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:

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

Dan Sullivan