Tyson Ray's new book, Total Succession, actually didn't start as a book idea… but as a responsibility.

Kim Cochenour turns the mic on her co-host Tyson, to explore why succession is about far more than just retirement, and how identity, control, and legacy shape the decisions advisors struggle to make.

Tune in to hear the personal moments, hard-earned lessons, and the S.P.A.C.E. framework behind Total Succession – and why none of us get to the next chapter alone.

• This episode sees Kim Cochenour interview co-host Tyson Ray to discuss something that has been years in the making, and that is finally here: the Total Succession book!
• Tyson's motivation for writing the book comes from his passion for being a teacher-student who likes to learn things and share them with others.
• When Tyson became a father, he started to work on his estate planning, as well as on his clients and their roles beyond him.
• "If you have people that are entrusting you with their life savings, you might want to have a backup plan because none of us are guaranteed to be here tomorrow," Tyson points out.
• Kim stresses that succession isn't really about retirement or the reason why advisors struggle to plan – it's wrapped around their identity, control, legacy, and the things they've sacrificed along the way.
• Tyson and Kim go through the S.P.A.C.E. acronym – Seeing, Preparing, Act, Commit, Exit – and the role it plays within succession planning.
• As Kim emphasizes, "you didn't get to where you are on your own, so you're not going to get to that next stage on your own."

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

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:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

Previous episode - Mel's Story: The Succession Disaster I Bought and What It Taught Me

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:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

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:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

Previous episode - De-Risking Your Practice: How to Build a Resilient Business Through Succession Planning

Enough: True Measures of Money, Business, and Life - by John C. Bogle

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:
  1. review and update your operating and partnership agreements;
  2. establish what a buy-sell agreement would look like or review your current one;
  3. 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:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

Previous episode - Succession, EOS, and the Power of a Plan with Andrea Schlapia

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