Succession Planning Isn’t Optional: How to Exit Your Business on Purpose

Succession planning. Every business needs it, yet most owners don’t really think about it.

But why is it important to carve out time for business succession planning?

Co-hosts Tyson Ray and Kim Cochenour talk about Tyson’s own journey into succession planning, discuss who benefits from a well-planned succession, and what you can expect from future episodes of the Total Succession Show.

As Tyson puts it: “you only exit your business once, so you should create the space to make it happen.” 

• The premise of the Total Succession show, hosted by Tyson Ray and Kim Cochenour, is to help you prepare yourself and your business for the ultimate succession.
• Tyson kicks things off by discussing the fact that you’ll exit your practice one day.
• You’re either going to die owning it and someone’s going to take it over or you’re going to have a succession event.
• In that case, you should ask yourself “What’s going to happen to my family, to my team, and to my clients?”
• After he turned 50, Tyson started to address certain succession planning aspects thinking he had set things up correctly…but it turned out that he didn’t. 
• That prompted him to address the succession planning gap in the financial services industry. 
• Tyson and Kim talk about how Tyson got to the realization that he needed to do some things differently.
• Doing things right isn’t only something you owe to your team but it’s actually something you owe to yourself too.
• Without being deliberate with your focus on your exit, you’ll just stumble into whatever your exit’s going to look like.
• By addressing some key succession planning questions, you’ll start seeing things you have to prepare for – within the business and within the team.
• Talking to an attorney, preparing tax consequences, preparing yourself for conversations with loved ones, your team or clients, or getting data out of your head and into systems other people could use are some of the things you may have to prepare for.
• The upcoming episodes of the Total Succession show will feature resources and expert contributions on practice valuation, developing your team, legal aspects, and on the emotional process of a whole transition.
• Tyson shares that now that he has things in place he has a peace of mind, a sense of freedom and excitement to know that he’s working towards something valuable for himself and others.
• The next episode of the Total Succession show will feature Scott Danner – you’ll hear about his story and why he believes you should always be ready to sell your business.
• A final reminder by Tyson: “Remember that you only exit your business once. Create the space to make it happen.”

Mentioned in This Episode:

TotalSuccession.com

FORM Wealth Advisors

Tyson Ray

Kim Cochenour