You Can’t Hit a Target You Can’t See: Creating a Vision for Your Exit

Stop your succession planning from becoming a list of regrets! Tyson Ray and Kim Cochenour tackle the overlooked, yet vital, element of vision – revealing how advisors often miss defining their own “What’s next?”

Tune in to learn why, without this foundational piece, tactics are just numbers and how asking “What do I want to do when I grow up?” (even in retirement) is key to a fulfilling transition.

• Tyson Ray and Kim Cochenour address something many advisors skip when it comes to succession planning: VISION.
• Kim brings up the fact that, while advisors are supposed to be planners and help their clients with a long-term path for success, they tend to jump straight to the logistics when it comes to their own transition. 
• Kim discusses how, without vision, all tactics and data are just numbers – everything becomes a reactionary piece, instead of being strategic.
• Tyson points out that the question “What do you want to do when you grow up?” is something that should be asked both personally and professionally, even in retirement, because people are trying to define what their life purpose is. 
• Tyson believes that not defining what you want to do both personally and professionally when you exit can lead to some regrets… or, ultimately, even death.
• Your financial advising career is never ending: You’re helping people but that can suck everything out of you and end up draining you.
• Tyson shares an example of a client who initially didn’t have a vision for his professional and personal life and what that ended up leading to.
• Tyson goes through a mental exercise that can help you spur your reflection process. 
• An important question to ask yourself is “What is success for me if I take the money out?”
• Tyson and Kim emphasize that people who care about you play a crucial role in your journey, as they can help you identify “blind spots” you aren’t seeing.
• Kim and Tyson share a small challenge. Over the next month or so, focus on: 1) walk in the morning; 2) talk it out; 3) picture your successor in your role.
• Tyson wraps things up by explaining why you need to have space in your life – even if you feel that you’re always busy!

 

 

Mentioned in This Episode:

TotalSuccession.com

FORM Wealth Advisors

Tyson Ray

Kim Cochenour