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Kim,
I had a similar experience a couple of years ago, I was asked to do one of the retiring CEO of IJL Wachovia. (first of all what a joke, I was no way NEAR qualified to do that in my opinion) It was to be a surprise for him at his retirment party. I stated the same as you and they rebutted the same. I said OK, and they called back saying they had plenty of GREAT photos. They show up and ...NOT! It blew my mind that professional people actually thought these little snapshots were good. And this was before I had even had the great fortune to read all this information on SOG about resource material.
I had to tell them no, I hated it, because that is my downfall, I don't know how to tell people no. I think I really made them mad because at that point they were scrambling to come up with something else.
Anyway, my point is, don't do it. Explain the situation to him, and ask if he would consider a Certificate Stating what has been done in his honor, then you could set up a photoshoot at that point. I know it wouldn't be as dramatic a presentation for them to give him up front, but it would definately be better in the long run for everyone involved.
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