Success and Succession

Success and Succession
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Tim Kochis. Success and Succession

Acknowledgments

Introduction

Section I. Operational Challenges … and Solutions

Chapter 1. The Founder as the Sun

Chapter 2. Replacing the Sun: A New Solar System

Chapter 3. Ordering Off the Menu

Chapter 4. Setting a Vision, Together

Section II. Financial Challenges … and Solutions

Chapter 5. It's Always About the Money

Chapter 6. Splitting the Pies: Defining What Is Enough

Chapter 7. Let's Make a Deal

Section III. Emotional Challenges … and Solutions

Chapter 8. It's Not Just an Office

Chapter 9. Breaking Inertia

Chapter 10. Derailed

Chapter 11. Building a Legacy

Some Final Words

Bibliography

Supplemental Material

Interviewee Biographies

About the Authors

WILEY END USER LICENSE AGREEMENT

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Eric Hehman: To my wife, JayLeen, who has been the biggest blessing in my life and truly is my better half. Her confidence in me is unwavering and propelled me to take my initial job at Austin Asset as an unpaid intern. To my four young children: my hope is that someday, when they read this book, they will gain a deeper insight into their dad and know that even one person can make a difference in this world. To my parents, Curtis and Kathy, who modeled persistence and loyalty and inspired me to understand that slow and steady does win the race.

This story would not be possible without John Henry McDonald. His mentorship and partnership fueled my courage to be the leader I am today. To my partners at Austin Asset, Greg Van Wyk and Jonathan Davison, and our colleagues at Austin Asset, for joining me on this journey of building a business that we are all very proud of.

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Last, thanks to my colleagues and friends at Envestnet, an amazing company with special people. Thanks to Jud, Bill, Jim, Zachary, and Lincoln, whose support of this effort has and will make a lasting difference.

Tim Kochis: Let me begin as close to the beginning as I can and thank my wife, Penelope Wong, not only for her patience and key advice throughout the effort to write this book but even more for her being at my side, every day, for the past 35 years of my professional career. I am also eager to acknowledge my colleagues at the old Kochis Fitz and the new Aspiriant for giving me the opportunity to experience these transitions of management and ownership, in very real terms, firsthand. With a few struggles here and there, the outcomes have been very good for me, and, I hope, even better for them.

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