When a buyer comes calling, it can feel flattering, urgent, and surprisingly emotional, but an offer is NOT a succession plan.

Tyson Ray and Kim Cochenour break down how advisors should think about succession when acquisition conversations start, from asking the right questions to understanding what you may be giving up beyond the numbers.

You'll learn how to evaluate opportunities on your terms, protect your clients and culture, and avoid regrets in a world where there is no such thing as a perfect exit.

• This episode sees hosts Tyson Ray and Kim Cochenour address the scenario in which someone wants to buy your practice.
• Tyson explains that being approached by someone who is thinking about acquiring your firm shares some similarities to what happens in the dating world.
• He also points out that one of the reasons why Total Succession exists is to help you prepare for a world where that keeps happening – so that you can choose the response that takes you down the path you want to be on.
• Kim Cochenour points out that most advisors don't realize that the offer is not the plan.
• Tyson goes into the questions advisors should ask themselves when it comes to potentially selling their firm.
• "Over the next 90 days, am I going to grow or am I going to sell?" is a key question you should constantly ask yourself.
• Tyson discusses the fact that, sometimes, it's not about money, but it's about the environment of how you want to end – is it on your terms or on someone else's?
• One of the things that could potentially be part of selling your firm is saying goodbye to some of your team members, some of the people who have gotten you where you are today.
• What impact will that have on them, and what about the company culture? How will that be affected by it?
• Tyson is a firm believer that the way to exit the practice without regretting it is to make sure that your clients are better off.
• An important message from Tyson: "If you're listening to this and have some time, steward well the resources, take money out of the business and reinvest that to build assets such that the need to get so much out of your business exit is lessened."
• Whenever you get a phone call from a potential buyer of your firm, Tyson recommends being focused on the data, questions and answers – and he stresses the importance of bringing in other advocates to help you see your blind spots.
• Tyson and Kim go through the S.P.A.C.E. approach to succession planning.
• Remember: "There's no perfect exit."

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

Previous episode - Mel's Story: The Succession Disaster I Bought and What It Taught Me