Home Page Icon
Home Page
Table of Contents for
Section I: Operational Challenges … and Solutions
Close
Section I: Operational Challenges … and Solutions
by Tim Kochis, Jay Hummel, Eric Hehman
Success and Succession: Unlocking Value, Power, and Potential in the Professional Services and Advisory Space
Title Page
Copyright
Dedication
Acknowledgments
Introduction
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
Index
End User License Agreement
Search in book...
Toggle Font Controls
Playlists
Add To
Create new playlist
Name your new playlist
Playlist description (optional)
Cancel
Create playlist
Sign In
Email address
Password
Forgot Password?
Create account
Login
or
Continue with Facebook
Continue with Google
Sign Up
Full Name
Email address
Confirm Email Address
Password
Login
Create account
or
Continue with Facebook
Continue with Google
Prev
Previous Chapter
Introduction
Next
Next Chapter
Chapter 1: The Founder as the Sun
Section I
Operational
Challenges … and Solutions
Add Highlight
No Comment
..................Content has been hidden....................
You can't read the all page of ebook, please click
here
login for view all page.
Day Mode
Cloud Mode
Night Mode
Reset