Total Succession

So you’ve built a business helping others plan their future. But what’s the plan for yours? Your future deserves the same attention you give your clients every day. It’s time to protect what you've built and prepare for what’s next. Welcome to the Total Succession Show, your resource for learning how to exit confidently, be fully compensated, and keep your clients' interests first. Hosted by veteran financial advisor Tyson Ray and co-host Kim Cochenour, each episode will help you navigate the emotional and strategic challenges of succession planning through real-life stories, insights from industry experts, and Tyson's SPACE framework: See, Prepare, Act, Commit, Exit. Tune in each week and head to totalsuccession.com for free tools to help you start preparing for what's next.

The Messy Middle of Succession: Not Out, Not In, Still Here 01/27/2026

20 Years of Trial and Error: Lessons From Tyson’s Personal Succession Journey 01/20/2026

20 Years of Trial and Error: Lessons From Tyson’s Personal Succession Journey Tyson Ray and Kim Cochenour discuss Tyson’s 20-year journey and reveal the raw truth behind his internal succession plan, and why he eventually chose the joy of client impact over the lure of a multi-million dollar buyout. You’ll hear about common succession planning mistakes and the hard-won processes that finally ended Tyson’s cycle of “burning through people”, including the S.P.A.C.E. framework and EOS to build a firm with staying power. If you’re wondering why mastering succession planning is more critical than ever, as the industry faces a widening advisor shortage, this episode and Tyson’s new book, Total Succession, are for you. Tyson Ray and Kim Cochenour kick the conversation off with Tyson sharing where he’s currently standing when it comes to his succession journey. Tyson is set on having an internal succession – he explains why that’s the case. “Burning through people to get to the right people and realizing that I didn’t have the processes I needed to have the right people” is what Tyson sees as a challenge he faced for about 20 years. A more recent challenge was letting go of the facade that a multi-million dollar check was going to fill or replace the joy from making a difference in a client’s life. Did you know that while the number of advisors servicing clients is declining, the number of people needing advice is actually increasing? Tyson and Kim touch upon the S.P.A.C.E. framework for succession planning, Gino Wickman’s Entrepreneurial Operating System (or EOS), and debunk some succession-related myths. Tyson talks about what he considers to be the most unexpected gift of his journey. Curious about how Tyson’s book Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First can help you get started with succession planning? Tyson has a couple of recommendations for you. Mentioned in This Episode: Tyson’s book - /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39730905

Why Succession Planning Fails Financial Advisors… And How to Fix It with Jackie Wilke 01/13/2026

Why Succession Planning Fails Financial Advisors… And How to Fix It with Jackie Wilke Succession planning succeeds or fails in just a few critical places, and most financial advisors don’t realize where they’re vulnerable. Tyson Ray and Kim Cochenour are joined by Jackie Wilke to break down the three make-or-break factors in succession planning, from redefining rainmaking to building leaders who can truly care for clients. You’ll hear why succession is your final act of client service, how to future-proof your firm, and what it really takes to prepare the next generation of advisors to step up. Tyson Ray and Kim Cochenour are joined by Jackie Wilke to dig into the three biggest areas where succession planning either takes off or falls apart. Jackie kicks things off by sharing her industry insights regarding succession and its relationship to team builders and building an advisor transition team. She notes that estimates forecast 37% to 46% of advisors planning to retire over the next 10 years – yet, most of them don’t have a succession plan in place. Despite what you may have thought, at the end of the day, succession planning is about the client. Jackie is a fan of a quote by one of her clients, who referred to succession planning as “their last act of client service.” Tyson sees the advisory industry as focused on wanting Gen 2 to be the rainmaker, not realizing that, at some point, the team needs caretakers for their clients. Jackie touches upon a mindset shift she believes could help advisors: redefining what rainmaking means. The modern rainmaker should be something that achieves business development-propelled growth, not because they’re selling something, but because they’re serving someone. “Human capital is such an advantage in our industry”, says Jackie while sharing several considerations leaders should keep into account to shape the future leadership bench of their firm. One of the biggest mistakes Tyson sees advisors make with their successor is to expect them to follow exactly in your footsteps to get to where you got to. However, if you think about it, what you did 5, 10, 20 years ago to get here now probably needs a different “who”, “how”, and “why”..! Jackie, Tyson, and Kim discuss ways to find talent and the right approach to firm growth and to develop a growth mindset. Fun fact: only 19% of kids stay with their parents’ advisor. Jackie touches upon what she thinks makes a business more attractive to a potential buyer or to a successor who wants to take over. Taking a minute to evaluate where your firm is at is the first step Jackie suggests taking to future-proof the next generation of advisors. Tyson explains why, over the last few years, he purposefully capped his income – and the impact that move has had on his firm. Mentioned in This Episode: Tyson’s book - on LinkedIn /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39648575

Succession Planning, Legacy, and Letting Go: The Story Behind the Total Succession Book 01/06/2026

Should You Sell Your Advisory Practice? How to Handle Unsolicited Offers 12/30/2025

Should You Sell Your Advisory Practice? How to Handle Unsolicited Offers When a buyer comes calling, it can feel flattering, urgent, and surprisingly emotional, but an offer is NOT a succession plan. Tyson Ray and Kim Cochenour break down how advisors should think about succession when acquisition conversations start, from asking the right questions to understanding what you may be giving up beyond the numbers. You’ll learn how to evaluate opportunities on your terms, protect your clients and culture, and avoid regrets in a world where there is no such thing as a perfect exit. This episode sees hosts Tyson Ray and Kim Cochenour address the scenario in which someone wants to buy your practice. Tyson explains that being approached by someone who is thinking about acquiring your firm shares some similarities to what happens in the dating world. He also points out that one of the reasons why Total Succession exists is to help you prepare for a world where that keeps happening – so that you can choose the response that takes you down the path you want to be on. Kim Cochenour points out that most advisors don’t realize that the offer is not the plan. Tyson goes into the questions advisors should ask themselves when it comes to potentially selling their firm. “Over the next 90 days, am I going to grow or am I going to sell?” is a key question you should constantly ask yourself. Tyson discusses the fact that, sometimes, it’s not about money, but it’s about the environment of how you want to end – is it on your terms or on someone else’s? One of the things that could potentially be part of selling your firm is saying goodbye to some of your team members, some of the people who have gotten you where you are today. What impact will that have on them, and what about the company culture? How will that be affected by it? Tyson is a firm believer that the way to exit the practice without regretting it is to make sure that your clients are better off. An important message from Tyson: “If you’re listening to this and have some time, steward well the resources, take money out of the business and reinvest that to build assets such that the need to get so much out of your business exit is lessened.” Whenever you get a phone call from a potential buyer of your firm, Tyson recommends being focused on the data, questions and answers – and he stresses the importance of bringing in other advocates to help you see your blind spots. Tyson and Kim go through the S.P.A.C.E. approach to succession planning. Remember: “There’s no perfect exit.” Mentioned in This Episode: Tyson’s book - (available for pre-order) Previous episode - /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39511270

How to Rethink Your Exit When Succession Doesn’t Go as Planned 12/23/2025

How to Rethink Your Exit When Succession Doesn’t Go as Planned Succession planning doesn’t always go the way you expect… and when it falls apart, that moment can reveal the truth you’ve been avoiding. Tyson Ray and Kim Cochenour break down why plans derail, how to trust your gut over external pressure, and what founders should do when people or expectations start to crumble. You’ll learn why a broken plan can ultimately protect your legacy, strengthen client care, and open the door to a better path forward. Tyson Ray and Kim Cochenour discuss what to do when your succession plan falls apart, and how advisors can protect their legacy even when the original plan does stick. Tyson explains that one of the key reasons why succession plans fail is because they rely on an element that isn’t always infallible: people. When things fall apart before a sale, or a succession turns out to be a blessing in disguise – just ask someone whose plan fell apart post-sale. Tyson identifies three key elements that can derail a succession: you, the succession plan, and the people involved in it. When it comes to a succession, it’s important to remember that you’re not selling what’s yours; it’s the clients, and your goal should be to leave them better off than when you met. Tyson stresses the fact that every advisor should realize that it isn’t about their head, what other people or the industry are telling them… it’s about listening to and trusting their gut. Kim Cochenour points out that “It’s very easy to lie to ourselves when you’re swayed by those other decisions that are those other factors that can really change what your succession plan could be.” Tyson and Kim discuss what founders should do when they start to realize that their succession plan is beginning to crumble. Remember: succession is NOT the end. It’s not something you wait to do at the end. Mentioned in This Episode: Tyson’s book - (available for pre-order) /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39430595

How Faith and Fit Shape a Better Succession Plan with Brian Church 12/16/2025

How Faith and Fit Shape a Better Succession Plan with Brian Church Succession planning isn’t just a business strategy, it’s an identity shift. Tyson Ray and Kim Cochenour are joined by Brian Church to explore the emotional and practical realities founders face as they scale, surrender control, and redefine their best vocational life. You’ll hear hard-won lessons from Advisory DNA’s journey, why advisors must seek trusted community, and how letting go can actually lead to more clarity, freedom, and growth. Brian Church kicks things off by sharing Advisory DNA’s origin story, the inspiration behind its creation and the gap he was trying to fill with it. The conversation shifts toward the concept of best vocational life and its three areas of focus. When he first started out with Advisory DNA, Brian used a 91-question form he shared with prospects. Brian points out that, at every level you get to, you’re still going to deal with the need for scale, and the issue of vision and culture drift, as well as the advocacy of the continuum of client care. The lack of growth is a rather hidden, but very much present, industry trend – with margins likely to get contracted because of the advent of AI and machines. Brian takes back the curtain on the process that led to Advisory DNA being acquired, and what that process taught him about succession from a founder’s seat. Tyson stresses the fact that any type of growth comes with some aspect of surrender because you have to give something up. People mistakenly think that the company will fail if we lose control but life actually improves when we surrender some things. Brian opens up about how things have changed and what he does whenever the feeling of wanting more control resurfaces. Tyson’s S.P.A.C.E. framework focuses on the different pieces of the succession planning puzzle: Seeing, Preparing, Acting, Committing, and Exiting. Tyson believes that advisors need advisors because they’re planners for clients but neglect to plan for themselves. “Seek community and look for people you trust” is Brian’s advice for advisors in the Seeing and Preparing stages of their succession planning journey. One of the biggest emotional hurdles for advisors? Giving up control and the fear of losing identity. Brian goes through the steps that enable you to explore your best vocational life. Mentioned in This Episode: Tyson’s book - (available for pre-order) on LinkedIn /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39304395

Before the Deal, Have the Talk: Why Succession Begins With the People You Love 12/09/2025

Before the Deal, Have the Talk: Why Succession Begins With the People You Love Succession planning doesn’t start with lawyers, valuations, or deal terms (or at least, it shouldn’t!)... It starts at home. Tyson Ray and Kim Cochenour address the topic of deeply personal conversations advisors need to have with their spouse or partner long before any transition becomes real, from aligning on “age and number” to navigating fears about the future. They discuss how to get on the same page, what to do when you’re not, and why the most important succession agreement you’ll ever sign is the unspoken one with the person who knows you best. Tyson Ray kicks things off by explaining why you want to let your partner or spouse in on your succession planning BEFORE you actually do a succession. Asking your significant other or close friend what they see, want, as well as their fears if you didn’t wake up tomorrow… Tyson sees “age” and “number” as two key topics of conversation every advisor should have at home. “Age” refers to questions related to the age your partner or spouse would want you to be done with your work by. “Number” has to do with an income level or asset that would make sense for you and your spouse/partner. Tyson opens up about how Jenny got involved with his succession planning journey. What should be done when advisors and clients aren’t on the same page? Tyson shares his thoughts. For Tyson, the whole point of being a financial advisor is to help people get to what we call “funded contentment.” Thinking of actually having the “succession talk” with your significant other? Tyson has some practical advice you can follow… Kim asks what should be considered and done if you get to the table with your spouse/partner and realize that you have completely different visions on what should come next. During the completion of his SEPA designation, Tyson heard about the concept of planning backwards and executing forward. Going to a couple’s counselor is a scenario that could be very concrete if you find yourself in this situation as an advisor. A powerful reminder by Kim: “Don’t forget that the most important agreement in all of your succession planning agreements is actually going to start at home.” Mentioned in This Episode: Tyson’s book - (available for pre-order) Previous episode - - by John C. Bogle /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39244560

The Next Wave of Succession: Why Advisors Are Rejoining Bigger Firms to Regain Freedom with Alex Goss 12/02/2025

The Next Wave of Succession: Why Advisors Are Rejoining Bigger Firms to Regain Freedom with Alex Goss Advisors are rethinking what they want their future to look like, and the old model of “go independent and grind forever” is losing its shine. Co-hosts Tyson Ray and Kim Cochenour, along with Alex Goss of NewEdge Advisors, unpack the new realities of succession – from soaring valuations and G2 buyout challenges to burnout driving many advisors toward bigger, better-resourced firms. You’ll hear about how deal structures are shifting, what buyers actually want, and why the real question isn’t just how you’ll exit… but what life will look like after you do. Alex Goss kicks the conversation off by listing the trends and shifts he’s seen in regards to how advisors are thinking about their future. He believes that the industry is at the beginning of a new cycle, similar to what ended in 2012. After going solo and building their own firm, Alex sees many advisors wanting to join or partner up with bigger firms to win back time and have more assets and impact. Financial advisors are burned out by doing all the things that are required to support being a financial advisor. For Tyson Ray, an advisor’s career progression is to end up independent and free. Alex touches upon NewEdge Advisors and what would make an advisor a good fit for his firm. NewEdge has two divisions: One built for advisors looking for ultra-high networth, very deep intellectual capital resources. The other provides operational and back office support to the entrepreneurial type of advisor. Alex discusses a challenge he has identified over the last few years: as the valuations of businesses have gone up, the ability for G2 to buy out G1 has become harder and harder. Alex explains how he has seen deal structures change as the landscape is shifting. “A lot of times, advisors forget about their replacement costs being an actual expense of the business,” says Alex. Remember, when you’re selling your business, you’re actually selling it. Tyson shares the story of a business owner getting the valuation he was looking for… without realizing the cost of it all. When it comes to succession, Kim Cochenour believes that many advisors don’t think about what their life will look like after the deal is done. If you’re growing the net of the market over 6%, you’re in the “really good” category. Growing between 3 and 6%? Then, you’re in the “okay” category. If you’re growing less than 3%, it’s going to be hard to find someone interested in buying. Mentioned in This Episode: Tyson’s book - (available for pre-order) /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39131140

De-Risking Your Practice: How to Build a Resilient Business Through Succession Planning 11/25/2025

De-Risking Your Practice: How to Build a Resilient Business Through Succession Planning When your business depends on you, it’s not just exhausting… It’s risky! Tyson Ray and Kim Cochenour reveal the hidden traps that quietly drain your firm’s value and share how real succession planning can protect your clients, your legacy, and your freedom. You’ll learn what it means to de-risk your practice, so it can run – and THRIVE – even when you’re not there. In this episode, Tyson Ray and Kim Cochenour look at the hidden risks of what drains your value, stalls your succession, and puts your clients at risk when you aren’t there. The concept of de-risking your practice comes from the exit planning world – it has to do with identifying and understanding perceived and known risks when you’re getting valuation work done for a succession. Kim points out that if an advisor is thinking of succession but the business is all dependent on them, it isn’t sellable and is fragile for both the advisor and their loved ones. Tyson opens up about the stress test the firm went through when he turned 50. Remember, from a valuation standpoint, if the practice can run itself (without you), it’s much more valuable for potential investors. At the same time, the business may be more valuable to you as the owner, if you don’t have to be the one doing everything. Tyson explains how they managed to identify gaps when he went through this process when he was 30 and, then again, when he turned 50. Tyson and Kim talk about letting G2 be involved enough in the business so that if the founder stepped out, they would be able to step up. For Tyson, approaching your firm like a medical practice – and their chart-driven approach – is an excellent way to de-risk your firm. A big goal should be ensuring that the trust and client relationship can be “downloaded” and transferred, then “uploaded” back to the client to make them realize that the firm knows who they are and cares about them. Not putting the burden on any one person is a big part of de-risking. Tyson goes over who owns the client, and how understanding its repercussions will impact your practice. There are 3 ways to jumpstart the de-risking process: review and update your operating and partnership agreements; establish what a buy-sell agreement would look like or review your current one; create a key person contingency plan that’s legally documented. Tyson illustrates who an advisor should reach out to when it comes to specialized people in the financial services or legal counsel. Tyson and Kim discuss a few steps that can be taken to initiate the de-risking process. Mentioned in This Episode: Tyson’s book - (available for pre-order) Previous episode - /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39098535

Succession for Independent Advisors: 4 Key Valuation Drivers with Nate Lenz 11/18/2025

Succession for Independent Advisors: 4 Key Valuation Drivers with Nate Lenz With a looming 100,000-advisor shortage, senior principals are failing to plan their own exit while misunderstanding what truly motivates the next generation of wealth managers. Nate Lenz, CEO of Concurrent, joins us to break down the entitlement mindset, the flaw of chasing rainmakers, and to share the key drivers of valuation that will help you with succession planning. Nate shares his succession background and a couple of industry developments he has witnessed up close and personal. According to a McKinsey study, there will be a shortage of about 100,000 advisors by 2034. Nate lists a couple of downsides that can put G2 advisors in a negative situation. Kim points out a big flaw many advisors face: Not having planned their own exit nor planning for their own retirement… Tyson touches upon a recent encounter with an advisor who saw everything change once the practice was solved – he didn’t realize the stress that you need to deal with to hit growth targets. Succession readiness is something that Nate and his team often talk about internally at Concurrent. Making sure that clients are well taken care of is an important aspect Concurrent focuses on. “The path that got a 50, 60, 70-year-old advisor where they are is not going to be the path that takes G2 advisors into the next space,” says Kim. Nate sees the entitlement mindset as one of the things the next generation of advisors is continuously going to battle. Tyson believes that too many advisors are still thinking that they need to hire the rainmaker… Opportunities for advancement or mentorship and development – and not work-life balance, remote work, and compensation – are the motivations FinServe has observed among a pool of recent graduates that had entered wealth. “Owning my own firm or being a partner in a firm” are the two most popular answers to the “Where do you see yourself in 10 years?” question asked by the Concurrent team. Scale, diversity of revenue, alignment, and growth are the four key drivers of valuation at Concurrent. Kim and Tyson go through the S.P.A.C.E. acronym: See, Prepare, Act, Commit, and Exit. Remember: Succession is a process, not an event. Nate talks about how he sees Concurrent help advisors through the S.P.A.C.E. framework. Mentioned in This Episode: Tyson’s book - (available for pre-order) on LinkedIn /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/39011060

How To Mentor the Next Generation: A 5-Stage Path to Building Advisor Talent from Within 11/11/2025

How To Mentor the Next Generation: A 5-Stage Path to Building Advisor Talent from Within Too many founders make a critical mistake when it comes to succession: seeking a successor who’s a clone of themselves. Tyson Ray and Kim Cochenour break down why letting go of that idea is the key to building a sustainable legacy. Tune in to learn about the role of loyalty and the owner’s responsibility to the next generation of advisors (G2), and to hear the hardest team-building lesson learned by Tyson. Tyson Ray kicks things off by stressing the importance of loyalty and the owner’s responsibility of grooming the team, so that members can take over the reins. “The more you build a team that can run itself, the more your company is worth, the better the clients are going to be served when you’re no longer there,” says Tyson. Kim lists what she and Tyson often hear founders say about their G2 (and why they wouldn’t be a good option for succession). Remember, today’s successor doesn’t have to be you, they’re not going to be like you. They need to be coachable, consistent, and committed. As a leader, it is good to keep in mind that not every advisor wants to be the CEO, Kim notes… and that’s ok. However, every firm needs to plan for who’s next. Tyson opens up about how Kim came into his business and why she has been an excellent choice for the firm. Kim and Tyson touch upon the client service-focused training model they’ve established at their firm, as well as the role of mentorship. Tyson raises a point that will help you become a better mentor, teacher, and leader. Kim shares her favorite African proverb, while Tyson discusses the hardest lesson he had to learn about building a successful team. Tyson talks about what to do, as an advisor, if you don’t have much of a runway to do a succession. Mentioned in This Episode: Tyson’s book - (available for pre-order) Previous episode - /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38927005

The Next-Gen Blueprint: How To Identify, Empower, and Retain Talent for a Flawless Succession with Brittany Anderson 11/04/2025

The Next-Gen Blueprint: How To Identify, Empower, and Retain Talent for a Flawless Succession with Brittany Anderson Tyson Ray and Kim Cochenour are joined by Brittany Anderson of Sweet Financial to dive into why the so-called “Queen Bee Syndrome” actually kills value and impedes succession. Tune in to learn how to strategically identify your firm’s leadership gaps, explore powerful external options, and find high-value next-gen advisors who are empathetic self-starters ready to lead their firm. Tyson Ray and Kim Cochenour explore potential external succession options. Brittany kicks things off by sharing how her journey in the wealth planning space started 17 years ago. She goes over why leadership development is such a critical piece of succession planning and growth. Tyson explains why, as a founder, doing things the way you did in the past isn’t the right recipe for success – and Brittany doubles down on the so-called Queen Bee Syndrome. “When you get to a certain point in your business, you’re ready to either build, buy or sell”, says Brittany. Tyson, Brittany and Kim talk about one of the biggest challenges advisors face: letting go. Brittany sees a big flaw with operating systems: they treat people on your team as a method for getting what you want instead of learning what they want. Helping them accomplish their goals in a way that’s so tied to your vision and supports them will likely make them team members that never want to leave. Brittany lists what to be aware of and try to avoid when looking at next-gen advisors. Remember, just because somebody is really good at what they do, does not necessarily mean that they’re going to make for a great leader… Empathy and self-starter are key traits Brittany recommends looking for in a next-gen advisor. Brittany shares an exercise for leaders. Take a piece of paper and write down what you want to spend your time on, what you’d like to focus on, and what you wish to have influence over. Kim asks Brittany to share her thoughts about the role that a leadership culture looks like inside of a thriving practice, as well as about successfully preparing for a succession. For Brittany, going through the exercise of identifying your firm’s gaps – even if you have internal succession leaders – will help increase the value of your business. Don’t limit yourself to thinking about what you’re retiring from, but also think about how you’re going to spend your days, and when your energy’s going to go. Tyson warned founders: “You’re either going to decide how this works or it’s going to be decided for you or for your family.” Mentioned in This Episode: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38829090

External Succession: Decoding Aggregators, Integrators, and the Private Equity Play 10/28/2025

External Succession: Decoding Aggregators, Integrators, and the Private Equity Play Tyson Ray and Kim Cochenour dive deep into the topic of external succession. You’ll hear what it means to sell your practice to an outside party (like an aggregator or private equity firm), and the difference between an integrator and an aggregator, as well as why you should consider exploring external succession. You’ll walk away with more clarity and knowledge and a crucial reminder: You don’t have to do succession alone, but you absolutely have to do it! Tyson Ray and Kim Cochenour explore potential external succession options. “External succession is something that everybody should explore to make sure they’re making the right decision”, says Tyson. Kim stresses that, unlike an internal succession, an external succession may feel more like a transaction… but it doesn’t have to be. Kim and Tyson define external succession: it’s when you sell your practice to someone outside of your existing team. It could be an advisor, another peer, an aggregator, or an integrator. Tyson goes through what differentiates an aggregator and an integrator. From a financial standpoint, Tyson sees external successions as a bit more lucrative than internal ones. While there’s a perception that there would be continuity of someone serving your clients like you do, Tyson cautions against it – it doesn’t mean that everyone who raises their hand will actually be ready to buy it. Tyson lists some of the pros and cons of doing an external succession (and its potential repercussions for your clients). Did you know that there are firms that started out as aggregators that became integrators? Tyson explains why that’s not good. Tyson discusses the option that, if you want to just throw up your hands and be done, it will enable you to do exactly that. Private equity is a way of “taking some chips off the table”. It’s a way of monetizing some of your practice, but not necessarily selling your practice. Thinking about tapping into private equity? Remember that who you sell to today may not be who owns it tomorrow. Tyson stresses the importance of making informed decisions and touches upon the concept of a succession exit (and everything it entails). An important reminder from Tyson: “You don’t have to do succession alone…but you have to do it.” Mentioned in This Episode: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38650435

The Future of Succession: What Retirement, M&A, and Private Equity Mean for Advisors with Dean Smith 10/21/2025

The Future of Succession: What Retirement, M&A, and Private Equity Mean for Advisors with Dean Smith The financial advisory industry is facing unprecedented change as succession, consolidation, and private equity reshape the landscape. Tyson Ray and Kim Cochenour sit down with Wealth Enhancement Group’s Dean Smith to explore what’s driving the surge in M&A activity. If you’re an advisor wondering how retirement and succession will impact your future or why you may be underestimating both the value of your business and the complexity of succession, this conversation is for you. Co-hosts Tyson Ray and Kim Cochenour are joined by Dean Smith of Wealth Enhancement Group to address an unprecedented industry change. One of the biggest shifts happening in the financial advisory industry right now is the convergence of advisory retirement, the increased M&A activity, and the surge of private equity interests. Dean goes over his backstory, what drives him, and shares his thoughts on what he has seen across the industry, both in terms of advisor retirement and consolidation. For Dean, the influx and M&A in the financial advisory industry started in 2015 and is driven by two things: the desire for succession planning, and the fact that scaling matters. Some advisors choose to stay for 3-5 years post-deal. They often feel like they’re having fun again. Tyson, Deal, and Kim touch upon some noteworthy industry trends. Dean has noted that “Many advisors are underestimating the value of their business and the complexity, but many of them also underestimate the complexity behind true growth.” “There are a lot of advisors out there that are losing so slowly they still think they’re winning, because market growth masks the reality of what their practice is really worth,” says Tyson. Dean lists the qualities ideal clients of Wealth Enhancement Group (WEG) should have. There are a lot of unknowns about what you can actually get in terms of your succession planning. Dean opens up about what advisors hear once the succession “dust” settles, as well as what someone intrigued by WEG should consider. Mentioned in This Episode: on LinkedIn /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38606695

Internal Succession Strategies: Building a Plan That Truly Works 10/14/2025

Internal Succession Strategies: Building a Plan That Truly Works Is internal succession really the “ideal” advisors imagine it to be? Tyson Ray and Kim Cochenour unpack the realities of selling to team members, family, or merging with another group – and why alignment alone isn’t enough. If you care about protecting your clients, your team, and the legacy you’ve built, this conversation will help you see internal succession in a whole new light. In this episode, Tyson Ray and Kim Cochenour talk all things internal succession. Tyson sees internal succession as “the ideal that everybody sets out for, but doesn’t necessarily take the time to really implement or build over time.” With an internal succession, you create someone who can basically take over the expertise you have running your firm, and that can serve the most important needs of and relationships with your clients. Kim explains that international succession is not about selling to an outside buyer or an aggregator… it’s about keeping the business in the family. That doesn’t necessarily mean a family member, though – it can be someone who’s already inside of your practice or who’s working within your “ecosystem.” Tyson points out that, while there may be some fee forms and other matters involved, an international succession within the same team is a non-client approved event. Tyson breaks down the internal succession process that focuses on a team member. Kim warns against not having a foundational conversation with relevant team members even with people you’ve mentored and think you know quite well… Citing past guest Nick Arellano, Kim shares an important reminder: alignment isn’t always enough – you need accountability, legal clarity, and a plan in place. Tyson and Kim go over the pros and cons of having an internal succession that includes family members. Thinking about internal succession with a family member? Ask yourself this: “Are they the best person to run the firm?” Tyson and Kim talk about merging your team with another one at your current custodian. There are three main internal succession paths: you can sell to a team member, you can sell to a family member, or you can merge with another team at the same custodial platform. Regardless of the path you choose, you have to have a plan, some clarity, and some structure to help avoid the conflict for you and your clients, and the legacy you’ve built. Mentioned in This Episode: Previous episode - /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38504155

Succession and Exit Planning: What 40% of Advisors Must Face in the Next 7 Years with Nick Arellano 10/07/2025

Succession and Exit Planning: What 40% of Advisors Must Face in the Next 7 Years with Nick Arellano What’s the difference between a smart succession and a rushed exit? Tyson Ray and Kim Cochenour are joined by Nick Arellano to discuss why treating your firm like a house sale is risky, and how valuation, growth, and planning shape your future. This conversation will help you approach succession and exit planning – something 40% of advisors will face over the next 5-7 years – with clarity, confidence, and long-term vision. Tyson Ray, Kim Cochenour and guest Nick Arellano look at the elements of a smart succession and what makes for a successful business exit. Nick shares his background, while Kim shares an advisors-plumbers similarity. Not having a succession plan, and the increasing age of advisors are something advisors should really be paying attention to as the landscape is shifting. This may come as a surprise to you but an estimated 40% of advisors are set to retire over the next 5-7 years. Many advisors treat succession just like selling a house – Nick explains why that happens and the potential risks of having that approach. Tyson shares the story of how getting a valuation impacted him, and what advisors in a similar position should consider. Nick goes over the key factors of valuation: growth, value, and profit. Kim stresses a misconception many advisors believe, as they think that’s valuation is only based on their revenue… Understanding that your business is not just producing income, but is an actual asset that has value is a mindset shift many advisors are unable to wrap their head around. Nick explains that whatever you take on an annual basis is going to impact the value you’re going to get. The less you take upfront, the larger the value is going to be. The more you take in compensation, the lower the value is going to be. Want to do a successful succession? “You kind of need to start checking your ego, and now you just start letting go of some things to enhance the value of your company,” says Tyson. Nick goes over why, in his opinion, the financial advising industry hasn’t incorporated young talent really well. Many advisors have an operational agreement, but don’t actually know what’s in it. Remember: everything in valuation comes down to growth, risk, and profit. Nick discusses what their goals working with advisors is, and how you can start the process of getting help from Your Legacy Partners. Don’t forget: it’s not really about the exit…it’s about what comes next. Mentioned in This Episode: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38441220

The Succession Illusion: Why Your First Choice Might Not Be the Right One 09/30/2025

The Succession Illusion: Why Your First Choice Might Not Be the Right One Are you choosing your successor out of clarity, or just comfort? In this episode, Tyson Ray and Kim Cochenour unpack the hidden traps of succession, from mistaking loyalty for leadership to assuming one person can wear all the hats you do. Packed with hard truths and practical takeaways, this conversation will challenge your assumptions and help you build a succession plan that actually works. Tyson Ray and Kim Cochenour look at how picking your successor isn’t as obvious as you may think. Kim kicks things off by stressing how having familiar and loyal team members doesn’t mean that they’re ready and capable of leading your practice into the next chapter. “Am I choosing my successor with clarity or with comfort?” This is a key question Kim believes advisors should ask themselves. Many advisors assume they already know who their successor will be. Tyson talks about what typically leads to that assumption, as well as the oversight on the founders’ part. As Tyson points out, many advisors forget that their successor may need to be more than just one person – because you’re wearing so many hats. Kim highlights how performance and leadership potential shouldn’t be confused with each other, while Tyson notes how a “caretaker” may be a better candidate for succession than a “rainmaker.” Tyson and Kim touch upon what a founder can do to challenge their own assumptions about finding their own bias. Tyson opens up about an approach he has used to empower team members. “The growth we’ve had in our firm is when we started hiring people and giving them the opportunity to screw things up,” says Tyson. Decisions being made in distress, too many mistakes being made, and not having enough trial and error are some of the reasons why many founders can’t exit the business. Never forget: “succession takes time.” Oftentimes, leaders aren’t the ones who have the title, rather it’s those who lead. Tyson and Kim unpack the S.P.A.C.E. acronym. As a founder, you may be mistakenly believing that everyone in your team knows what the succession plan is. Tyson shares what it means to share what the succession plan actually looks like from a group perspective. Kim stresses how doing nothing is still a decision for your business. Weekly goal: ask “Who do you think could lead the business without me?” to at least two people in your network. Mentioned in This Episode: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38341685

Succession Done Right: Bryan Sweet on Starting Early & Planning Ahead 09/23/2025

Succession Done Right: Bryan Sweet on Starting Early & Planning Ahead What if succession wasn’t the end of the road, but the start of something greater? In this episode, Tyson Ray and Kim Cochenour sit down with Bryan Sweet of Sweet Financial to uncover the lessons from his 47-year journey. Hear about how early planning, team buy-in, and focusing on your unique abilities create a smoother transition – and how to approach succession not just as an exit, but as an opportunity for growth, freedom, and lasting impact. Tyson Ray and Kim Cochenour explore successful succession, the importance of team buy-in, and exiting into opportunity with Bryan Sweet. Bryan starts the conversation by sharing the story of his 47-year journey in business, stressing the difference between working in a financial advising firm and owning one. Tyson goes through each letter of the S.P.A.C.E. acronym: See, Plan, Act, Commit, Exit. For Bryan, success expands exponentially when advisors realize that they should spend as much of their time in their unique abilities and get others to do what they’re really great at. Bryan lists the tools and resources he and his team have used to help cultivate the next generation of leadership. Having complete flexibility in what they could do for clients is one of the main reasons why Bryan and his team went to their own RIA. Kim stresses the importance of having buy-in from your team. Bryan and Tyson go into the pros and cons of changing custodians in business. For many, succession is “the end of the road” but not for Bryan, who sees it as a new beginning – he tells more about the perspective he’s gained after doing an internal succession. In 47 years, it’s the first time that Bryan feels as if he has every piece of the puzzle for his team and clients… He explains why that’s the case. Thinking about succession? Bryan has a specific recommendation on how to approach it and look at the future. When it comes to succession, “You want to do it once, as right as you can”, says Bryan. Starting early and doing things in thorough fashion are key elements of a successful succession. Tyson illustrates how looking at what the future holds isn’t about exiting into nothing, rather exiting into something, a new opportunity. Bryan talks about what he had to do differently, from a preparation standpoint, when it comes to legal documents and structural changes when he was ready to make the change. If you do things well, your clients will feel like friends – this is something that will also lead you to improve your overall business performance. Tyson recently heard that a financial advisor’s fiduciary duty is to introduce the client to the successor, to the next generation advisor who’s going to take the place for the peace of mind of that client. Mentioned in This Episode: on LinkedIn /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38259230

It’s All in Your Head: Unlocking the Value Trapped in the Founder’s Brain 09/16/2025

It’s All in Your Head: Unlocking the Value Trapped in the Founder’s Brain Is your firm’s future trapped inside your head? Tyson Ray and Kim Cochenour explore why founders who keep critical knowledge, instincts, and processes to themselves risk slowing down growth – and putting succession at risk. From documenting systems to transferring decision-making skills, they share practical ways to build a business that lasts beyond the founder. Tyson Ray and Kim Cochenour talk about one of the biggest challenges founders have, and that can hinder succession plans: keeping everything in their head. For Tyson, not only is there a lot trapped in the founder’s brain, but there’s also technology not leveraged to the fullest, and the team is not getting educated around the importance of the data that should be shared. Advisors could take inspiration from a valuable, yet common tool in the medical space: the flip chart. With a similar approach, advisors can have all that information shared with and by multiple people – if everything is just in your head, it can’t get accessed by the rest of the team. Most advisors have built a decision-making business muscle that’s really strong, and it’s taken over for decades, but if that instinct isn’t documented and taught or modeled, it can’t be transferred. The so-called Wealth Story is one of the most common knowledge gaps advisors often have. Kim shares a big question founders should ask themselves: “What do you actually need to get out of your head?” Tyson and Kim go over the list of systems and processes that should be documented in every firm in the financial services space. Tyson unpacks the concept of S.P.A.C.E. Kim brings up a challenge for next week: to identify the one thing you know you do well, but there’s no one else on your team who could do any of it tomorrow. Tyson talks about what he considers the best way to “download,” as well as to have next-gen advisors make progress. Mentioned in This Episode: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38172830

The New Era of Succession Planning: AI, M&A, and Legacy Leadership with Ray Sclafani 09/09/2025

The New Era of Succession Planning: AI, M&A, and Legacy Leadership with Ray Sclafani How will AI, private equity, and shifting demographics reshape the future of financial advisors? In this episode, Tyson Ray and Kim Cochenour sit down with Ray Sclafani of ClientWise to explore the intersection of technology, leadership, and succession in a rapidly changing industry. From building legacy firms to preparing the next generation of advisors, this conversation reveals what it takes to thrive in a time of transformation. Tyson Ray and Kim Cochenour welcome Ray Sclafani of ClientWise to touch upon industry insights, AI, succession, and more. Ray kicks things off by sharing his experience at ClientWise, as well as his thoughts on the role of AI within the financial advisor industry – including a “player” worth keeping a close eye on. Tyson’s quote about AI for advisors: “As an advisor, you’re not going to lose clients to AI… you’re going to lose clients to an advisor that’s using AI.” Did you know that, over the next 10 years, it’s estimated that 38% of advisors, representing 40% of client assets, are expected to exit the business? Ray touches upon something that makes the financial advisor’s profession unique and better positioned, compared to other spaces and jobs. Ray doesn’t sugarcoat it: When it comes to succession planning, the firms he works with are all over the board! In his talks with clients, Ray doesn’t talk about termination date, but rather about freedom date. There are differences between advisors who have a 5-year “runway” before succession, and those who don’t… Quoting Mark Tibergien, Ray discusses the fact that it takes 5-7 years to successfully develop the next generation. Wondering “Who’s a great leader”? As Ray puts it, it is somebody who can develop somebody, who can develop somebody. There are 3 things you can do with your shares: You can sell them at fair market value, you can discount them, or you can gift them. “Has there ever been a better time to be in financial services?”, asks Ray. There seems to be an M&A boom in the industry – with an estimated $1 to $2 trillion dollars sitting on the sidelines that private equity is looking to invest. In the U.S., 54% of teams in the wealth advising space end up breaking up… Kim asks Ray about how he helps clients reshape their identity in the transition of building a legacy firm. The Outcome Frame, which Ray and his team at ClientWise use, is all about helping people get clear about what they want their future to be and how they want to spend their time and where they can make a really big difference. Ray discusses the importance of putting clients first – and everything that can occur as a result. Mentioned in This Episode: by Ray Sclafani by Spencer Johnson by Mitch Anthony /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/38076950

You Can’t Replace Yourself with Yourself, How To Rethink Next-Gen Leadership 09/02/2025

Succession Starts Sooner Than You Think: Lessons From 30 Years in the Industry with Duncan MacPherson 08/26/2025

Succession Starts Sooner Than You Think: Lessons From 30 Years in the Industry with Duncan MacPherson What’s REALLY holding advisors back from tackling their own succession plan? Duncan MacPherson joins Tyson Ray and Kim Cochenour to unpack the mindset, systems, and blind spots that keep even the most well-intentioned professionals from preparing for the future. You’ll walk away with insights on turning wisdom into value and making your business less dependent on you. Guest Duncan MacPherson, CEO of Pareto Systems, kicks things off by sharing his 30+ year journey that includes some marketing that involved… Winston Churchill! Duncan sheds some light on what he sees as the bigger picture of the landscape of retiring advisors. Duncan, Kim, and Tyson go through the four progressions of what it means to be a financial professional. Tyson asks Duncan to share his thoughts on the recent past and future of succession – with 30% of financial advisors exiting the business. Duncan explains why, in his opinion, well-intentioned, high moral compass advisors kick the can down the road when it comes to their business succession… Did you know that half of the population in America doesn’t have an estate plan? Kim stresses how one of the main reasons why advisors don’t bring their succession planning to clients is because they haven’t thought it through themselves. Duncan touches upon the qualities of advisors who “got it right” and discusses the fact that “the less dependent your business is on you, the more valuable it becomes”. Duncan sees taking what’s in your head and turning it into intellectual property as key. You probably know S.O.P. as Standard Operating Procedures, but for Duncan S.O.P. stands for Standardized, Optimized, Professionalized. Duncan goes over a Chat GPT prompt every financial advisor should at least look into. Remember all the conversations should focus on addressing the question “How does the client benefit?” Citing Hemingway, Duncan says that “The goal is not to be superior to someone else, it’s to be superior to your former self.” Mentioned in This Episode: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/37906305

Internal vs. External Succession: Choosing the Right Path to Exit 08/19/2025

Internal vs. External Succession: Choosing the Right Path to Exit 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: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/37826920

Succession Isn’t Just a Sale: What Advisors Miss When They Think They’re Ready with Peter Campagna 08/12/2025

Mel’s Story: The Succession Disaster I Bought and What It Taught Me 08/05/2025

Mel’s Story: The Succession Disaster I Bought and What It Taught Me 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: by Tyson Ray by Tyson Ray /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/37474100

Purpose-Focused Succession Planning for Financial Advisors with Rob Brown 07/29/2025

Purpose-Focused Succession Planning for Financial Advisors with Rob Brown 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: by Rob Brown by David Bahnsen /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/37467260

Don’t Forget the Clients: The Most Overlooked Part of Your Exit Plan 07/22/2025

Don’t Forget the Clients: The Most Overlooked Part of Your Exit Plan 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: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/37419535

Succession, EOS, and the Power of a Plan with Andrea Schlapia 07/15/2025

Succession, EOS, and the Power of a Plan with Andrea Schlapia 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: Andrea Schlapia’s email: on LinkedIn by Gino Wickman by Patrick Lencioni /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/37365485

Build the Bench: Who’s Taking Over What You Built? 07/08/2025

Build the Bench: Who’s Taking Over What You Built? “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: /episode/index/show/0e6c3f1f-6b4e-4989-b55a-5a940bebaf88/id/37261745

Total Succession

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