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How to Rethink Your Exit When Succession Doesn't Go as Planned
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Succession planning doesn't always go the way you expect… and when it falls apart, that moment can reveal the truth you've been avoiding.
Tyson Ray and Kim Cochenour break down why plans derail, how to trust your gut over external pressure, and what founders should do when people or expectations start to crumble.
You'll learn why a broken plan can ultimately protect your legacy, strengthen client care, and open the door to a better path forward.
- Tyson Ray and Kim Cochenour discuss what to do when your succession plan falls apart, and how advisors can protect their legacy even when the original plan does stick.
- Tyson explains that one of the key reasons why succession plans fail is because they rely on an element that isn't always infallible: people.
- When things fall apart before a sale, or a succession turns out to be a blessing in disguise – just ask someone whose plan fell apart post-sale.
- Tyson identifies three key elements that can derail a succession: you, the succession plan, and the people involved in it.
- When it comes to a succession, it's important to remember that you're not selling what's yours; it's the clients, and your goal should be to leave them better off than when you met.
- Tyson stresses the fact that every advisor should realize that it isn't about their head, what other people or the industry are telling them… it's about listening to and trusting their gut.
- Kim Cochenour points out that "It's very easy to lie to ourselves when you're swayed by those other decisions that are those other factors that can really change what your succession plan could be."
- Tyson and Kim discuss what founders should do when they start to realize that their succession plan is beginning to crumble.
- Remember: succession is NOT the end. It's not something you wait to do at the end.
Mentioned in This Episode:
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)
34 episodes
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