Total Succession

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Aaron Hasler on LinkedIn

Spruce Rock Capital

Andrea Schlapia

EOS

The Retirement Planning Approach to Succession Planning with Jeremy Keil

Tue, 05 May 2026 04:00:00 -0400

Most advisors retire three years earlier than they expect, which means your succession planning needs to be ready three years earlier, too!

Guest Jeremy Keil, author of “Retire Today,” joins Tyson Ray and Kim Cochenour to explore how to apply retirement planning wisdom to your own exit.

You’ll discover Jeremy’s five-step process, why being ready to exit early creates a more valuable business, and why you should approach succession planning similarly to how many approach retirement planning.

Guest Jeremy Keil shares his thoughts on retirement planning and succession approaches, while Tyson Ray touches upon what he sees advisors do when going through succession.
Jeremy touches upon two things that can help advisors get clarity on their own when they’re thinking about succession.
On average, you retire three years earlier than you expect – that means having your retirement plan set three years earlier than you expect.
Beginning with the end in mind is a habit Jeremy believes advisors should apply to their own succession planning.
Tyson goes into a mismatch that often occurs when advisors start seeing the value of their practice in dollars and don’t realize that it doesn’t necessarily translate to what the cash flow of the business is generating.
Unlike what happens with succession planning, in retirement planning, advisors and clients meet regularly – Jeremy discusses the benefits and how succession planning can embrace a similar approach.
Jeremy illustrates his five-step process to retirement planning.
Tyson sees a successful succession or retirement not so much as the process that defines finances but more about the approach that helps you understand who you are and what you do when you’re no longer an advisor…
Jeremy brings the so-called retirement longevity number into the conversation and highlights that it has two points: the beginning and the end point of your retirement.
Always be ready to exit, to sell, and to retire three years earlier than you expect.
Worst-case scenario: you retire when you want to, and you probably created a more valuable business.
One of the problems with advisors is that you need to be a humble individual to reach out to another advisor to get advice.
However, many think that, since they’re an advisor, they should be able to do it all on their own…

Mentioned in This Episode:

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Keil.com

Jeremy Keil on LinkedIn

Keil Financial Partners

Mr. Retirement with Jeremy Keil (YouTube channel)

Retire Today: Create Your Retirement Master Plan in 5 Simple Steps by Jeremy Keil

LongevityIllustrator.org

Stop Delaying Your Exit: How Early Succession Planning Changes Everything

Tue, 28 Apr 2026 04:00:00 -0400

Succession planning works like retirement planning: the earlier you start, the more options you have.

Kim Cochenour and Tyson Ray explore why advisors delay planning, how to reframe it as business strategy, and why you should ask, "What am I exiting toward?" instead of, "What am I exiting from?"

You’ll hear insights from guest experts Andrea Schlapia, Ted Motheral, and Dean Smith.

Kim Cochenour kicks the episode off with an important premise: succession planning works the same way retirement planning does – the earlier you start, the more options you’re going to have.
One of the biggest reasons advisors delay succession planning is because the whole idea of “the exit” feels overwhelming.
Andrea Schlapia invites you to frame exit as merely a good business strategy, rather than an event that just happens.
In her approach, Andrea wants advisors to move from an individual-led practice to a leadership team-run business.
Tyson Ray highlights the important question of asking yourself, “What am I exiting toward?” instead of, “What am I exiting from?”
Remember: exiting doesn’t necessarily mean severing yourself from your career. It can be as simple as exiting some of the things you don’t like to do and that are just sucking energy out, and prevents you from being your best self.
Ted Motheral touches upon the role preparation plays when it comes to successful successions.
The irony when it comes to succession planning, is that advisors are experts in helping their clients prepare and get their affairs in order but struggle to do that for themselves.
Dean Smith talks about the fact that, over the next 10 years, about 40% of the industry assets are going to be transitioning hands or retiring.
The advisors who are succeeding through and coming to the succession wave will be the ones who start building their transition long before they actually need it.

Mentioned in This Episode:

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Andrea Schlapia

Ironstone

Ted Motheral on LinkedIn

Dean Smith on LinkedIn

Wealth Enhancement

15 Acquisitions Later: What Makes an Advisory Firm Sellable with Vlad Zherenovsky

Tue, 21 Apr 2026 04:00:00 -0400

Many great advisors build great books but not scalable businesses, and when it's time to exit, they don't have succession planning in place.

Vladislav “Vlad” Zherenovsky joins Tyson Ray and Kim Cochenour to share patterns from 15 successful acquisitions.

Dive in and hear more about why the industry is split, what makes firms sellable, and why you have more time than you think.

Guest Vlad Zherenovsky kicks things off by providing a snapshot of Kraner and by highlighting what they have been intentional about when it comes to growing the practice.
As the financial advising industry is aging, many seem to lack appropriate succession plans.
It used to be the same at Kraner. Vlad used to be the bottleneck, whereas now he exists to support his team and the team exists to support their clients.
Vlad notes that many great advisors build great books but not necessarily scalable businesses…
Now, however, they’re at a position where they need to figure out what’s next but don’t have an actual plan in place.
For Tyson, the industry seems to be split between those who have planned well and are executing on their succession plan, and those who waited until the last minute with no plan and end up trying to wrap up their entire life’s work in 6-12 months.
Vlad lists the patterns he has seen in the 15 successful acquisitions he has been involved in.
Clean data, repeatable processes, and client relationships that extend beyond one person are at the top of the list.
Remember: If everything runs through you, you don’t have a business… you have a job.
Vlad lists and unpacks what he considers the three reasons why you may want to build a succession plan.
To his younger self, Tyson would say, “You have more time than you think, but you can’t keep putting succession planning off.”
One key thing founders should keep in mind about succession planning is that plans evolve.
Kim stresses that everyone in the industry knows their succession is coming someday, but they’re still focused on running their day-to-day business and trying to figure out what their plan is.
Kim, Vlad and Tyson talk about the cost of not taking action when it comes to succession planning.
Vlad discusses a process that has become a valuable asset for Kraner: Their internship program.
Tyson shares an important reminder: Personal finance is personal and relationship-driven.

Mentioned in This Episode:

William Patterson University

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Vlad Zherenovsky

Kraner

Vlad’s AdvisorHub article: The Three Levers Behind Every Advisory Deal

Vlad’s book: Secure Your Future-Extend Your Legacy

The Succession Planning Crunch: Attrition Is Not a Strategy (Here’s What Is)

Tue, 14 Apr 2026 04:00:00 -0400

A huge number of advisors are approaching retirement, but the next generation isn't entering the profession fast enough to replace them. If that wasn’t enough, many founders don't have succession planning in place. Tyson Ray and Kim Cochenour address the “succession planning crunch” with insights from Jackie Wilke, Duncan MacPherson, and Scott Danner.

You'll discover why succession planning is about client continuity, not you, and why attrition isn't a strategy.

Kim Cochenour kicks things off by highlighting a growing tension in the advisor industry: A huge number of advisors are approaching retirement, but the next generation is not entering the profession fast enough to replace them.
This episode of The Total Succession Show features guest insights on what happens when advisors retire faster than they’re replaced – and what firms can do now to prepare for that shift.
According to JD Power, an estimated 37 to 46% of advisors plan to retire in the next 10 years.
First Trust’s Jackie Wilke highlights that many of them DON’T have a succession plan in place.
At the end of the day, succession planning is about the client, says Jackie.
The point of having a succession plan is continuity for your clients and continuity for the people that matter most to them.
Tyson Ray touches upon the fact that advisors keep seeking out Gen 2 to be the rainmaker without realizing that, at some point, the team needs caretakers for their clients.
Remember: what has gotten you here won’t necessarily take you there – the rainmaker model of the past requires a different approach now.
Duncan MacPherson discusses how, the more technology creeps into our lives, the more the human touch matters.
As many advisors go all in just with technology, the human touch becomes an unmet need.
Scott Danner talks about the role that finding the right partners, growing and building together, leads to actually living a legacy… not just leaving one.
He also illustrates how many advisors see attrition as their actual succession plan.
In Scott’s business, the #1 group reaching out because they’re trying to live their legacy are 45 to 60-year-old advisors – they’ve been in business 20+ years and are tired of doing things the same way.
Scott adds the “doing trap” into the conversation.
Tyson breaks down the S.P.A.C.E. framework, while Scott shares the steps advisors should follow to prepare themselves for succession.
Kim stresses that the advisors who are succeeding through this succession crunch will be the ones building businesses, developing their people, and creating continuity for their clients long before their day comes.

Mentioned in This Episode:

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Jackie Wilke on LinkedIn

Freedom Street Partners

Genius Network

Dan Sullivan

Benjamin Hardy

Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork by Dan Sullivan and Benjamin Hardy

The Branding Question That Defines Succession Planning with Mike Saunders

Tue, 07 Apr 2026 01:00:00 -0400

When buyers evaluated Tyson Ray's practice in 2024, they asked one question: "What happens to client trust if you're not there?" That's where branding and succession planning often collide.

Tyson and Kim Cochenour sit down with marketing expert Mike Saunders to explore how brand equity determines your exit value and why your brand drives your succession planning decisions.

You'll discover the positioning mistakes that create founder dependency and how to build a brand that transfers client trust beyond the founder.

Tyson Ray and Kim Cochenour sit down with marketing expert and author Mike Saunders to discuss the importance of brand equity for advisors and the role it plays in succession planning.
In 2024, Tyson was in real conversations about selling his practice. When it comes to branding, buyers really asked one question: “What happens to a client’s trust if you’re not there?”
In other words, the focus of the investors was on evaluating founder dependency.
Tyson touches upon the fact that realizing how important your brand is will drive some of the decisions on what, who, and how you do a succession.
Mike brings up the concept of positioning – what you’re known as, what your prospect thinks of you as – and the importance of articulating your solution in your messaging.
Tyson shares his thoughts on branding and marketing within his firm, and how it has contributed to its growth.
“The biggest mistake you make as an advisor is not getting advice," says Tyson.
In his experience working with the financial services industry, Mike has identified seeing marketing as an expense and not doing it consistently are two of the big traps advisors fall into.

Mentioned in This Episode:

Mike Saunder’s books on Amazon

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

MikeSaunders360.com

JPMorgan Chase

The New Succession Planning Playbook: More Options Than Ever (If You Start Early)

Tue, 31 Mar 2026 08:00:00 -0400

Advisors have more options than ever when it comes to succession planning, but those options only work when you start early and bring the right people into the conversation.

Kim Cochenour shares insights from various industry experts to help ensure your exit isn't rushed, reactive, or forced.

You'll hear why modern "rainmakers" focus on serving rather than selling, and why being methodical about your own succession planning makes you more attractive to clients with their own continuity and legacy concerns.

In this episode, Kim Cochenour shares insights from a few conversations with the goal of helping you understand what needs to be done so that your exit isn't rushed, reactive, or forced.
Aaron Hassler points out that both buyer and seller want their transaction to be accretive to their businesses.
That's why educating yourself and having conversations with different people can help you understand what succession plan best fits you and your clients.
"Advisors have more options than ever when it comes to succession," stresses Kim.
However, those options only work when you start planning early and bring the right people into the conversation.
Jackie Wilke explains why the concept of "rainmaker" needs to be redefined in today's financial advisor industry.
"There's a way to reposition the rainmaker as business development. You're growing, not because you're selling something, because you're serving someone," she says.
Tyson refers to modern rainmakers as "relationship managers," which are different from what was depicted in Hollywood movies in the '80s and '90s.
Duncan MacPherson describes the progression the best firms go through.
Remember: The financial professional who is methodical about their own continuity and succession plan becomes even more attractive to clients who have their own continuity, succession plan, and family investment legacy.
Kim stresses that the industry is changing: advisors are retiring, and the next generation is approaching the profession very differently.

Mentioned in This Episode:

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

Aaron Hassler

Spruce Rock Capital

Jackie Wilke on LinkedIn

First Trust

Duncan MacPherson

Succession in the Age of RIA Consolidation: What Advisors Need to Know Before Selling with Chuck Failla

Tue, 24 Mar 2026 08:00:00 -0400

In the era of industry consolidation, many advisors have turned their firms into a "joyful prison," and succession planning is the key to breaking free on your own terms.

Tyson Ray and Kim Cochenour sit down with Charles "Chuck" Failla to explore why taking a private equity check means trading 30 years of hard work for a boss, and what advisors need to consider before signing with a mega RIA.

You'll discover why succession planning can be what you want it to be, unless you wait too long — then it gets dictated to you.

Tyson Ray and Kim Cochenour explore the topic of succession in the era of consolidation with guest Chuck Failla.
Failla kicks things off by sharing more about how he got started in the business, how Sovereign Financial Group came to be, and their approach to growth.
For Failla, the current state of the industry will lead to the creation of a "breakaway" breakaway movement.
Tyson explains why many advisors refer to their firm as their "joyful prison."
"I did not work this hard for 30 years to now have a boss, that makes no sense", says Chuck. "However, if you take that private equity check, you now have a boss…"
Remember: the private equity folks will not sign a contract unless it's absolutely tilted toward them.
Chuck touches upon how Sovereign Financial helps advisors see things from a different perspective.
There are things to consider before a founder signs a letter of intent with a "megapolis" RIA – Chuck shares more about that.
Tyson believes that "The joy of being an entrepreneur is the freedom to delegate and elevate yourself, let other people step into their unique abilities."
Never forget that "succession can be what you want it to be unless you wait too long… then, it's going to get dictated to you," stresses Tyson.
Tyson is an advocate for exploring different options as a founder.

Mentioned in This Episode:

Sovereign Financial Group

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

Chuck Failla

Chuck Failla on LinkedIn

Wolf of Wall Street

Raymond James

AdvisorAssist

Chuck Failla's goRIA podcast

Investment News

Succession Planning and Legacy: What Will Your Clients Say When You're Done?

Tue, 17 Mar 2026 08:00:00 -0400

You might be really successful, but if you have success without succession planning... you're failing.

Tyson Ray and Kim Cochenour reveal why thinking about legacy is essential for advisors at every stage, how your legacy lives within your firm's culture and team, and the critical question to ask yourself: "What will people say about me when I'm done?"

You'll discover why starting your journey with the exit leads to regret and why your practice might be your life's work, but your legacy gets to be bigger than that.

In this episode, Tyson Ray and Kim Cochenour look at how advisors should want to be remembered.
Tyson explains why he believes that thinking about legacy is key for all advisors, especially those starting out.
"You might be really successful, but if you have success without succession… you're failing," says Tyson.
For Kim, the legacy you're trying to build lives within the home of your firm, it shows up in team culture.
Tyson touches upon a key question every advisor should ask themselves – and that affects them, their team, and clients.
Tyson opens up about an exercise he uses for planning and for having planning-related conversations with his family.
Want to design your legacy with intention? Ask yourself, "When I'm done, what are my clients and people I love going to say about it?"
Tyson believes that advisors are too late only if they believe that that's a reality for an outcome they can still change.
When it comes to the S.P.A.C.E. framework, for Kim, many advisors avoid the Seeing part because it's the hardest step for them to take.
Did your journey start with the exit? Beware, because there's a very high likelihood that you're going to regret how you exited.
"Your practice might be your life's work, but your legacy gets to be bigger than that," stresses Kim.

Mentioned in This Episode:

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

Nick Murray

Founder Dependence: The Biggest Obstacle to Your Succession Plan (and How to Fix It), with Ivan and Mariana Polic

Tue, 10 Mar 2026 08:00:00 -0400

Founder dependence is often the largest obstacle to a successful succession plan, costing you your health, family time, and growth opportunities… but it doesn't have to be this way!

In this episode, Kim Cochenour sits down with Mariana and Ivan Polic, a husband-and-wife team who took over a highly technical, founder-led business, eliminated founder dependence and sold it to a private equity firm in a stunning six-day transition.

They talk about the three major shifts they focus on and what it takes to plan a succession that leaves everyone incredibly satisfied.

Kim Cochenour is joined by Mariana and Ivan Polic to explore a topic that is often one of the largest obstacles to a successful succession plan: Founder dependence.
Mariana and Ivan are a husband-and-wife team who took over a highly technical, founder-led business, grew it so much that it caught the eye of a private equity firm and sold it – all in a stunning six-day transition.
Ivan goes over the beginnings of his and Mariana's personal and professional relationship, including growing a successful business only to have 97% of revenue getting lost over a month in 2008…
Following the advice of some business advisors Ivan and Mariana were forced to cut 75% of their staff in order to get nine months of survival for the business.
Mariana's and Ivan's six-day exit was the result of 13 years of hard work.
Kim points out that the advisory space is seeing a transition from father/mother to the next generation – which means that there isn't just a financial dynamic, but a relational one as well.
The turning point for Ivan and Mariana was asking Ivan's father about the most critical things, what should have stayed solid no matter what.
Ivan and Kim talk about Mariana's role and how she managed to get their team to have 80% of women as key members.
Kim highlights a current industry shift that seems more and more advising firms go from predominantly men-only to firms that feature women in key positions.
In their book Shift Intelligence, Mariana and Ivan outline three major industry shifts: Organizational, marketplace, and inner world.
Mariana and Ivan make the case for starting with the organizational side of things first.
When it comes to the organization shift, Mariana's and Ivan's approach focuses on the team, the system, communication, responsibility, authority and trust transfer inside a firm.
The marketplace shift has to do with the move from client trust to founder trust into the business.
Mariana believes that the biggest bottleneck as far as the marketplace shift is concerned is the founder thinking they are the brand.
Ivan and Mariana share a client story that speaks to the emotional patterns founders struggle with – and that are part of the third shift, inner world.
For Ivan, founder dependence is the biggest and most painful problem in business because it costs you your health, family time, lack of growth and opportunities.
Many founders think they have stepped back… only to have reality speak for itself and show a completely different situation.

Mentioned in This Episode:

Independence Diagnostic™ Scorecard

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

ShiftIntelligence.co

Ivan Polic (ivan@shiftintelligence.co)

Mariana Polic (mariana@shiftintelligence.co)

Shift Intelligence: End Founder Dependence and Build a Business That Stands on Its Own by Ivan and Mariana Polic

Boeing

Succession Planning vs. Industry Consolidation: Why Waiting Means Fewer Options

Tue, 03 Mar 2026 09:00:00 -0400

Industry consolidation is unlike anything we've seen before, and if you're not watching closely, your succession planning won't matter because you'll get caught in the chaos.

Tyson Ray and Kim Cochenour reveal why the longer you wait for succession planning, the fewer options you have, and how consolidation is eroding advisors' negotiating power and their understanding of what their practice is actually worth.

You'll hear more about the common misconceptions founders have about what aggregators look for, when the value of your firm actually increases, and how solo advisors will lose clients to AI-powered teams if they don't act now.

This episode starts with a warning from Kim Cochenour: "Consolidation is unlike anything we've seen in the industry. If you're not watching closely, your planning is not going to matter because you'll get caught afloat in this mess."
Tyson Ray touches upon the different approaches founders may have: Not paying attention to the industry because they're too busy, some who are exploring their succession planning options, and others who have thought about it but are yet to act.
Ask yourself whether you have done the things that are needed in regards to your succession.
Remember: the longer you wait for succession, the more important it is… but the less options you end up having.
Tyson believes that, as the industry grows, those who are running the show on their own will lose clients to firms that rely on teams using AI.
Tyson and Kim discuss whether advisors are losing their negotiating power because of industry consolidation.
Kim points out that advisors are losing out on the idea of what their practice is actually worth because they can't quantify what that actually means.
Many founders have misconceptions regarding what aggregators and integrators actually look for – Tyson shares the most common ones.
Did you know that some advisors think that they are where the value sits? They are wrong, says Tyson, because the value of a firm increases as the owner's responsibilities decrease.
Tyson and Kim go over what it looks like, to a client, when they deal with a better prepared firm.

Mentioned in This Episode:

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

Succession Planning Strategy Shift: From Dictating Direction to Co-Creating the Future with Bridget Venus Grimes and Marnie Bonner

Tue, 24 Feb 2026 09:00:00 -0400

Succession planning doesn't start with finding a successor… It starts with defining your vision and inviting your G2 to co-create the future of your firm.

The mother-daughter duo of Bridget Venus Grimes and Marnie Bonner of WealthChoice reveal why soliciting feedback from next-generation advisors is non-negotiable for success and how coaching facilitated their transition.

You'll discover the biggest challenges founders face when searching for G2 talent, why more conversations about succession would prevent fire sales, and what it looks like when your clients prefer your successor as their primary contact.

This episode kicks off with Bridget Venus Grimes opening up about when succession planning started to become real, while Marnie Bonner touches upon how she ended up at WealthChoice after being in the tech industry.
Bridget doesn't believe that any succession will be successful if you bring a G2 in and you say, "This is the vision for the firm, and this is what we're going to do."
Soliciting their feedback and incorporating their vision and passion is key.
Bridget, Marnie, and Kim talk about the benefits of coaching – including how coaching helps them invite Marnie into the business and start with succession planning.
You understand that you're doing a good job when, like Bridget, you've been working with a client for 15+ years, but they see your G2 (Marnie in this case) as their preferred point of contact.
For Marnie, being a G2 can be stressful – she shares the challenges that come with that.
Bridget brings the role of founders' identity and the disservice that's being made to their clients into the conversation.
Getting your succession planning in motion doesn't mean that you need to find a successor now, but at least you can start to think about what your vision for your firm and clients is.
More succession planning conversations would help founders and would generate fewer fire sales.
Kim highlights that even advisors in their 50s or 60s still have plenty of time to dive into succession planning and avoid being overwhelmed by life catastrophic events.
Bridget shares her thoughts on being part of the community and how that can help your search for G2 advisors.
"One of the biggest challenges for folks like me is finding a successor", she emphasizes.
Despite having a background in health management and non-profit work, Kim was able to enter the financial advising industry – she explains how that happened and why both founders and G2 advisors should keep a similar scenario in mind.
Marnie and Bridget open up about the 10-year goals for WealthChoice.

Mentioned in This Episode:

NAPFA: The National Association of Personal Finance Advisors

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

Bridget Venus Grimes

Marnie Bonner

WealthChoice

Ellevate Advisors

Brooklyn Brock

Total Succession Planning: Why You'll Only Exit Once (So Do It Right)

Tue, 17 Feb 2026 09:00:00 -0400

You'll only exit your practice once… so will you lead it, or will it lead you?

In this interview by Kary Oberbrunner, Tyson Ray pulls back the curtain on why most succession planning conversations miss the mark, sharing the hard-won lessons that led to his book Total Succession and the S.P.A.C.E. framework that keeps clients, team, and your legacy intact.

Discover the critical questions every advisor must ask themselves before the million-dollar offers become a distraction from what you really want, and why treating your clients like family changes everything about how you exit.

This episode features Tyson Ray being interviewed for Kary Oberbrunner's show.
Tyson opens up about what led to the writing and publishing of his book Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First.
One of the key pillars of the book, which is something Tyson feels is missing from the conversation of succession industry-wide, is how to sell your firm while keeping your customers and team.
Tyson explains why, as he puts it, "There's no perfect succession."
Remember: figure out what you want before you're trying to turn away millions of dollars that can become a distraction from what you really want.
Something many advisors seem to forget is that their clients become like family.
Tyson touches upon the reason behind the world "Total" used in his books and podcast titles, as well as the S.P.A.C.E. acronym (See. Prepare. Act. Commit. Exit.).
Important reminders: 1) You will exit your practice – the question is whether you will lead it or it will lead you; 2) You only exit your practice once, so you should do it on your terms.
Tyson lists a series of key questions anyone focused on succession planning should ask themselves.
The conversation wraps up with a much-needed succession planning reality check.

Mentioned in This Episode:

The Total Relationship: Four Steps to Breaking the Mold, Transforming the Financial Advisor-Client Partnership, and Building True Wealth by Tyson Ray

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

Kary Oberbrunner's podcasts

How Money Stories Impact Succession Planning with Bill Cates

Tue, 10 Feb 2026 09:00:00 -0400

What if the biggest obstacle to successful succession planning isn't strategy but the unexamined money stories running in the background?

The Hidden Heist author Bill Cates joins Tyson Ray and Kim Cochenour to discuss how beliefs we formed about money around age seven secretly sabotage wealth transfer, client relationships, and your own financial psychology.

Find out why understanding your clients' money narratives is the hidden key to becoming truly referrable, deepening trust across generations, and ensuring succession success that lasts.

The conversation starts off with Bill Cates explaining how you define a money story and why it matters for advisors.
A money story is your self-talk, the patterns of thinking and feelings around, in this case, money.
"You can't be in the picture if you're in the frame", says Bill.
There seems to be consensus among psychologists that we as humans form our beliefs around money around age seven, eight, and nine.
Most people have a specific idea of scarcity and money being a scarce resource.
However, advisors particularly understand that money isn't a scarce resource – because money flows.
The Latin root of the word currency is currents, which means "flowing like a river."
Bill, Tyson, and Kim talk about neuroplasticity and the role that affirmations and the habits of talking play.
There's FOMO (Fear of Missing Out), but there's fear of missing your identity too…
Shame is a big thing when it comes to your money story, as Bill's insights and Tammy Lally's TEDx Talk emphasize.
When it comes to money shame: are we able to focus on where we are now and on the decisions we're making – and can we separate ourselves from that?
"Where's my greatest source of contentment?" and "What am I most thankful for?" are two of Tyson's most important questions on the matter.
Bill opens up about his affirmations around gratitude, money, and time.
His book The Hidden Heist: Stop Robbing Yourself of Lasting Wealth, co-authored by Jeff West, is a parable, a story that takes place in a bank robbery.
Bill points out that "Most clients want to be understood and appreciated. If they have anxieties around money, they want you to know that."
One of the ways you can be referrable and remarkable, worthy of remark, is through deepening the relationship with your clients.
Bill's Value Discussion approach, which is backed by neuroscience, consists of getting prospects and clients to speak out loud about the value they've perceived in working with us.
Remember: when we speak out loud, we get clearer.

Mentioned in This Episode:

Audiobook version of The Hidden Heist

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

Bill Cates

The Hidden Heist: Stop Robbing Yourself of Lasting Wealth by Bill Cates

Bill's TEDx Talk How to Stop Your Money Anxiety & Start Building Wealth – Today!

Bill Gates

Tammy Lally

Tammy's TEDx Talk: Money Shame: The Silent Killer

Jeff West

What to Do When You're Behind on Succession Planning

Tue, 03 Feb 2026 09:00:00 -0400

Succession planning is often postponed, not because it's unimportant, but because taking care of clients always feels more urgent.

Tyson Ray and Kim Cochenour unpack why "later" quietly becomes "now," how life events can force decisions before you're ready, and why clarity beats shame every time.

Tune in to learn how to get started where you are and move toward an outcome that happens on your terms, not by accident.

Today's episode kicks off with Tyson Ray sharing the main reason why founders put succession planning off, even if they know it matters.
"The urgency of caring for clients, because that's what we do, prevents the planning of the succession of the practice," Tyson explains.
In his work, Tyson often finds himself discussing with clients the fact that they save and work for later. But when they realize that "later is now", they gain a whole new perspective.
Did you know that approximately 80% of people in the U.S. don't retire on their terms?
What often happens with advisors is that the urgent crowds out the important, and things keep working that way until they have a triggering event in their life or health – and that ends up forcing succession planning upon them.
Tyson hopes that everyone listening to this episode plans and executes a successful succession on their terms.
Kim Cochenour stresses the importance of clarity: "It's going to beat shame every time and it's going to get you where you need to go."
Tyson and Kim go over practical things advisors who are behind in their succession planning should consider and do.
Advisors tend to lean toward an internal succession only to realize that it's not going to work – and that leads them to evaluating external succession options.
Tyson opens up about what his firm has been focusing on, from a succession planning standpoint, over the last couple of years.
An important message from Kim: "You need to understand that you don't have to have everything done at once. It won't be done all at once, but you still have to do something."

Mentioned in This Episode:

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

The Messy Middle of Succession: Not Out, Not In, Still Here

Tue, 27 Jan 2026 09:00:00 -0400

Succession planning isn't just about stepping away, it's about who you become once you stop doing everything yourself.

Tyson Ray and Kim Cochenour dive into the messy middle of succession planning, where identity, control, and clarity collide and founders are forced to evolve.

You'll hear why succession is built through trial and adjustment, how to create a business that can live beyond you, and the powerful question every advisor must eventually answer: If you're no longer running the show… who are you now?

Tyson Ray kicks the conversation off by sharing something he was once told: "Sometimes, there's a risk of failing so slowly that you still think that you're actually winning."
Kim Cochenour points out that this podcast episode lives in the Act, Commit, and Exit parts of the S.P.A.C.E. framework.
When it comes to succession planning, some think that it's only about what you're stepping away from… but it's also about clarity about what you're stepping into.
Kim lists a few things that can lead to the messy middle of a succession.
Tyson inspired advisors by inviting them to think "I have failed if I can't have a business that can run without me. I owe it to the clients and to the team to create this to live beyond me."
Did you know that succession happens as a result of a sequence of "fail and try again?"
Kim's reminder for founders: "You have to evolve as the visionary, as the founder, because if nothing changes, nothing will change."
When done well, a succession plan makes people able to pick and choose what role they want to step into or are needed for only when you stop doing all the roles yourself.
Powerful question by Kim: "If you're not the one running the show anymore…what are you?"

Mentioned in This Episode:

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

Dan Sullivan

20 Years of Trial and Error: Lessons From Tyson's Personal Succession Journey

Tue, 20 Jan 2026 09:00:00 -0400

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 - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First

Gino Wickman's EOS

Why Succession Planning Fails Financial Advisors… And How to Fix It with Jackie Wilke

Tue, 13 Jan 2026 09:00:00 -0400

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:

First Trust blog and resources

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

Jackie Wilke on LinkedIn

First Trust

J.D. Powers

The American College of Financial Services

The Wolf of Wall Street

Succession Planning, Legacy, and Letting Go: The Story Behind the Total Succession Book

Tue, 06 Jan 2026 09:00:00 -0400

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:

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

Should You Sell Your Advisory Practice? How to Handle Unsolicited Offers

Tue, 30 Dec 2025 09:00:00 -0400

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 - 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

How to Rethink Your Exit When Succession Doesn't Go as Planned

Tue, 23 Dec 2025 09:00:00 -0400

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

How Faith and Fit Shape a Better Succession Plan with Brian Church

Tue, 16 Dec 2025 09:00:00 -0400

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

Brian Church

Brian Church on LinkedIn

brian@AdvisoryDNA.com

Bchurch@oneascent.com

Before the Deal, Have the Talk: Why Succession Begins With the People You Love

Tue, 09 Dec 2025 09:00:00 -0400

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 - 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

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

Tue, 02 Dec 2025 09:00:00 -0400

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

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

Tue, 25 Nov 2025 09:00:00 -0400

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:

SEC – U.S. Securities and Exchange Commission

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

Green Bay Packers

Chicago Bears

FINRA

Succession for Independent Advisors: 4 Key Valuation Drivers with Nate Lenz

Tue, 18 Nov 2025 09:00:00 -0400

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

Nate Lenz on LinkedIn

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

Tue, 11 Nov 2025 09:00:00 -0400

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

Previous episode - What If You Don't Sell? Rethinking Succession with David Patchen

Bryan Sweet

Scott Danner

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

Tue, 04 Nov 2025 09:00:00 -0400

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:

External Succession: Decoding Aggregators, Integrators, and the Private Equity Play

Tue, 28 Oct 2025 08:00:00 -0400

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:

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

Tue, 21 Oct 2025 08:00:00 -0400

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:

Dean Smith on LinkedIn

Wealth Enhancement Group

Internal Succession Strategies: Building a Plan That Truly Works

Tue, 14 Oct 2025 08:00:00 -0400

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

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

Tue, 07 Oct 2025 08:00:00 -0400

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:

nick@yourlegacypartners.com

YourLegacyPartners.com

The ALS Foundation

The Succession Illusion: Why Your First Choice Might Not Be the Right One

Tue, 30 Sep 2025 08:00:00 -0400

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:

Succession Done Right: Bryan Sweet on Starting Early & Planning Ahead

Tue, 23 Sep 2025 08:00:00 -0400

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:

Bryan Sweet on LinkedIn

Sweet Financial

It's All in Your Head: Unlocking the Value Trapped in the Founder's Brain

Tue, 16 Sep 2025 08:00:00 -0400

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:

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

Tue, 09 Sep 2025 08:00:00 -0400

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:

Building the Billion Dollar Business Podcast

You've Been Frame: How to Reframe Your Wealth Management Business and Renew Client Relationships by Ray Sclafani

Business Builders Academy

Contrasting Viewpoints with Mark Hurley and Ray Sclafani

Financial Advisor Magazine

Australia's Royal Commissions

Who Moved My Cheese? An Amazing Way to Deal With Change in Your Work and Your Life by Spencer Johnson

Mark Tibergien

Harry Dent

Barron's

The New Retirementality: Planning Your Life and Living Your Dreams… At Any Age You Want by Mitch Anthony

National Geographic

Chip Roame

You Can't Replace Yourself with Yourself, How To Rethink Next-Gen Leadership

Tue, 02 Sep 2025 08:00:00 -0400

When it comes to succession, are you searching for a clone or the right complement?

In this episode, Tyson Ray and Kim Cochenour unpack why the best successors don't look just like you but bring different strengths that make the business stronger.

From mentorship to letting go of control, they share real-world lessons on how to make succession a smoother, smarter transition.

In this episode, Tyson Ray and Kim Cochenour look at whether succession actually means finding a "clone", a younger version of yourself.
Kim and Tyson kick the conversation off by discussing why, when it comes to succession, it's important to find a complement, not a clone.
A common mistake Tyson has seen many advisors make is looking for that one person instead of a couple of people with interests, skills, and talents in different areas.
Tyson goes over the reason why he was looking for a caretaker rather than a rainmaker for his business.
Tyson and Kim touch upon the shift from focusing on monthly income to the enterprise value – and what that leads to.
Mentorship is a key piece of the puzzle Kim and Tyson address in their conversation.
Tyson shares a mistake he made when he first brought in people to mentor.
As Kim puts it, "It's really bringing in your compliment, not a clone. Your successor doesn't have to do it all the way that you did, but they have to do their part really well." And that's where mentorship comes into play.
Tyson brings up what he considers the "no-nos" advisors make when trying to develop their team.
Remember: Letting go isn't easy but can yield big rewards for you and your business.
Your thought for the week: Who on your team could take one thing you're still doing that you shouldn't be?

Mentioned in This Episode:

Previous episode - Always Be Ready to Sell: Why Scott Danner Built His Firm for Exit

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

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

Tue, 26 Aug 2025 08:00:00 -0400

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:

The Founder's Mentality: How to Overcome the Predictable Crises of Growth by Chris Zook and James Allen

Chat GPT

Dan Sullivan

Internal vs. External Succession: Choosing the Right Path to Exit

Tue, 19 Aug 2025 08:00:00 -0400

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:

Succession Isn't Just a Sale: What Advisors Miss When They Think They're Ready with Peter Campagna

Tue, 12 Aug 2025 08:00:00 -0400

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:

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

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

Tue, 05 Aug 2025 08:00:00 -0400

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:

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

Purpose-Focused Succession Planning for Financial Advisors with Rob Brown

Tue, 29 Jul 2025 08:00:00 -0400

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:

Purpose Focused Advisor Podcast

The Truest Fan Blueprint: Focus on What Matters to Achieve Your Most Cherished Goals by Rob Brown

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

Don't Forget the Clients: The Most Overlooked Part of Your Exit Plan

Tue, 22 Jul 2025 08:00:00 -0400

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:

Freedom Street at Steward Partners

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

Tue, 15 Jul 2025 08:00:00 -0400

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: 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

Build the Bench: Who's Taking Over What You Built?

Tue, 08 Jul 2025 08:00:00 -0400

"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:

M&A and Your Succession Plan: From Industry Hostage to High-Value Exit with Ted Motheral

Tue, 01 Jul 2025 08:00:00 -0400

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:

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.

Building a Sellable Business Even If You're Not Selling Yet

Tue, 24 Jun 2025 08:00:00 -0400

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:

What If You Don't Sell? Rethinking Succession with David Patchen

Tue, 17 Jun 2025 08:00:00 -0400

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:

Dave Patchen on LinkedIn

Raymond James

Bob Dunwoody

Grow Your Team or Plan Your Exit? Why Advisors Can't Afford to Wait

Tue, 10 Jun 2025 08:00:00 -0400

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:

More Than a Payout: Aaron Hasler on Exit Plans That Build Buy-In

Tue, 03 Jun 2025 08:00:00 -0400

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:

Aaron Hasler on LinkedIn

SkyView Partners

Ameriprise Financial

You Can't Hit a Target You Can't See: Creating a Vision for Your Exit

Tue, 27 May 2025 08:00:00 -0400

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:

Always Be Ready to Sell: Why Scott Danner Built His Firm for the Exit

Tue, 20 May 2025 08:00:00 -0400

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:

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 Isn't Optional: How to Exit Your Business on Purpose

Tue, 13 May 2025 08:00:00 -0400

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:

Total Succession - Trailer

Mon, 05 May 2025 18:00:08 -0400

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.

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