Business succession planning creates organizational resilience, facilitating smooth leadership transitions to protect the trust of employees, clients, and other stakeholders.
At First Business Financial Services, Inc., parent company of First Business Bank, business succession planning has been a priority since the company was founded in 1990. Now, after only two CEOs in more than 35 years, in May 2026, President & COO Dave Seiler will step into the CEO role, taking the reins from CEO Corey Chambas, who has led First Business Financial Services, Inc., since 2006 and will remain on the Board of Directors.
This CEO transition is a prime example of how intentional planning, cultural alignment, and leadership development can create a sustainable leadership pipeline.
How First Business Bank Approaches Business Succession Planning
For First Business Bank, business succession planning centers on preserving what makes the organization successful. "While we have a unique strategy and position as a business bank, our secret sauce is our people and our culture," said Chambas. "That's why internal, thoughtful, planful succession is so critical to a company like ours."
Effective business succession planning is a collaborative, ongoing priority at First Business Bank that involves strategic planning, culture, transparency, and robust, ongoing employee career development.
"You always want the ideal situation where there's someone who can step in for every employee in the company," said Seiler. "That would be the best-case scenario, so you never miss a beat."
Succession planning aligns closely with strategic planning by identifying which positions and people are most critical to the strategic plan over the next five years and beyond.
“We have an evergreen succession plan,” said Chief Human Resources Officer Jodi Chandler. “We make it a priority so it’s constantly at the forefront of what we're doing."
The business succession planning framework involves several key components that work together to create leadership depth:
Role prioritization to identify high-impact positions that significantly affect operations, roles where we're "single-threaded" from an experience perspective, and positions with substantial institutional knowledge. - Talent assessment involving evaluating performance and potential, using our Talent Management Grid, while ensuring candidates model cultural behaviors “humble, hungry, people smart,” as outlined in the book “The Ideal Team Player” by Patrick Lencioni.
- Timeline mapping to initiating regular conversations to understand retirement timelines, sometimes planning seven or more years in advance for key positions.
"Leadership development or succession planning isn't really just a program for us. It's a strategic imperative," said Chandler. "In our strategic plan, ‘Future-Ready Talent’ is one of our top-five strategies and the first initiative that we prioritized within that is a sustainable succession planning process."
This strategic positioning creates multiple competitive advantages:
- Client relationships remain stable during leadership transitions because institutional knowledge and relationship management continue seamlessly
- Employee morale and retention improve when staff see clear career development paths and leadership opportunities
- Stakeholder confidence increases when transitions occur smoothly without operational disruption
How Early Retirement Conversations Support Business Succession Planning
First Business Bank begins conversations about retirement several years before employees finalize retirement plans. Starting these conversations years in advance allows the bank to create custom development plans to benefit employees and organization. This proactive approach to business succession planning also helps mitigate the risk of a potential crisis.
"As someone nears retirement age, which can be 55 to 75 these days, we start discussing retirement plans early to learn what their timeline to retirement might be,” Chandler said.
For key positions, discussions begin seven or more years before anticipated retirement. “If we can work with that person in a key role to thoughtfully plan the process, support the knowledge transfer, and ensure a smooth transition, that really benefits the employee and the organization,” said Bonnie Van Epps, Senior Director of Talent Development.
Retirement timeline conversations require significant trust, but Chandler notes the cooperative spirit they generate: "I have found that everyone wants what's in the best interest of the company and of the individuals on their teams."
Why Career Development Drives Business Succession Planning
Career development is an essential part of business succession planning, allowing employees to prepare for leadership roles. First Business Bank approaches leadership development through multiple channels, creating depth across the organization. Structured programs, combined with organic mentoring and stretch assignments, help high-potential employees to gain new skills and experiences.
Jim Hartlieb, President & CEO of First Business Bank, is passionate about the formal and informal career development opportunities for employees. "I love this part of my job," Hartlieb said. "There are formal groups, whether it's the credit analysts or the specialists, and I like being a guest at their meetings, sitting on panels and answering questions. Then there's the informal side where I'll just stop in somebody's office and ask how's it going, tell me about a recent challenge."
Leader development is continually shifting based on the projected needs. "Our programming has structure, but there's also a lot of flexibility because we want to be able to identify potential early, support growth through meaningful development experiences, and stay ahead of whatever change may be coming our way," said Van Epps. “Our competency framework guides how we're approaching our leader development because those competencies are the capabilities most critical for us to execute our strategic plan.”
While developing from within preserves culture and creates career paths, bringing in outside perspectives prevents stagnation and introduces fresh ideas. When a leader retired over the last year, the strategic plan identified the need to restructure Specialty Finance leadership. The organization created a new President of Specialty Finance position and hired Niamh Kristufek, whose two decades of financial services experience bring deep expertise.
“It's important to bring in outside talent who have other perspectives and experiences,” said Chambas. “And while we hire a lot of people right out of college who are with us for their whole career, like our CFO, it's important to bring in people with new ideas, new perspectives, because we need to constantly improve and new perspectives can help us in that regard."
The Integral Role Of Culture In Business Succession Planning
Culture drives every aspect of First Business Bank's succession planning strategy. While technical skills can be developed and experience gained over time, cultural alignment cannot be retrofitted.
"Cultural fit is priority number one," said Chambas. "Skills and experience can be developed over time, but if someone’s values and approach aren’t aligned with organizational culture, it’s not going to be the right fit.
This philosophy shaped the decade-long process of bringing Dave Seiler into the CEO role. "Dave was much like some other folks we've hired — he was someone we knew before he joined us nearly 10 years ago," he said. "Culture is so important to us and it's really hard to determine in a few hours of interviewing if somebody fits your culture. I was able to get to know Dave even before he joined us, so I was very confident about the cultural fit."
Thanks to this long-planned succession process and collaborative working process, Seiler does not expect employees, clients, or stakeholders will notice much change when he is CEO. "Our senior management team works together to discuss significant decisions that affect all stakeholders,” Seiler said. “We talk about the right thing to do."
Beyond cultural compatibility, First Business Bank looks for those specific behavioral, “Ideal Team Player” traits that support a collaborative environment.
"I think Dave has seen me manage as much as possible by consensus of a senior team that works together," said Chambas. "And so he's seen the benefits of getting lots of different ideas and input." This collaborative approach creates the foundation for seamless leadership transitions.
The cultural foundation creates the trust necessary for effective succession planning conversations. "Because we're socializing succession planning in the organization, it's not a taboo topic or a conversation that people don't want to have. It's part of who we are. It's part of our culture," Chandler said.
How Banking Experience Strengthens Business Succession Planning
As close advisors to other business leaders, our bankers have the advantage of witnessing countless business succession transitions from both sides. "We have a unique seat at the table,” said Hartlieb. “Our clients face the same succession issues that we do. During my career, I’ve had hundreds of examples of succession planning and the ones that went very poorly and the ones that went really well."
This perspective creates a competitive advantage. Banking experts understand the financial implications when transitions go wrong and the benefits when they go right.
"We learn from others who’ve been through business succession transitions,” Hartlieb said. “Someone is going to be CEO and how you get them from point A to point B is all about planning and execution.”
First Business Bank applies lessons learned from client experiences to strengthen internal succession planning, and this perspective helps when advising clients who face similar challenges.
How Business Succession Planning Builds A Leadership Legacy
When Dave Seiler assumes the CEO role in May 2026, the transition will demonstrate how strategic business succession planning creates lasting organizational strength. The seamless nature of this transition reflects years of intentional preparation, cultural alignment, and relationship building.
"What excites me is we have a lot of momentum due to our strong foundation and such a good track record of success," said Chambas about the transition. "When momentum is on your side, it's a huge advantage."
This momentum stems from an approach that treats business succession planning as an ongoing strategic advantage rather than crisis management. The evergreen philosophy, proactive retirement conversations, and culture-first hiring create a sustainable system that strengthens with each successful transition.
"You want to leave the bank, the company, in a better place than when you got there. To do that, you've got to be part of the solution to develop talent," said Hartlieb.
The bank's business succession planning process offers practical lessons for other organizations:
- Start conversations early—years before anticipated departures
- Prioritize cultural fit over technical skills when hiring future leaders
- Develop multiple channels for leadership development, both formal and informal
- Embed succession planning as a strategic priority while consistently investing in career development, spanning leadership generations
The true measure of effective business succession planning lies in building businesses that thrive for decades. When leadership changes feel like natural evolution rather than disruptive events, companies demonstrate they are truly built to last.
