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

Succession planning doesn't start with lawyers, valuations, or deal terms (or at least, it shouldn't!)... It starts at home. Tyson Ray and Kim Cochenour address the topic of deeply personal conversations advisors need to have with their spouse or partner long before any transition becomes real, from aligning on "age and number" to navigating fears about the future. They discuss how to get on the same page, what to do when you're not, and why the most important succession agreement you'll ever sign is the unspoken one with the person who knows you best. Tyson Ray kicks things off by explaining why you want to let your partner or spouse in on your succession planning BEFORE you actually do a succession. Asking your significant other or close friend what they see, want, as well as their fears if you didn't wake up tomorrow… Tyson sees "age" and "number" as two key topics of conversation every advisor should have at home. "Age" refers to questions related to the age your partner or spouse would want you to be done with your work by. "Number" has to do with an income level or asset that would make sense for you and your spouse/partner. Tyson opens up about how Jenny got involved with his succession planning journey. What should be done when advisors and clients aren't on the same page? Tyson shares his thoughts. For Tyson, the whole point of being a financial advisor is to help people get to what we call "funded contentment." Thinking of actually having the "succession talk" with your significant other? Tyson has some practical advice you can follow… Kim asks what should be considered and done if you get to the table with your spouse/partner and realize that you have completely different visions on what should come next. During the completion of his SEPA designation, Tyson heard about the concept of planning backwards and executing forward. Going to a couple's counselor is a scenario that could be very concrete if you find yourself in this situation as an advisor. A powerful reminder by Kim: "Don't forget that the most important agreement in all of your succession planning agreements is actually going to start at home." Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order) Previous episode - De-Risking Your Practice: How to Build a Resilient Business Through Succession Planning Enough: True Measures of Money, Business, and Life - by John C. Bogle