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

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