Planning to Succeed

Succession planning is something that all firms must face to thrive. It’s never easy to replace effective leaders, however it’s important to think ahead if you are going to thrive after they move on. Whether through retirement or through a shifting of personnel, planning for what happens next is crucial strategically.

With many smaller accountancy firms failing to account for changing work dynamics, selling up or leaving the industry, it’s notable to find some firms taking their future governance seriously. In the UK, Praxity Alliance member PM+M continues to set new standards for boardroom culture and planning.

PM+M’s former managing partner, Jane Parry, will be retiring in April 2024. Jane stepped down as managing partner on 30 September of this year when Helen Clayton – partner in the audit, accounting + advisory team assumed the role.

This wasn’t just an overnight process. Understanding the importance of progression and the continually changing needs of the practice means succession often appears as an agenda item for the partner group with well laid out, comprehensive plans in place. Now, as Helen commences her new role, the plans put in place have flourished, with the next phase being Jane helping and mentoring Helen until she retires. With more focus on evolution than revolution, Jane and Helen both know that there is a tension between change and continuity in the process –

“I want to be able to pass on my accumulated knowledge and experience and be on hand to help if needed, but very much step back and let Helen shape the role as she sees fit […] I think you have to find the style that suits you and make sure you are authentic and behave as a role model.” - Jane Parry, outgoing Managing Partner, PM+M

Not all leaders are the same, but they tend to share the same qualities – decisiveness, resilience and clarity of thought. In her 14 years in Partnership at the firm, including 8 ½ as Managing Partner, Jane knows that having vision and planning ahead are crucial, leaving the firm better off than when you started –

“Leaving it too late or making short term expedient decisions rather than looking to the long term is dangerous. We have invested heavily in people development. We have a stated commitment to remain a successful independent firm and therefore bringing great people through to become the Partners of the future is key.”

For Helen Clayton’s part, she is full of praise for how Jane has made the role her own over the past decade or so, and hopes to emulate her approach to the opportunity –

“Jane is calm and pragmatic and is always willing to challenge in a good way – whether that’s improving on existing processes or thoughts or challenging others’ opinions or actions to ensure they’re in line with our values, our purpose and vision. She has a very quick brain and agile mind and is able to deal with things ‘in the moment’. - Helen Clayton, incoming Managing Partner, PM+M

After joining the firm in 2015 as Audit Partner, Helen was instrumental in opening and growing the firm’s office in Bury, in Greater Manchester. Going on to take a leading role in professional development, she has a passion for people first and foremost, ensuring that the PM+M team are trained effectively, upskilled and supported along the way. She sees this as a key trait of good leadership –

“I am very relationship driven and take real pride in being part of other people’s personal and professional development. I am also committed to my own continued development. I am not afraid to show my vulnerabilities, I am honest and I will make decisions, but I will also consult and listen effectively to others’ views. I have always enjoyed work and see work and fun as being intertwined.”

Ensuring that people thrive both inside and outside of work is a key tenet of good leaders in the modern environment, showing a governance model that goes beyond the purest business terms. In focusing on incremental change, Helen can keep the rapidly expanding accountancy firm ready for anything in their next chapter.

PM+M is noteworthy for its high proportion of female leadership, with a culture of diversity proceeding from the C-suite down. The firm is a real-time illustration of the business case for diversity, with access to different perspectives and varying skillsets giving the firm huge capability in different areas. Both Partners understand that to be a leader is to be a role model, and both women embody that as well as promote it, as Jane Parry puts it –

“Diversity in all its forms is key to a successful modern business, in terms of breadth of talent and life experience, as well as making sure you attract as wide a range as possible of talented people. Having role models to champion that and show the way for others to follow is important.”

A strong female demographic in a diverse team, with an emphasis on planning for the future and fulfilling potential, makes the leadership at PM+M something of a role model in the industry too. Short-term success is positive and necessary, but a leader’s influence can only really be felt in years to come, as the firm meets future challenges with grace and resilience. Helen Clayton speaks about the corporate culture at PM+M in glowing terms -

“I know I am surrounded by a group of partners that I trust implicitly and that we have each other’s backs. We thrived during the pandemic, and we will continue to thrive through whatever else comes along.”

As Jane Parry decides what lies next for her, the work she has done over her time as Managing Partner will set both her successor and the firm in good stead for the future. Helen Clayton, for her part, seems ready to hit the ground running, thanks to the strong succession structures put in place, and the talent of the people involved. As a firm that has been operating for over 100 years, succession planning has and will continue to play a key role in the success and development of PM+M, with its most valuable asset remaining its people.