Total Succession

Should you sell your practice to someone on your team or roll it up into a larger firm? In this episode, Tyson Ray and Kim Cochenour dive into the emotional, financial, and cultural tradeoffs of internal vs. external succession planning. If you’re looking for clarity on one of the most personal decisions you’ll ever make as an advisor, this conversation will give you the questions, cautionary tales, and insights you need before making your next move. This episode revolves around one of the most personal decisions every advisor faces: “Should I sell my practice to a team member or roll it up into a larger firm?” Tyson kicks things off by listing what’s really at stake when an advisor is thinking about their exit strategy: their clients and relationships with family and friends that have entrusted them with their life savings. Tyson goes into why part of this internal-external decision isn’t waiting for you to do your succession, and the role your team plays. The right decision, beyond the money and the business, is the relationships you’ve built with clients and that they can be better off with the succession decision you made. A pro of an internal succession is that you have all the time you need, you’re not having outside influences, demands and stresses – you basically get to set all the terms. A con of an internal succession? “You have unlimited options!,” says Tyson. If you’re considering an internal succession just know that you’re likely going to get less than what the markets are paying for practices… A positive of an external succession is that decisions are going to be made for you because the buyer is going to dictate what they’re willing to offer, and you have to accept – or decline – that. Tyson and Kim touch upon potential culture clashes and the role of a leader who can replace you at the helm of your firm. Not sure about doing an internal vs. an external succession? Tyson suggests exploring both routes, while having an honest conversation with yourself. A common mistake Tyson sees advisors make is to anchor on one option without knowing what the other looks like. Tyson shares a mistake he made, while Kim lists a few key questions every advisor should ask themselves as part of their succession planning. Kim invites you to ask yourself this: “If I wasn’t in the office tomorrow, would my team and clients know what to do?” Replacing you as the head of the firm may require more than just one person – Tyson shares some insights on this aspect. Tyson loves the fact that financial advisors like to advise. “They’re more than willing to help and share their experience with you, you just have to reach out and ask for some help,” he says.     Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour

Think you’re ready for succession? You might be closer than you think — or further than you realize.  In this episode, Tyson Ray, Kim Cochenour, and guest Peter Campagna reveal the blind spots, surprises, and strategic moves that strong advisors need to navigate succession successfully, including what no one tells you about control, integration, and private equity. Advisors often think that they're ready to sell, but they don't know what they don't know. Peter Campagna kicks things off by sharing his journey of how he got to Wise Rhino Group — including why they opted to do things differently! Peter's experience has taught him that it's not "weak" advisors who sell, it's the "strong" ones. Peter lists what advisors need help with when they knock on his door, as well as what they ignore, but probably should be focusing on instead. "Private equity is not evil!" says Peter. He explains why he's an advocate for it. The loss of control as an entrepreneur is something many advisors are not prepared for when it comes to their succession. Peter, Tyson, and Kim go over the role of integration within the succession of financial advising firms. There are firms that have all their key players of similar age — Peter discusses his approach in helping these types of advisors. Unsure about one crucial thing you should focus on? The answer is GROWTH. Getting a high-value estimate of how much your practice is worth isn't that hard, even if there are several things that still need to be "polished up."     Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour The Total Relationship: Four Steps to Breaking the Mold, Transforming the Financial Advisor-Client Partnership and Building True Wealth by Tyson Ray Your World Impact as a Financial Advisor by Tyson Ray Peter Campagna Wise Rhino Group

What happens when an advisor spends their whole career focused on short-term gains and never plans for succession? Could you be making the same mistake without even realizing it? Tyson Ray shares a personal story that reveals the hidden risks of reactive decision-making and why thoughtful succession planning is critical not just for your exit but for your legacy. This episode of Total Succession Show features co-host Tyson Ray sharing a story that’s both personal and a cautionary tale for any advisor listening. The story revolves around a practice Tyson ended up acquiring and the advisor who built it, Mel. The pitfalls, short-term thinking, many reactive decisions, and a lot of using the most recent past to try and guide clients into the future are some of the challenges that arose. Tyson traces back his work and acquisition efforts from the 2000s all the way to when the interaction with Mel occurred: mid-’90s. Tyson goes over the cascading effect of Mel’s way of doing business, all the way to his resignation (and beyond). Some advisors are so busy making a lot of money upfront that they end up sacrificing doing the right thing for the future of the value of the business. Tyson feels as if Mel missed the bigger picture and that with his “modus operandi,” he ended up being “penny wise and pound foolish.” Kim and Tyson go over what advisors should prepare for if they’re within 5-10 years of wanting to make an exit. “If you’re not willing to create the space to see, to prepare, to take action, to commit to other things, you’re going to have an exit you have no control over,” says Tyson.  Kim and Tyson’s conversation addresses advisors who are “dealing with a Mel” or that are “feeling a little like Mel,” as well as how to use the SPACE acronym for themselves in forward action. For Tyson, the whole point of one’s career is to avoid future regrets.     Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour The Total Relationship: Four Steps to Breaking the Mold, Transforming the Financial Advisor-Client Partnership and Building True Wealth by Tyson Ray Your World Impact as a Financial Advisor by Tyson Ray

Are you treating your succession like a finish line — or a chance to rediscover your purpose? What if the next chapter of your business and your life could be just as meaningful as the one you’re preparing to leave behind? In this episode, Tyson Ray, Kim Cochenour, and guest Rob Brown dive into purpose-driven succession planning, helping advisors shift from urgency and overwhelm to clarity, intention, and legacy-focused decisions. Co-host Kim Cochenour kicks things off by asking two fundamental questions: “Why are you doing this?” and “What’s the purpose behind it all?” The purpose of this episode is to help advisors who are amazing at helping their clients plan for their future but are feeling stuck and unsure when it comes to their own transition. Tyson Ray touches upon the phenomenon of advisors feeling overwhelmed and losing energy from doing the business, instead of getting it from the business. Today’s guest, Rob Brown, is the founder of Truest Fan Coaching and the host of The Purpose Focused Advisor Podcast. Rob shares his story — from his 25-year experience working as an advisor all the way to helping advisors rethink their purpose. Rob believes that the process of helping advisors with their purpose-searching starts by being a good listener. The Truest Fan Blueprint and the Purpose Clarity Framework are Rob’s tools for helping somebody really organize their business around the things that are most important to them - Rob unpacks these concepts further. Thinking about the future is something we all do, says Rob. What’s important is to “Take that wondering process and put it down on paper.” Rob goes into what he sees as the biggest shift needed from advisors to align their business with their deeper purpose. Intention is the one thing that Rob considers missing in a lot of the planning that advisors are doing in their practices, especially when it comes to succession. Rob wonders why advisors take 5, 10, 25 years to build a big business, but are somehow in a rush to put the perfect succession plan together… in just 12 weeks. Kim, Rob, and Tyson discuss what to do when dealing with an advisor who’s just stuck and doesn’t seem to be able to move forward. Tyson brings up a relevant quote from the Bible: “Don’t let the urgent crowd out the important.” Need for succession to happen quickly? For Tyson, the quicker it needs to be, the worse it is going to be for your clients, your team, yourself, and your loved ones. Kim, Rob, and Tyson look at how Rob helps clients reframe exit as an intentional transition rather than the finish line of their career. Tyson notes that the right succession plan is retiring INTO something, and that a common mistake advisors make is viewing succession as an “all or nothing” thing, when it can be “both and”. Remember: Succession is a decision, it isn’t something you just let happen to you. Tyson shares a couple of tips for advisors who are planning to die at their desks. Rob talks about his new book, The Truest Fan Blueprint, as well as about his Purpose Focused Advisor Mastermind. Rob brings Max Lucado’s quote into the conversation - your purpose is at the intersection of what you love doing and what other people love that you do.     Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour Rob Brown Truest Fan Coaching The Truest Fan Blueprint: Focus on What Matters to Achieve Your Most Cherished Goals by Rob Brown Purpose Focused Advisor Podcast Purpose Focused Advisor Mastermind Otter.ai  Full-Time: Work and the Meaning of Life by David Bahnsen Liberty University Passion + Purpose Podcast with Louie Giglio Passion + Purpose Podcast interview with guest Max Lucado

Most advisors make their succession plan without thinking about a key player: the client. What happens when clients aren’t at the center of one’s exit? And what are the benefits of including them in the process? In this episode, Tyson Ray and Kim Cochenour unpack why a successful succession is about far more than just transferring ownership. Discover common mistakes many advisors make, how to think like your client, why including them in your plan is a must, and 5 key questions that will help you feel the pulse of how client-centric your succession plan is. Hosts Tyson Ray and Kim Cochenour discuss how you can keep your clients’ interests first and foremost in the succession planning process. Kim points out the fact that most advisors have their business exit plan built only around themselves. Tyson sees leaving clients better off than they were getting from you as the ultimate goal of a succession. Tyson and Kim go over the questions that may be in a client’s mind as they hear about your upcoming exit.  Questions like “Are the new people going to understand everything I’ve shared with my advisor for the last 10, 15, 20 years?” Tyson goes over two different scenarios: one where trust has been developed and built over time, and one where a client has been transitioned to a stranger who’s their sole point of contact, and where things effectively start from scratch.  Kim and Tyson go into a practical piece that clients deserve as part of an advisor exit. Kim stresses the fact when a client feels like they’re at the center of the decisions you’re making, their engagement, their interaction, and their responses are much different. Tyson lists a couple of ways in which a succession can take place. There are 5 key questions that will help you include the client in your succession planning, says Kim. Tyson talks about the potential repercussions of not thinking about the client side of things when it comes to your succession, plus, he discusses the benefits of doing things right. Kim concludes by emphasizing the fact that most advisors build their succession plan only around themselves, while forgetting about the people who helped build their business: the clients. “Start small, one conversation, one client, one G2 person at a time, because that’s how your legacy lives on and will be felt,” says Kim.     Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour

Are you waiting for the “right time” to start your succession planning? Does the word “succession” feel more overwhelming than empowering? In this episode, hosts Tyson Ray and Kim Cochenour welcome Ironstone Founder & CEO Andrea Schlapia to talk about how EOS transforms succession from an intimidating afterthought into a practical, energizing business strategy. Discover how structure, vision, and a mindset shift can preserve your legacy, empower your team, and set your advisory practice up for lasting success. Andrea Schlapia kicks off the conversation with Tyson Ryan and Kim Cochenour by explaining why so many advisors think that they’ll get to their succession… “some day.” Remember: Exit is merely a good business strategy, it is NOT an event. Andrea wants to help advisors move from a single business owner-run practice to a leadership team-run business – that way, all pressure won’t be only on you. Tyson explains how hearing the word “exit” shouldn’t be something that paralyzes you. Think of it as exiting some of the things you don’t like to do anymore and that are sucking out your energy. When it comes to hurdles Andrea helps advisors get past, she likes to start by looking at what the EOS (Entrepreneur Operating System) process is and does inside a specific firm. Andrea is a firm believer in “structure first, vision second.” Andrea touches upon the role of an accountability chart, as well as what Gino Wickman’s EOS is all about (his book Traction is a highly recommended reading!). Did you know that 70% of companies do not have any kind of exit strategy and succession plan? The SEPA industry’s four intangible capitals are human capital, structural capital, client capital, and social – or cultural – capital. “You literally can have mental freedom by having more structure in your business,” says Andrea. Reality check from Tyson: You need to realize that you’re going to exit your business…no matter what. Tyson goes over the thought process that led him to start considering the idea of business succession. Andrea shares her thoughts about what she sees coming the advisor industry’s way over the next decade, while Tyson illustrates the S.P.A.C.E. (Seeing, Preparing, Acting, Committing, Exiting) approach. The beginning of the entire business exit process is where Andrea sees advisors having the most difficulties. For her, you should undergo a mindset shift and swap “exit” with “what’s next.” Andrea shares her thoughts on S.P.A.C.E. and talks about the eight questions of the VTO (Vision Traction Organizer). Andrea breaks down the process she has created to assist advisors and shares her admiration for Patrick Lencioni’s work. According to Andrea, failing to plan is going to equal value erosion.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour Andrea Schlapia’s email: andrea@ironstonehq.com Andrea Schlapia on LinkedIn Ironstone Traction: Get a Grip on Your Business by Gino Wickman The Five Dysfunctions of a Team: A Leadership Fable by Patrick Lencioni

“What would happen to your business if you weren’t around tomorrow?” That’s the key question that Tyson Ray and Kim Cochenour unpack in this episode. From the importance of succession planning to finding and training the next generation of advisors – they share insights that will help you future-proof your firm and build a lasting legacy. Tyson and Kim address the question “What would happen to my business if tomorrow I wasn’t around?” As Kim points out, most advisors still have their practice revolving around them. Is that you? Then know that if the business only works when you are in the seat, you are NOT succession ready. When Tyson had his first son, he had a realization. He did take care of his own estate planning but didn’t think about all the people who were dependent on him… Tyson and Kim go into why having a bench matters right now, even when you’re years away from retirement. When planning his bench, Tyson made sure that he had enough time and energy to look for and coach G2, the second generation of advisors. Keeping your ego in check is a key part of the process. Tyson sees looking for someone who has skills and talents that you don’t have as a recipe for succession success. Are you getting referrals for clients? You can do the same for G2: Get referrals for folks who would like to join a financial services firm. Kim touches upon the fact that the process of mentoring a G2 who doesn’t end up being a good fit for your firm is still valuable for the advisory industry as a whole. Tyson and Kim discuss common mistakes and succession planning failures. Kim recommends starting the process by listing out the three most important tasks you still personally handle at the firm – then ask yourself: “If I was out for a month, who could still do this?” Building a legacy revolves around answering the question “If I wasn’t here tomorrow, who could step in?” says Kim.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour

Today, the financial advisors’ space is seeing the most robust M&A market in history. A tidal wave of succession planning deals is transforming the advisory landscape, yet many firm owners are unprepared… Hosts Tyson Ray and Kim Cochenour welcome Mercer Advisors’ Ted Motheral to break down the entire succession planning puzzle, discuss the importance of fit over size, and what drives today’s high multiples. If you’ve been planning your exit strategy, this episode will provide you with valuable insights  on the topic. Ted Motheral kicks the conversation off by sharing some of the current trends he sees in the M&A space. The current status quo? “The most robust M&A market in the history of the industry,” says Ted.  Ted explains that there’s a real influx in the M&A market of the so-called succession planning deals. Tyson Ray depicts a scenario in which advisors tend to be like prisoners – or hostages – without even knowing it. Ted touches upon two shifts that have taken place over the last 5-10 years.  Ted, Tyson, and Kim discuss how succession planning may vary for three categories: Advisors who have 10 years left at their job, those in their last 5 years, and those in the “emergency succession” phase. According to some industry stats, 42% of this industry is going to retire in the next decade and less than 50% of those people have a true succession plan in place. Ted shares an example of an effective approach to succession planning. Kim, Ted, and Tyson go over the different pieces that make up the succession planning puzzle. There are two types of RIA firms: Integrators and aggregators. Ted explains the difference between the two. “When it comes to M&A, you’re looking at fit more than size,” says Ted. You’re looking at fit in terms of a fiduciary who provides foundational financial planning. The conversation touches upon multiples – at whether they come from the size or preparedness of the firm, as well as why multiples are hitting the numbers that they are. Ensuring that your client accounts are sticky is another major point with every successful succession plan. Ted lists the traits of the best succession plans and partnerships he has seen in his career, as well as advisor mistakes when it comes to client ownership and selling shares of clients. For Ted, financial advisors need to be educated as to what their options are so that they can work better with wire houses and corporate RIAs.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour Ted Motheral Mercer Advisors Potomac Law Group Morgan Freeman The Shawshank Redemption Michael Kitsis     Ted Motheral is Principal of M&A Partner Development at Mercer Advisors. All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Mercer Global Advisors Inc. is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. and is not involved with investment services. Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning document preparation and other legal advice is provided through select third parties unaffiliated to Mercer Advisors. Tax preparation and tax filing are a separate fee from our investment management and planning services. Trustee services are offered through select third parties with which a client would engage directly, as such additional fees may apply. Mercer Global Advisors has a related insurance agency. Mercer Advisors Insurance Services, LLC (MAIS) is a wholly owned subsidiary of Mercer Advisors Inc.

Succession planning isn’t just for advisors who are ready to sell – it’s for anyone who wants to build a stronger, more resilient business. In this episode, Tyson Ray and Kim Cochenour explain why preparing your firm to run without you makes it more scalable, more valuable, and, ultimately, more sellable, whether you’re years away from an exit or just starting to think about it. Tyson and Kim address a topic every advisor needs to hear: How to build a business that’s ready to transition – even if you’re not planning to sell right now. This is a topic that has to do with the “P” in the SPACE framework: Prepare. As Kim puts it, “Succession is something you have to prepare for, and it’s the preparation that makes your business stronger, whether you sell it or not.” Tyson explains why you need to think about having a sellable business even if selling isn’t something you’re thinking about for the near future. Planning for when you’re not there is something Tyson sees as a key step in successful succession planning. Tyson touches upon what may happen to your business if you were to pass away unexpectedly and without having had a succession and relevant tools in place. Kim believes that you should ask yourself whether you’re going to leave your team and clients a map to follow or a mess to clean up. Those gaps make the business harder from a succession standpoint, as well as from a scaling-it-now standpoint. Tyson lists several questions it may be worth asking yourself even if you’re not currently thinking about selling your business in the foreseeable future. Tyson believes that “You’re going to exit your practice and are going to have a succession. It’s a matter of whether you determine it or it’s going to be determined for you.”  Tyson and Kim talk about why preparing WELL matters. Kim shares a critical question you should address. If you were to hand off your business in 90 days: What would break? Tyson and Kim wrap things up by sharing how to get started with a succession.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour Scott Danner Dan Sullivan Andrea Schlapia

What does successful succession really look like in today’s advisory landscape? Tyson Ray and Kim Cochenour sit down with Dave Patchen to explore the complex dynamics of succession planning – from generational mindsets and private equity pressures to the systems that truly sustain a business. Whether you’re planning to sell, pass the torch, or build a lasting legacy, this conversation will help you through value-packed insights and actionable takeaways. Tyson and Kim are joined by Dave Patchen who shares his insights on business succession and the role millennials play in the process.  Dave starts his contribution by talking about where he has seen internal transitions done right – and why it’s a good idea to have a “plan to fail” mindset. He points out that it is rare to be able to do them right the first time. Dave touches upon whether private equity and the multiples make it harder for the next generation to step in and have the internal succession. Tyson discusses the relationship between quality, cost, and service, and how you tend to get two out of the three. You have a similar dynamic on the transaction side, with multiples, the client’s best interest, and keeping your team. Dave shares his thoughts on advisors realizing that you can’t get high multiples while keeping everything else the same. Kim, Dave, and Tyson talk about the next generation of advisors and the implications their mindset, focus and goals have when it comes to successful business successions. Dave explains why he believes that, in the professional context, baby boomers need to be more flexible than millennials. Dave isn’t a fan of mainly using social media and growing one’s business through “accidental referrals”. A client-referral system, a center of influence referral system that is 100% process-driven and a client feedback system are three processes that Dave sees as critical for a business. When it comes to selling as an advisor, there’s an important question you should ask yourself: “What’s next?” A scientific fact you probably didn’t know: there’s a brain in the gut. Dave, Tyson and Kim discuss why approaching business succession requires a plan, whether you like it or not. Dave sees Be, Do, Think as the highest order of internal engagement – despite it being the opposite of what we tend to do in Western society. “The most powerful practice is the ability to put space around your thoughts,” says Dave.  Remember: the way toward helping someone is an open and curious mindset, not a persuasive and thought-driven one.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour Dave Patchen on LinkedIn Raymond James Bob Dunwoody

If your business can’t run without you, it’s not built to last…it’s as simple as that! Tyson Ray and Kim Cochenour dive into the tough but necessary conversations around delegation, team building and preparing for succession. From letting go of control to right-sizing your client base, they reveal the mindset shifts every advisor needs to make to lead with vision – and eventually step back with confidence. Tyson and Kim look at whether it makes sense to grow your team, fire some of your clients or sell your practice. Kim starts the conversation by highlighting the fact that, if your business needs 100% of you to function, you’re dealing with a weight that’s only going to keep getting heavier… Tyson shares his story of right-sizing his business twice – and why it was a good idea (both times!). During that process, Tyson basically ended up saying “you’re not good enough” to about half of his clients, and this had MAJOR repercussions! Ask yourself this: Is delegating part of the decision of growing my team or is it part of someone who’s already done that?  Tyson opens up about when he got to the realization that he couldn’t keep running his business – and his life – at that pace. When building your own team, whether it’s for business, football, basketball or something else, you need to remember that you typically don’t pick all the right players the first time. A big win Tyson had in his business was to let go of responsibilities and letting go of control. Being able to let go, getting rid of that ego part leads to better business and leadership decisions. Tyson touches upon the difference between micromanaging and empowering team members – something he has done with Kim herself! Kim shares an important reminder: whether you’re going to plan to grow your business or to start building a succession plan, it’s going to take you a while to get there. Tyson and Kim wrap the conversation up by addressing a career-defining question every advisor should ask themselves.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour

What if selling your advisory business wasn’t the end, rather the beginning of something new? Tyson Ray and Kim Cochenour sit down with SkyView co-founder Aaron Hasler to explore the emotional and strategic layers of acquisitions and succession planning. From preparing Gen 2 successors to avoiding common retirement pitfalls – it’s a candid conversation about legacy, leadership, and what it really takes to step away with purpose. Tyson Ray and Kim Cochenour are joined by SkyView co-founder Aaron Hasler. One of SkyView’s strengths is adding capital and fueling the industry with the funds advisors can use for the succession plan of their choice.  Aaron is really excited about fueling the next generation and thinking about how to get more advisors into his industry. The idea of what’s coming into advisor retirement is something that’s top of mind for a lot of advisors. Aaron believes that today advisors have more choices than ever when it comes to retirement.  Over the last 24-36 months, Aaron and his partners have noticed a trend: the generation 2 of a practice is starting to buy out the founders. A talent drain is something Aaron sees as a current industry challenge. Aaron touches upon where he thinks someone who’s thinking about potentially selling their practice should start from. Advisors’ education has been SkyView’s #1 challenge since the business was started seven years ago. Tyson brings up a big mistake advisors tend to make: they know so much about financial and retirement planning and take them so much for granted that they end up not doing them for themselves…  Aaron takes back the curtain on how he helps his clients – he advises them to work on their succession plan while they’re working in and on your business (even if they’re in their 30s or 40s). Aaron talks about the key things advisors preparing themselves to go through a succession should consider, as well as his best practices regarding acquisitions and finalizing deals. “I think that a lot of why advisors struggle with retirement is this is a fun business,” says Aaron. Aaron illustrates an example of a client he has recently helped with the succession planning process. Tyson, Aaron and Kim talk about the good and the bad of “downloading” the knowledge that’s in your head and preparing yourself to pass that along to the next generation of advisors. Advisors need to keep in mind that it may take multiple people to replace them. Kim points out that many advisors confuse the sale of their business as the end of their business or their career.  However, an exit can be a move toward something else... Aaron recommends addressing your succession planning annually.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour Aaron Hasler on LinkedIn SkyView Partners Ameriprise Financial

Stop your succession planning from becoming a list of regrets! Tyson Ray and Kim Cochenour tackle the overlooked, yet vital, element of vision – revealing how advisors often miss defining their own “What’s next?” Tune in to learn why, without this foundational piece, tactics are just numbers and how asking “What do I want to do when I grow up?” (even in retirement) is key to a fulfilling transition. Tyson Ray and Kim Cochenour address something many advisors skip when it comes to succession planning: VISION. Kim brings up the fact that, while advisors are supposed to be planners and help their clients with a long-term path for success, they tend to jump straight to the logistics when it comes to their own transition.  Kim discusses how, without vision, all tactics and data are just numbers – everything becomes a reactionary piece, instead of being strategic. Tyson points out that the question “What do you want to do when you grow up?” is something that should be asked both personally and professionally, even in retirement, because people are trying to define what their life purpose is.  Tyson believes that not defining what you want to do both personally and professionally when you exit can lead to some regrets… or, ultimately, even death. Your financial advising career is never ending: You’re helping people but that can suck everything out of you and end up draining you. Tyson shares an example of a client who initially didn’t have a vision for his professional and personal life and what that ended up leading to. Tyson goes through a mental exercise that can help you spur your reflection process.  An important question to ask yourself is “What is success for me if I take the money out?” Tyson and Kim emphasize that people who care about you play a crucial role in your journey, as they can help you identify “blind spots” you aren’t seeing. Kim and Tyson share a small challenge. Over the next month or so, focus on: 1) walk in the morning; 2) talk it out; 3) picture your successor in your role. Tyson wraps things up by explaining why you need to have space in your life – even if you feel that you’re always busy!     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour

The world of mergers & acquisitions can be hard to navigate. What should you think about before exiting? How can you get everyone on board, and how can you ensure that everything runs smoothly and leads to business success? In this episode, hosts Tyson Ray and Kim Cochenour, alongside Freedom Street Partners founder Scott Danner, explore what it takes to successfully undergo mergers & acquisitions, embracing a growth mindset, and why you should aim at living – and not leaving – a legacy. In today’s episode, hosts Tyson Ray and Kim Cochenour are joined by Scott Danner, founder of Freedom Street Partners, to explore the world of mergers & acquisitions. Scott kicks things off by discussing the challenges he was facing before Freedom Street merged with Steward Partners. Scott opens up about two specific issues that sort of pushed him over the edge.  Tyson sees team and resources as key ingredients of the success part of succession. Scott’s business skyrocketed the minute he got free to do the things he’s good at: branding, marketing, video, and podcasts. Data shows that the entire industry is essentially turning over in the next 10 to 15 years, so Scott and his team acted to create systems and processes that would support next-gen advisors. Scott touches upon what it means not to be in the driver’s seat anymore, following the Freedom Street – Steward Partners merge, and the impact on his clients. Tyson points out that the first step in total succession is seeing. Scott asks an important question: “How about we live our legacy and we’re not waiting to leave it?”  By doing that, you’re automatically going to leave a legacy because you lived it your whole life. Scott, Tyson, and Kim explore what can light a fire under an advisor’s behind to get things done, especially in a potential mergers & acquisitions context. Scott once participated in a panel and heard something he remembers to this day – someone saying, “We should always be ready to sell.” Remember: there’s a difference between how you grew and what you’re trying to grow going forward. Scott discusses how to get unstuck and go ahead with the implementation of your succession. Businesses are like kids. They have to be let free, they have to grow and, at times, they can even grow past us. Next, the conversation looks at the commitment before an exit. Older advisors who seem to only care about money and are willing to sacrifice all their years of working with clients who loved them is the biggest mergers & acquisitions disappointment for Scott. About to sell your business? Get ready, you’re likely to feel a bit lost, at least for a while… Mindset enables you to grow at a faster rate because it allows you to grow side by side with the right culture fit.     Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour Scott Danner Freedom Street at Steward Partners Edward Jones Raymond James Genius Network Dan Sullivan Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork by Dan Sullivan and Benjamin Hardy From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur Brooks Ted Motheral

Succession planning. Every business needs it, yet most owners don’t really think about it. But why is it important to carve out time for business succession planning? Co-hosts Tyson Ray and Kim Cochenour talk about Tyson’s own journey into succession planning, discuss who benefits from a well-planned succession, and what you can expect from future episodes of the Total Succession Show. As Tyson puts it: “you only exit your business once, so you should create the space to make it happen.”  The premise of the Total Succession show, hosted by Tyson Ray and Kim Cochenour, is to help you prepare yourself and your business for the ultimate succession. Tyson kicks things off by discussing the fact that you’ll exit your practice one day. You’re either going to die owning it and someone’s going to take it over or you’re going to have a succession event. In that case, you should ask yourself “What’s going to happen to my family, to my team, and to my clients?” After he turned 50, Tyson started to address certain succession planning aspects thinking he had set things up correctly…but it turned out that he didn’t.  That prompted him to address the succession planning gap in the financial services industry.  Tyson and Kim talk about how Tyson got to the realization that he needed to do some things differently. Doing things right isn’t only something you owe to your team but it’s actually something you owe to yourself too. Without being deliberate with your focus on your exit, you’ll just stumble into whatever your exit’s going to look like. By addressing some key succession planning questions, you’ll start seeing things you have to prepare for – within the business and within the team. Talking to an attorney, preparing tax consequences, preparing yourself for conversations with loved ones, your team or clients, or getting data out of your head and into systems other people could use are some of the things you may have to prepare for. The upcoming episodes of the Total Succession show will feature resources and expert contributions on practice valuation, developing your team, legal aspects, and on the emotional process of a whole transition. Tyson shares that now that he has things in place he has a peace of mind, a sense of freedom and excitement to know that he’s working towards something valuable for himself and others. The next episode of the Total Succession show will feature Scott Danner – you’ll hear about his story and why he believes you should always be ready to sell your business. A final reminder by Tyson: “Remember that you only exit your business once. Create the space to make it happen.” Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour