Success and Succession Unlocking Value Power and Potential in the Professional Services and Advisory Space 1st Edition by Eric Hehman, Jay Hummel, Tim Kochis 1119071358 9781119071358

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ISBN-10 :  1119071358

ISBN-13 : 9781119071358

Author:  Eric Hehman, Jay Hummel, Tim Kochis 

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.

Success and Succession Unlocking Value Power and Potential in the Professional Services and Advisory Space 1st Table of contents:

Section I: Operational Challenges … and Solutions
Chapter 1: The Founder as the Sun
The Evolution of a Founder-Centric Firm
Is My Firm Founder-Centric?
Awareness
“The Painters”
Chapter 2: Replacing the Sun: A New Solar System
What Road Do You Choose?
Committing to the Road Less Traveled
Assessing the Client Experience
Welcome to McDonald’s: May I Take Your Order?
Human Capital Framework
Improvement Matrix
Chapter 3: Ordering Off the Menu
Choices Have Consequences
The Easiest One
The Great “Current Income” Debate
Equity versus “Milking”
What Does a Successor Want off the Menu
Not Everyone Is William Wallace
Chapter 4: Setting a Vision, Together
STEP 1: Can We Work Together?
Step 2: Setting a Vision
Section II: Financial Challenges … and Solutions
Chapter 5: It’s Always About the Money
An Ironic Twist
Management versus Equity
Value and Control
Distribution of Value as a First Step
The Founder’s Financial Dilemma
The Successor’s Financial Dilemma
Building for an Exit Doesn’t Maximize Value
Hope Is Not a Strategy
The Great Risk Divide
Chapter 6: Splitting the Pies: Defining What Is Enough
Only One Thing Really Matters
Four Big Questions
Defining an Exit Date
Successor Concurrence
Non–Operator Owners
Mandatory Sales/Retirement
The Pie-Slicing Exercise
Slicing the Equity
Slicing Up the Cash
Avoid the Path to Neutral
Defining What’s Enough—a Real Case
What a Successor Should Ask For
Chapter 7: Let’s Make a Deal
Discounting Is the Name of the Game
External Capital
Lessons from Other Professional Services Businesses
Today’s Landscape
It May Be Time to Consider a Sale or Merger
What Drives Value?
Is the Firm Still Just the Founder?
Is Your Firm Strategic?
Successor Considerations in a Merger or Acquisition
Been There; Done That
Why Deals Don’t Get Done—or Shouldn’t
Section III: Emotional Challenges … and Solutions
Chapter 8: It’s Not Just an Office
Know Your Personality
The Office
Successor Surprises
The Fear of Being Wrong
Successors Don’t Want to Admit Being Scared
It’s Not a Light Switch
The Slow-Motion Effect
An Unfair Expectation: Successor as Advisor
Progress, Not Perfection
Chapter 9: Breaking Inertia
Do We Have an Inertia Problem?
The Four Choices
Is Doing Nothing a Risk?
How Does This Process Start?
Can the Successor Start the Process?
The Homework Assignment
Successors Should Ask Hard Internal Questions
Going All In
Showing Progress
Starting in the Future
What’s Next?
Chapter 10: Derailed
The Fear of Failure—Again
Founderitis
Life After the CEO Job
Term Limits or Planned Rotation of Roles
Optimism Bias
Reality Distortion Field
Hitting the Pause Button
Necessary Endings
Chapter 11: Building a Legacy
What’s in a Name?
What’s Your Title?
Memorials
The Finest Legacy
Some Final Words
Bibliography
Supplemental Material
Client Touchpoint Exercise
Client Touchpoint Exercise
Human Capital Framework
Human Capital Framework
Role Transition Matrix
Role Transition Matrix
Pie-Splitting Exercise
Pie Splitting Exercise
Interviewee Biographies
About the Authors

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Tags: Success, Succession, Value Power, Potential, the Professional Services, Advisory Space, Eric Hehman, Jay Hummel, Tim Kochis