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

"What would happen to your business if you weren't around tomorrow?" That's the key question that Tyson Ray and Kim Cochenour unpack in this episode. From the importance of succession planning to finding and training the next generation of advisors – they share insights that will help you future-proof your firm and build a lasting legacy. Tyson and Kim address the question "What would happen to my business if tomorrow I wasn't around?" As Kim points out, most advisors still have their practice revolving around them. Is that you? Then know that if the business only works when you are in the seat, you are NOT succession ready. When Tyson had his first son, he had a realization. He did take care of his own estate planning but didn't think about all the people who were dependent on him… Tyson and Kim go into why having a bench matters right now, even when you're years away from retirement. When planning his bench, Tyson made sure that he had enough time and energy to look for and coach G2, the second generation of advisors. Keeping your ego in check is a key part of the process. Tyson sees looking for someone who has skills and talents that you don't have as a recipe for succession success. Are you getting referrals for clients? You can do the same for G2: Get referrals for folks who would like to join a financial services firm. Kim touches upon the fact that the process of mentoring a G2 who doesn't end up being a good fit for your firm is still valuable for the advisory industry as a whole. Tyson and Kim discuss common mistakes and succession planning failures. Kim recommends starting the process by listing out the three most important tasks you still personally handle at the firm – then ask yourself: "If I was out for a month, who could still do this?" Building a legacy revolves around answering the question "If I wasn't here tomorrow, who could step in?" says Kim. Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour