Walker sells his life’s work
By Rex L. Troute, The Hawk Eye, Burlington, Iowa | |
McClatchy-Tribune Information Services |
"I knew it was going to happen nine or 10 months ago," Walker said of his retirement plans and his search for the right companies to take over his businesses.
Walker started his accounting practice in his hometown of
"I agreed to stay on for two years," Walker said of the deal worked out with
Walker found what he wanted in
Henrich's work experience includes three years with Ernst & Young in
"Jim's got a good practice with many good clients," Henrich said. "He's full of knowledge. You can't beat having him around for two years."
Eventually,
Walker admits he was picky and may have taken less money for
Years into his accounting practice, Walker discovered many of his clients could use good investment advice. So in 1999, Walker formed Great River Asset Management, and as of
Choosing a firm to take over his investment advisory business became a search for the right fit.
"It is the same investment philosophy I've been using," Walker said of
Walker's belief was the "markets work," and he didn't jump onto any short-term trends.
"I cut the deal with them last June," Walker said. "It is an incredible opportunity. Buckingham has a national presence. They have horsepower on their team."
And as far as his replacement in the
Once a year, Walker would have lunch with
"It was tremendous respect for Jim, whether he knew it or not," Schmidgall said of their annual luncheons. "We shared the same investment philosophies."
When Walker approached Schmidgall about being the one to man the
Schmidgall's work experience began as an IT manager for Hawkeye Concrete in
"I cut my teeth on selling insurance. I started shifting toward asset management and comprehensive financial planning," Schmidgall said. "I built my practice with Northwestern Mutual."
Schmidgall eventually will manage the
Another part of Buckingham is BAM Advisor Services, which manages or administers
"They provide me with intellectual capital," Walker said.
Having been the boss since '73, Walker said he will have to grow accustomed to working for somebody else for the next two years. But he is glad both his accounting and investing clients will have time to get used to Henrich and Schmidgall, respectively.
"I wanted an easy arrangement," Walker said.
One thing is for sure, Walker created two successful businesses, and his hard work will be carried on by companies approved by him.
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