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
Section III: Emotional Challenges . . . and Solutions
Chapter 8: It’s Not Just an Office 117
Chapter 9: Breaking Inertia 135
Chapter 10: Derailed 147
Chapter 11: Building a Legacy 165
Some Final Words 173
Bibliography 177
Supplemental Material 179
Interviewee Biographies 189
About the Authors 201
Index 205
ERIC HEHMAN is Chief Executive Officer of Austin Asset. Eric joined Austin Asset in 1997 as an unpaid intern, became a principal in 1999, and CEO in 2007. In 2014, Eric completed the seven-year transition plan providing for the retirement of the firm’s founder.
JAY HUMMEL is a Senior Vice President in the Corporate Strategy group of Envestnet. He spends much of his time consulting with the company’s largest Registered Investment Advisor (RIA) clients and prospects, helping them build and deliver on their strategic vision through their partnership with Envestnet.
TIM KOCHIS is a 40-plus-year veteran of the wealth management industry and a founder and former CEO and Chairman of Aspiriant. He successfully transitioned equity ownership and management responsibility and now consults with firms around the world facing similar issues.
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