan as well giving us insight into his unique leadership experience.
Lee took over as CEO at the beginning of the recession and his first obstacle was to develop a strategy to overcome a loss of 15 percent of the company’s top-line revenue and the resulting downsizing that left 73 men and women looking for work. These days, Lee gets to tell another story, one where the firm just recorded record revenue and is on track to continue to build on that success in the years ahead.
Lee and the firm’s board of directors have established a sound governance structure, one that emphasizes the importance of a proactive succession planning strategy. Therefore, two years ago, the wheels were put in motion to identify the firm’s next CEO to step in at the end of Lee’s term.
To find the right person for the job, the board of directors deployed a tool to identify the attributes of the firm’s current principals to get a better idea for their existing leadership traits. Working with an independent testing organization, the board proceeded with compiling a list of 15 of the most important attributes they wanted the firm’s next leader to possess. The tool used these attributes to rank the most viable leadership candidates based on these specific leadership attributes.
“That process was pretty eye-opening for everybody who participated in it, and it helped each of us identify what our wheelhouse was.”
The top three leadership attributes established by Rea & Associates’ new leadership transition process were:
- Communication Skills – There are two levels of communication: external communication with clients, vendors, etc. and internal communication with other employees.
- Vision & Strategic Planning – It’s important to be visionary and have a concept of where the organization should go, and to have a plan to work with the organization to make that change happen.
- Change In Management Implementation – When you take over a leadership position in a professional organization, you need to get outside of the organization and expose yourself to different training; talk to thought leaders in your profession to get a sense of where they see the landscape going for your profession; and understand the younger generation’s view of the world, because they are the future of the organization. Diverse perspectives will allow you to better understand and implement an appropriate plan for the future.
“I want you challenging yourself and learning from all the people in the room that you observe.”
Lee is retiring as CEO, but he is not retiring from Rea & Associates. He will continue to consult with CPA firms and businesses across the country on strategic planning while searching for additional opportunities for growth within those organizations. Want to learn more about Lee’s next endeavor? Give him a call at 614.923.6546.
official transcript
Click here to read the official transcript for episode 58: Lee Beall on being CEO: life’s been good to him so far