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Success and Succession: Unlocking Value, Power, and Potential in the Professional Services and Advisory Space

Success and Succession: Unlocking Value, Power, and Potential in the Professional Services and Advisory Space

Eric Hehman, Jay Hummel, Tim Kochis

ISBN: 978-1-119-07135-8 August 2015 240 Pages




An insightful look at leadership transition from the successor's perspective

Success and Succession examines the leadership transition process from the successor's point of view, and outlines the considerations and strategies that lead to a better future for the business. With a focus on practical planning and execution, this insightful guide provides insight into the strategies that smooth the transition and help the new leadership make better business decisions. You'll learn when and how to start planning, who you need on your team, and the obstacles you should anticipate along the way. You'll learn to navigate the uncertainty the process entails, and how to identify opportunities for reciprocal understanding and adopt workable approaches for successful resolution of a multitude of transition issues. Interviews with those at various stages of transition highlight the real-world application of these ideas, and give you an inside look at what worked, what didn't, and what they wish they had thought of.

The transition of leadership in an independent, non-public professional service business can be emotional and difficult for everyone. This book gives you a framework for smoothing the process and driving the best possible future of the business.

  • Consider the complexities of succession and transition
  • Balance conflicting dynamics of outgoing and incoming leadership
  • Plan for operational, financial, and emotional obstacles
  • Develop and execute a winning strategy for long term success

The transition from founder to successor is far from an academic exercise, and is not linear. Answers are hard to find, and the ebb and flow of the process requires patience, creativity, and willingness to try again. Success and Succession provides a unique strategy for success, from the perspective of incoming leadership.

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