With advisors retiring in droves, succession planning is a major industry issue. How do a firm’s founder and his successor unlock the greatest potential value for the business, while managing a smooth transition?
These excerpts from a new book, Success and Succession, attempt to answer this pressing question. The book grew out of a 2013 conference hosted by Financial Planning columnist Bob Veres, during which Eric Hehman and Jay Hummel took part in a discussion on transition issues. At the time, Hummel was president and COO of a large RIA, and Hehman was CEO of Austin Asset. Their co-author, Tim Kochis, is a principal of Aspiriant, where he has been both CEO and chairman.
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