Success and succession : unlocking value, power, and potential in the professional services and advisory space

242 Pages·2015·3 MB·English

by  Hehman

Success and
Succession

Success and
Succession
Unlocking Value, Power,
and Potential in the Professional
Services and Advisory Space
Eric Hehman, Jay Hummel,
and Tim Kochis
Copyright©2015byEricHehman,JayHummel,andTimKochis.Allrightsreserved.
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LibraryofCongressCataloging-in-PublicationData:
Hehman,Eric,1974-
Successandsuccession:unlockingvalue,power,andpotentialintheprofessionalservices
andadvisoryspace/EricHehman,CFP,JayW.Hummel,CFA,TimKochis.
pagescm
Includesbibliographicalreferencesandindex.
ISBN978-1-119-05852-6(cloth)ISBN978-1-119-07148-8(pdf)
ISBN978-1-119-07135-8(epub)
1.Executivesuccession.2.Consultingfirms–Management.3.Business
enterprises–Management.I.Hummel,JayW.,1979-II.Kochis,Tim,1946-III.Title.
HD38.2.H442015
001–dc23
2015019101
Coverimage:OldRustyLocks©iStock.com/JuhaHuiskonen
Coverdesign:Wiley
PrintedintheUnitedStatesofAmerica
10 9 8 7 6 5 4 3 2 1
To those who will strive to be the next generations of leaders.

Contents
Acknowledgments ix
Introduction xiii
Section I: Operational Challenges . . . and
Solutions
Chapter 1: The Founder as the Sun 3
Chapter 2: Replacing the Sun: A New Solar System 15
Chapter 3: Ordering Off the Menu 33
Chapter 4: Setting a Vision, Together 43
Section II: Financial Challenges . . . and
Solutions
Chapter 5: It’s Always About the Money 63
Chapter 6: Splitting the Pies: Defining What Is Enough 79
Chapter 7: Let’s Make a Deal 99
vii
viii CONTENTS
Section III: Emotional Challenges . . . and
Solutions
Chapter 8: It’s Not Just an Office 117
Chapter 9: Breaking Inertia 135
Chapter10: Derailed 147
Chapter11: Building a Legacy 165
Some Final Words 173
Bibliography 177
Supplemental Material 179
Interviewee Biographies 189
About the Authors 201
Index 205