What If You Don't Sell? Rethinking Succession with David Patchen

What does successful succession really look like in today’s advisory landscape? Tyson Ray and Kim Cochenour sit down with Dave Patchen to explore the complex dynamics of succession planning – from generational mindsets and private equity pressures to the systems that truly sustain a business.

Whether you’re planning to sell, pass the torch, or build a lasting legacy, this conversation will help you through value-packed insights and actionable takeaways.

• Tyson and Kim are joined by Dave Patchen who shares his insights on business succession and the role millennials play in the process. 
• Dave starts his contribution by talking about where he has seen internal transitions done right – and why it’s a good idea to have a “plan to fail” mindset.
• He points out that it is rare to be able to do them right the first time.
• Dave touches upon whether private equity and the multiples make it harder for the next generation to step in and have the internal succession.
• Tyson discusses the relationship between quality, cost, and service, and how you tend to get two out of the three.
• You have a similar dynamic on the transaction side, with multiples, the client’s best interest, and keeping your team.
• Dave shares his thoughts on advisors realizing that you can’t get high multiples while keeping everything else the same.
• Kim, Dave, and Tyson talk about the next generation of advisors and the implications their mindset, focus and goals have when it comes to successful business successions.
• Dave explains why he believes that, in the professional context, baby boomers need to be more flexible than millennials.
• Dave isn’t a fan of mainly using social media and growing one’s business through “accidental referrals”.
• A client-referral system, a center of influence referral system that is 100% process-driven and a client feedback system are three processes that Dave sees as critical for a business.
• When it comes to selling as an advisor, there’s an important question you should ask yourself: “What’s next?”
• A scientific fact you probably didn’t know: there’s a brain in the gut.
• Dave, Tyson and Kim discuss why approaching business succession requires a plan, whether you like it or not.
• Dave sees Be, Do, Think as the highest order of internal engagement – despite it being the opposite of what we tend to do in Western society.
• “The most powerful practice is the ability to put space around your thoughts,” says Dave. 
• Remember: the way toward helping someone is an open and curious mindset, not a persuasive and thought-driven one.

 

 

Mentioned in This Episode:

TotalSuccession.com

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Dave Patchen on LinkedIn

Raymond James

Bob Dunwoody