Table of 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

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

About the Author

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.