Succession planning isn’t just for advisors who are ready to sell – it’s for anyone who wants to build a stronger, more resilient business.
In this episode, Tyson Ray and Kim Cochenour explain why preparing your firm to run without you makes it more scalable, more valuable, and, ultimately, more sellable, whether you’re years away from an exit or just starting to think about it.
- Tyson and Kim address a topic every advisor needs to hear: How to build a business that’s ready to transition – even if you’re not planning to sell right now.
- This is a topic that has to do with the “P” in the SPACE framework: Prepare.
- As Kim puts it, “Succession is something you have to prepare for, and it’s the preparation that makes your business stronger, whether you sell it or not.”
- Tyson explains why you need to think about having a sellable business even if selling isn’t something you’re thinking about for the near future.
- Planning for when you’re not there is something Tyson sees as a key step in successful succession planning.
- Tyson touches upon what may happen to your business if you were to pass away unexpectedly and without having had a succession and relevant tools in place.
- Kim believes that you should ask yourself whether you’re going to leave your team and clients a map to follow or a mess to clean up.
- Those gaps make the business harder from a succession standpoint, as well as from a scaling-it-now standpoint.
- Tyson lists several questions it may be worth asking yourself even if you’re not currently thinking about selling your business in the foreseeable future.
- Tyson believes that “You’re going to exit your practice and are going to have a succession. It’s a matter of whether you determine it or it’s going to be determined for you.”
- Tyson and Kim talk about why preparing WELL matters.
- Kim shares a critical question you should address. If you were to hand off your business in 90 days: What would break?
- Tyson and Kim wrap things up by sharing how to get started with a succession.
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