Succession, EOS, and the Power of a Plan with Andrea Schlapia

Are you waiting for the “right time” to start your succession planning? Does the word “succession” feel more overwhelming than empowering?

In this episode, hosts Tyson Ray and Kim Cochenour welcome Ironstone Founder & CEO Andrea Schlapia to talk about how EOS transforms succession from an intimidating afterthought into a practical, energizing business strategy.

Discover how structure, vision, and a mindset shift can preserve your legacy, empower your team, and set your advisory practice up for lasting success.

• Andrea Schlapia kicks off the conversation with Tyson Ryan and Kim Cochenour by explaining why so many advisors think that they’ll get to their succession… “some day.”
• Remember: Exit is merely a good business strategy, it is NOT an event.
• Andrea wants to help advisors move from a single business owner-run practice to a leadership team-run business – that way, all pressure won’t be only on you.
• Tyson explains how hearing the word “exit” shouldn’t be something that paralyzes you. Think of it as exiting some of the things you don’t like to do anymore and that are sucking out your energy.
• When it comes to hurdles Andrea helps advisors get past, she likes to start by looking at what the EOS (Entrepreneur Operating System) process is and does inside a specific firm.
• Andrea is a firm believer in “structure first, vision second.”
• Andrea touches upon the role of an accountability chart, as well as what Gino Wickman’s EOS is all about (his book Traction is a highly recommended reading!).
• Did you know that 70% of companies do not have any kind of exit strategy and succession plan?
• The SEPA industry’s four intangible capitals are human capital, structural capital, client capital, and social – or cultural – capital.
• “You literally can have mental freedom by having more structure in your business,” says Andrea.
• Reality check from Tyson: You need to realize that you’re going to exit your business…no matter what.
• Tyson goes over the thought process that led him to start considering the idea of business succession.
• Andrea shares her thoughts about what she sees coming the advisor industry’s way over the next decade, while Tyson illustrates the S.P.A.C.E. (Seeing, Preparing, Acting, Committing, Exiting) approach.
• The beginning of the entire business exit process is where Andrea sees advisors having the most difficulties.
• For her, you should undergo a mindset shift and swap “exit” with “what’s next.”
• Andrea shares her thoughts on S.P.A.C.E. and talks about the eight questions of the VTO (Vision Traction Organizer).
• Andrea breaks down the process she has created to assist advisors and shares her admiration for Patrick Lencioni’s work.
• According to Andrea, failing to plan is going to equal value erosion.

 

 

Mentioned in This Episode:

TotalSuccession.com

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Andrea Schlapia’s email: [e-mail]

Andrea Schlapia on LinkedIn

Ironstone

Traction: Get a Grip on Your Business by Gino Wickman

The Five Dysfunctions of a Team: A Leadership Fable by Patrick Lencioni