Don't Leave Your Business on a Post-It: Exit Strategy Tips

Don't Leave Your Business on a Post-It: Exit Strategy Tips

Is your succession plan sitting on a post-it note, or is it a documented strategy for the future? Many financial advisors delay planning because it feels emotional or scary, but treating your exit as a long-term business strategy is the key to protecting your legacy. Hosts Tyson Ray and Kim Cochenour, are joined by special guests to discuss the realities of moving from a single-owner practice to a leadership-team-run business. We dive deep into why exit planning should not be a one-time event, but rather a purposeful strategy to increase the value of your practice and ensure your clients and team are taken care of. Key topics covered in this conversation include: * The emotional barriers that keep advisors from planning for what is next. * The difference between a catastrophic plan and a true succession strategy. * How to use the principles of vulnerability-based trust to build a stronger leadership team. * Why verbal agreements mean nothing without legalized documentation. * A look at industry statistics showing why the next decade is critical for firm owners. * Real-world examples of how preparation leads to successful partnerships rather than just acquisitions. Whether you are looking to retire soon or just want to step away from the tasks that drain your energy, this episode provides the roadmap you need to exit on your own terms. TotalSuccession.com [http://totalsuccession.com] TotalSuccession.com/podcast [https://totalsuccession.com/podcast] FORM Wealth Advisors [https://formwealth.com/] Tyson Ray [https://formwealth.com/tyson-ray/] Kim Cochenour [https://formwealth.com/kim-cochenour/] Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First [https://amzn.to/478ySrx] Andrea Schlapia [https://ironstonehq.com/team/andrea-schlapia/] Ironstone [https://ironstonehq.com] Ted Motheral [https://www.linkedin.com/in/ted-motheral-36b4798/] on LinkedIn

Building Teams for Succession Planning: Why Asking Before Telling Changes Everything with Kaleen Barbera

Building a team and making it work are two different things, especially when succession planning depends on your relationship with your next-gen advisor. Hosts Tyson Ray and Kim Cochenour are joined by JAM Consulting Group’s Kaleen Barbera to discuss and explore the behavioral science behind effective teams. Feelings come before facts, asking before telling builds connection, and acknowledging different opinions aligns everyone toward a common goal. * Kim Cochenour kicks things off by stressing that advisors need to remember that building a team and making it work are two totally different things. * Guest Kaleen Barbera shares her story of 30+ years in the financial services industry. * Building better relationships with advisors and helping them grow their practice have been two key areas of focus of Kim’s. * From a behavioral science perspective, there are several things that make a team work, including structure, asking before telling, and acknowledging that feelings come before facts. * If we’re unable to engage each other in a way that builds connection, it’s going to be truly difficult to align and reach a common goal. * Kaleen touches upon a client who she has helped build a better relationship with his team. * Acknowledging that someone might have a different opinion is important, especially when it comes to succession planning and your next gen advisor. * Tyson opens up about the transformation he underwent as a leader and how that has impacted his firm. * Kaleen lists a few things that should spark the need – or the possibility – of asking for help as a financial advisor. * It took Tyson some time to start letting go and creating space for others to step in. * When it comes to financial planning, one of the fundamental steps is to highlight what the cultural values and team philosophy are. * Tyson, Kaleen and Kim talk about the importance of the vision part, and what founders should do when they have an idea in their head. * Kim sees the S.P.A.C.E. framework as something that can be applied even just to your team members. * Tyson, Kaleen, and Kim end the conversation by discussing how (and when) JAM Consulting Group could help financial advisors and leaders. Mentioned in This Episode: TotalSuccession.com [http://totalsuccession.com] TotalSuccession.com/podcast [https://totalsuccession.com/podcast] FORM Wealth Advisors [https://formwealth.com/] Tyson Ray [https://formwealth.com/tyson-ray/] Kim Cochenour [https://formwealth.com/kim-cochenour/] Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First [https://amzn.to/478ySrx] Kaleen Barbera [https://jamconsultinggroup.com/kaleen-barbera/] JAM Consulting Group [https://jamconsultinggroup.com/]

What Financial Advisors Need to Know About RIA Valuations and Succession Planning with Emma Boston

It's a seller's market with higher multiples, but stretching for more money in your succession planning might lead to more suffering for you, your team, and clients. Emma Boston of Raymond James breaks down the four dimensions that drive practice value and why advisors must decide whether to put clients' interests first or maximize their payout. You'll discover why starting succession planning late eliminates most of your choices and about aligning your goals with the right model instead of chasing the biggest check. * Emma Boston kicks things off by telling more about her background, role, and the kind of work she does to help advisors around succession planning. * Tyson stresses something many advisors forget: succession is a process; it isn’t the end. * Emma explains why multiples have gone up – and what that actually means. * She believes that it’s a seller’s market and that these multiples are here to stay. * Whether you’re going to put your clients’ interests first or you’re going to put how much money you can make is something advisors should decide before going in. * Some advisors don’t realize that going for more money can come at the detriment of what’s best for your clients or the culture they trusted their life savings to. * Emma dives into some of the key characteristics that tend to drive value in a practice. * When making an assessment, the Raymond James team looks at four dimensions: durability, growth, the team, and the systems. * Having a continued, repeatable plan to achieve net new assets is something incredibly attractive, Emma points out. * She touches upon three key questions they always tell their advisors to unpack further. * Tyson warns listeners about what may happen in the couple of years following an evaluation and how advisors may think “WOW!” but for a whole different reason. * Remember: stretching for more money might lead to more suffering or more change for you, your team, and clients. * Did you know that it’s currently virtually impossible for practices to cash flow at some market-competitive valuation without some form of capital infusion? * It’s important for firms to keep in mind that 30 to 50% of advisors expect to retire within the next decade. * Most of the independent advisors the Raymond James team works with actually want to stay independent. * Emma discusses why it’s better to understand what your goals and objectives are, and then you can figure out what the best model is to meet them. * Emma breaks down how some Raymond James’ clients are interested in the minority deal for all the growth partnership, as well as peace of mind and the tax efficiencies that it brings. * Kim shares that, since succession planning is starting a lot later than it should for a lot of people, it ends up eliminating a lot of their choices. Mentioned in This Episode: TotalSuccession.com [http://totalsuccession.com] TotalSuccession.com/podcast [https://totalsuccession.com/podcast] FORM Wealth Advisors [https://formwealth.com/] Tyson Ray [https://formwealth.com/tyson-ray/] Kim Cochenour [https://formwealth.com/kim-cochenour/] Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First [https://amzn.to/478ySrx] Emma Boston [https://www.linkedin.com/in/emma-boston-91176514] on LinkedIn Raymond James [https://www.raymondjames.com/] J.D. Power Study Finds 46% of Financial Advisors to Retire by 2035 [https://link.edgepilot.com/s/1df077aa/ldjJQ05llUaYo3O3-G1OjA?u=https://www.wealthmanagement.com/ibd-news/j-d-power-study-finds-46-of-financial-advisors-to-retire-by-2035] Cerulli: New Wealth Management Research Finds Transition Support Services Critical to Retaining Assets During Advisor Moves [https://link.edgepilot.com/s/2bc5ecc4/tnwouJ7IbECgeoOsaOH9nw?u=https://www.cerulli.com/press-releases/new-wealth-management-research-finds-transition-support-services-critical-to-retaining-assets-during-advisor-moves%23:%7E:text=More%2520than%2520one%252Dthird%2520of%2520advisors%252C%2520representing%252041%2525%2Cdecade%252C%2520and%252015%2525%2520of%2520retiring%2520advisors%2520expect] Wealth Management Research Report (see illustrative math on page 2 under “RIA Aggregators Lack Exits”) [https://totalsuccession.com/wp-content/uploads/2026/04/Wealth-Management-Favorable-2026-Outlook-Good-News-for-IBD-Channels.pdf]

The Top 3 Reasons Advisors Avoid Succession Planning (and What’s Really Behind It)

Why do advisors who excel at guiding clients through retirement planning struggle to start their own succession planning? Tyson Ray and Kim Cochenour, along with Aaron Hasler and Andrea Schlapia, explore the three reasons why advisors don’t get around to it. You’ll hear about the #1 challenge for advisors, why and how “business exit” should be reframed, and why failing to treat succession planning like the process it is leads to value erosion. * Tyson Ray and Kim Cochenour look at why advisors seem to struggle to get their own succession planning process started. * Tyson and Ray address the topic by also featuring contributions by Aaron Hasler and Andrea Schlapia. * Kim kicks things off by touching upon three reasons why advisors typically don’t get around to their succession planning. * They are: 1) not really understanding the options; 2) succession planning feels way more personal than what you expected; 3) you haven’t defined what you actually want next. * For Aaron Hasler of Spruce Rock Capital, education is the #1 challenge advisors face. * He shares a couple of suggestions advisors can follow to improve their education and industry knowledge without having to rely on outdated, generic, advice. * Tyson points out the irony of being a financial advisor: Taking financial and retirement planning for granted and not either one for your business. * While a business exit may feel emotional, scary, and uncomfortable, Andrea Schlapia sees an exit merely as a good business strategy, rather than a massive event. * Tyson emphasizes the importance of understanding “what you’re exiting to, not from.” * “If you don’t treat your succession planning like the process that it is, it can turn into this big, overwhelming and unknown process somewhere down the road,” emphasizes Kim. * Andrea talks about the steps where she sees advisors having a hard time – and those where they succeed. * Since “exiting” is a trigger word for many advisors, Andrea is all in favor of changing the words from exiting to “what’s next.” * Andrea concludes by saying that failing to plan is going to equal value erosion. Mentioned in This Episode: TotalSuccession.com [http://totalsuccession.com] TotalSuccession.com/podcast [https://totalsuccession.com/podcast] FORM Wealth Advisors [https://formwealth.com/] Tyson Ray [https://formwealth.com/tyson-ray/] Kim Cochenour [https://formwealth.com/kim-cochenour/] Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First [https://amzn.to/478ySrx] Aaron Hasler [https://www.linkedin.com/in/aaronhasler/] on LinkedIn Spruce Rock Capital [https://sprucerockcapital.com] Andrea Schlapia [https://ironstonehq.com/team/andrea-schlapia/] EOS [https://www.eosworldwide.com/]

The Retirement Planning Approach to Succession Planning with Jeremy Keil

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: TotalSuccession.com [http://totalsuccession.com] TotalSuccession.com/podcast [https://totalsuccession.com/podcast] FORM Wealth Advisors [https://formwealth.com/] Tyson Ray [https://formwealth.com/tyson-ray/] Kim Cochenour [https://formwealth.com/kim-cochenour/] Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First [https://amzn.to/478ySrx] Keil.com [http://keil.com] Jeremy Keil [https://www.linkedin.com/in/mrretirement] on LinkedIn Keil Financial Partners [https://keilfp.com] Mr. Retirement with Jeremy Keil [https://www.youtube.com/@MrRetirement] (YouTube channel) Retire Today: Create Your Retirement Master Plan in 5 Simple Steps [https://mrretirement.info/retiretodaybook/] by Jeremy Keil LongevityIllustrator.org [http://longevityillustrator.org]