Total Succession

Tyson Ray and Kim Cochenour
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So you've built a business helping others plan their future. But what's the plan for yours? Your future deserves the same attention you give your clients every day. It's time to protect what you've built and prepare for what's next. Welcome to the Total Succession Show, your resource for learning how to exit confidently, be fully compensated, and keep your clients' interests first. Hosted by veteran financial advisor Tyson Ray and co-host Kim Cochenour, each episode will help you navigate the emotional and strategic challenges of succession planning through real-life stories, insights from industry experts, and Tyson's SPACE framework: See, Prepare, Act, Commit, Exit. Tune in each week and head to totalsuccession.com for free tools to help you start preparing for what's next.

  1. Succession Planning, Legacy, and Letting Go: The Story Behind the Total Succession Book

    59 MIN AGO

    Succession Planning, Legacy, and Letting Go: The Story Behind the Total Succession Book

    Tyson Ray's new book, Total Succession, actually didn't start as a book idea… but as a responsibility. Kim Cochenour turns the mic on her co-host Tyson, to explore why succession is about far more than just retirement, and how identity, control, and legacy shape the decisions advisors struggle to make. Tune in to hear the personal moments, hard-earned lessons, and the S.P.A.C.E. framework behind Total Succession – and why none of us get to the next chapter alone. This episode sees Kim Cochenour interview co-host Tyson Ray to discuss something that has been years in the making, and that is finally here: the Total Succession book! Tyson's motivation for writing the book comes from his passion for being a teacher-student who likes to learn things and share them with others. When Tyson became a father, he started to work on his estate planning, as well as on his clients and their roles beyond him. "If you have people that are entrusting you with their life savings, you might want to have a backup plan because none of us are guaranteed to be here tomorrow," Tyson points out. Kim stresses that succession isn't really about retirement or the reason why advisors struggle to plan – it's wrapped around their identity, control, legacy, and the things they've sacrificed along the way. Tyson and Kim go through the S.P.A.C.E. acronym – Seeing, Preparing, Act, Commit, Exit – and the role it plays within succession planning. As Kim emphasizes, "you didn't get to where you are on your own, so you're not going to get to that next stage on your own."     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)

    22 min
  2. Should You Sell Your Advisory Practice? How to Handle Unsolicited Offers

    30/12/2025

    Should You Sell Your Advisory Practice? How to Handle Unsolicited Offers

    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

    28 min
  3. How to Rethink Your Exit When Succession Doesn't Go as Planned

    23/12/2025

    How to Rethink Your Exit When Succession Doesn't Go as Planned

    Succession planning doesn't always go the way you expect… and when it falls apart, that moment can reveal the truth you've been avoiding. Tyson Ray and Kim Cochenour break down why plans derail, how to trust your gut over external pressure, and what founders should do when people or expectations start to crumble. You'll learn why a broken plan can ultimately protect your legacy, strengthen client care, and open the door to a better path forward. Tyson Ray and Kim Cochenour discuss what to do when your succession plan falls apart, and how advisors can protect their legacy even when the original plan does stick. Tyson explains that one of the key reasons why succession plans fail is because they rely on an element that isn't always infallible: people. When things fall apart before a sale, or a succession turns out to be a blessing in disguise – just ask someone whose plan fell apart post-sale. Tyson identifies three key elements that can derail a succession: you, the succession plan, and the people involved in it. When it comes to a succession, it's important to remember that you're not selling what's yours; it's the clients, and your goal should be to leave them better off than when you met. Tyson stresses the fact that every advisor should realize that it isn't about their head, what other people or the industry are telling them… it's about listening to and trusting their gut. Kim Cochenour points out that "It's very easy to lie to ourselves when you're swayed by those other decisions that are those other factors that can really change what your succession plan could be." Tyson and Kim discuss what founders should do when they start to realize that their succession plan is beginning to crumble. Remember: succession is NOT the end. It's not something you wait to do at the end.     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)

    17 min
  4. How Faith and Fit Shape a Better Succession Plan with Brian Church

    16/12/2025

    How Faith and Fit Shape a Better Succession Plan with Brian Church

    Succession planning isn't just a business strategy, it's an identity shift. Tyson Ray and Kim Cochenour are joined by Brian Church to explore the emotional and practical realities founders face as they scale, surrender control, and redefine their best vocational life. You'll hear hard-won lessons from Advisory DNA's journey, why advisors must seek trusted community, and how letting go can actually lead to more clarity, freedom, and growth. Brian Church kicks things off by sharing Advisory DNA's origin story, the inspiration behind its creation and the gap he was trying to fill with it. The conversation shifts toward the concept of best vocational life and its three areas of focus. When he first started out with Advisory DNA, Brian used a 91-question form he shared with prospects. Brian points out that, at every level you get to, you're still going to deal with the need for scale, and the issue of vision and culture drift, as well as the advocacy of the continuum of client care. The lack of growth is a rather hidden, but very much present, industry trend – with margins likely to get contracted because of the advent of AI and machines. Brian takes back the curtain on the process that led to Advisory DNA being acquired, and what that process taught him about succession from a founder's seat. Tyson stresses the fact that any type of growth comes with some aspect of surrender because you have to give something up. People mistakenly think that the company will fail if we lose control but life actually improves when we surrender some things. Brian opens up about how things have changed and what he does whenever the feeling of wanting more control resurfaces. Tyson's S.P.A.C.E. framework focuses on the different pieces of the succession planning puzzle: Seeing, Preparing, Acting, Committing, and Exiting. Tyson believes that advisors need advisors because they're planners for clients but neglect to plan for themselves. "Seek community and look for people you trust" is Brian's advice for advisors in the Seeing and Preparing stages of their succession planning journey. One of the biggest emotional hurdles for advisors? Giving up control and the fear of losing identity. Brian goes through the steps that enable you to explore your best vocational life.     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) Brian Church Brian Church on LinkedIn brian@AdvisoryDNA.com Bchurch@oneascent.com OneAscent Advisory DNA Putnam Investments Jim Shoemaker  United Capital Rob Grubb Harry Pearson Dean Niewolny Cole Pearson Ameriprise Goldman Sachs

    54 min
  5. Before the Deal, Have the Talk: Why Succession Begins With the People You Love

    09/12/2025

    Before the Deal, Have the Talk: Why Succession Begins With the People You Love

    Succession planning doesn't start with lawyers, valuations, or deal terms (or at least, it shouldn't!)... It starts at home. Tyson Ray and Kim Cochenour address the topic of deeply personal conversations advisors need to have with their spouse or partner long before any transition becomes real, from aligning on "age and number" to navigating fears about the future. They discuss how to get on the same page, what to do when you're not, and why the most important succession agreement you'll ever sign is the unspoken one with the person who knows you best. Tyson Ray kicks things off by explaining why you want to let your partner or spouse in on your succession planning BEFORE you actually do a succession. Asking your significant other or close friend what they see, want, as well as their fears if you didn't wake up tomorrow… Tyson sees "age" and "number" as two key topics of conversation every advisor should have at home. "Age" refers to questions related to the age your partner or spouse would want you to be done with your work by. "Number" has to do with an income level or asset that would make sense for you and your spouse/partner. Tyson opens up about how Jenny got involved with his succession planning journey. What should be done when advisors and clients aren't on the same page? Tyson shares his thoughts. For Tyson, the whole point of being a financial advisor is to help people get to what we call "funded contentment." Thinking of actually having the "succession talk" with your significant other? Tyson has some practical advice you can follow… Kim asks what should be considered and done if you get to the table with your spouse/partner and realize that you have completely different visions on what should come next. During the completion of his SEPA designation, Tyson heard about the concept of planning backwards and executing forward. Going to a couple's counselor is a scenario that could be very concrete if you find yourself in this situation as an advisor. A powerful reminder by Kim: "Don't forget that the most important agreement in all of your succession planning agreements is actually going to start at home."     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 - De-Risking Your Practice: How to Build a Resilient Business Through Succession Planning Enough: True Measures of Money, Business, and Life - by John C. Bogle

    21 min
  6. The Next Wave of Succession: Why Advisors Are Rejoining Bigger Firms to Regain Freedom with Alex Goss

    02/12/2025

    The Next Wave of Succession: Why Advisors Are Rejoining Bigger Firms to Regain Freedom with Alex Goss

    Advisors are rethinking what they want their future to look like, and the old model of "go independent and grind forever" is losing its shine. Co-hosts Tyson Ray and Kim Cochenour, along with Alex Goss of NewEdge Advisors, unpack the new realities of succession – from soaring valuations and G2 buyout challenges to burnout driving many advisors toward bigger, better-resourced firms. You'll hear about how deal structures are shifting, what buyers actually want, and why the real question isn't just how you'll exit… but what life will look like after you do. Alex Goss kicks the conversation off by listing the trends and shifts he's seen in regards to how advisors are thinking about their future. He believes that the industry is at the beginning of a new cycle, similar to what ended in 2012. After going solo and building their own firm, Alex sees many advisors wanting to join or partner up with bigger firms to win back time and have more assets and impact. Financial advisors are burned out by doing all the things that are required to support being a financial advisor. For Tyson Ray, an advisor's career progression is to end up independent and free. Alex touches upon NewEdge Advisors and what would make an advisor a good fit for his firm. NewEdge has two divisions: One built for advisors looking for ultra-high networth, very deep intellectual capital resources. The other provides operational and back office support to the entrepreneurial type of advisor. Alex discusses a challenge he has identified over the last few years: as the valuations of businesses have gone up, the ability for G2 to buy out G1 has become harder and harder. Alex explains how he has seen deal structures change as the landscape is shifting. "A lot of times, advisors forget about their replacement costs being an actual expense of the business," says Alex. Remember, when you're selling your business, you're actually selling it. Tyson shares the story of a business owner getting the valuation he was looking for… without realizing the cost of it all. When it comes to succession, Kim Cochenour believes that many advisors don't think about what their life will look like after the deal is done. If you're growing the net of the market over 6%, you're in the "really good" category. Growing between 3 and 6%? Then, you're in the "okay" category. If you're growing less than 3%, it's going to be hard to find someone interested in buying.     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) Alex Goss NewEdge Advisors Prudential Financial Morgan Stanley Baird Merrill Lynch Rob Sechan  Wells Fargo Neil Turner

    52 min
  7. De-Risking Your Practice: How to Build a Resilient Business Through Succession Planning

    25/11/2025

    De-Risking Your Practice: How to Build a Resilient Business Through Succession Planning

    When your business depends on you, it's not just exhausting… It's risky! Tyson Ray and Kim Cochenour reveal the hidden traps that quietly drain your firm's value and share how real succession planning can protect your clients, your legacy, and your freedom. You'll learn what it means to de-risk your practice, so it can run – and THRIVE – even when you're not there. In this episode, Tyson Ray and Kim Cochenour look at the hidden risks of what drains your value, stalls your succession, and puts your clients at risk when you aren't there. The concept of de-risking your practice comes from the exit planning world – it has to do with identifying and understanding perceived and known risks when you're getting valuation work done for a succession. Kim points out that if an advisor is thinking of succession but the business is all dependent on them, it isn't sellable and is fragile for both the advisor and their loved ones. Tyson opens up about the stress test  the firm went through when he turned 50. Remember, from a valuation standpoint, if the practice can run itself (without you), it's much more valuable for potential investors. At the same time, the business may be more valuable to you as the owner, if you don't have to be the one doing everything. Tyson explains how they managed to identify gaps when he went through this process when he was 30 and, then again, when he turned 50. Tyson and Kim talk about letting G2 be involved enough in the business so that if the founder stepped out, they would be able to step up. For Tyson, approaching your firm like a medical practice – and their chart-driven approach – is an excellent way to de-risk your firm. A big goal should be ensuring that the trust and client relationship can be "downloaded" and transferred, then "uploaded" back to the client to make them realize that the firm knows who they are and cares about them. Not putting the burden on any one person is a big part of de-risking. Tyson goes over who owns the client, and how understanding its repercussions will impact your practice. There are 3 ways to jumpstart the de-risking process:  review and update your operating and partnership agreements; establish what a buy-sell agreement would look like or review your current one; create a key person contingency plan that's legally documented. Tyson illustrates who an advisor should reach out to when it comes to specialized people in the financial services or legal counsel. Tyson and Kim discuss a few steps that can be taken to initiate the de-risking process.     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 - Succession, EOS, and the Power of a Plan with Andrea Schlapia Green Bay Packers Chicago Bears SEC – U.S. Securities and Exchange Commission FINRA

    22 min
  8. Succession for Independent Advisors: 4 Key Valuation Drivers with Nate Lenz

    18/11/2025

    Succession for Independent Advisors: 4 Key Valuation Drivers with Nate Lenz

    With a looming 100,000-advisor shortage, senior principals are failing to plan their own exit while misunderstanding what truly motivates the next generation of wealth managers. Nate Lenz, CEO of Concurrent, joins us to break down the entitlement mindset, the flaw of chasing rainmakers, and to share the key drivers of valuation that will help you with succession planning. Nate shares his succession background and a couple of industry developments he has witnessed up close and personal. According to a McKinsey study, there will be a shortage of about 100,000 advisors  by 2034. Nate lists a couple of downsides that can put G2 advisors in a negative situation. Kim points out a big flaw many advisors face: Not having planned their own exit nor planning for their own retirement… Tyson touches upon a recent encounter with an advisor who saw everything change once the practice was solved – he didn't realize the stress that you need to deal with to hit growth targets.  Succession readiness is something that Nate and his team often talk about internally at Concurrent. Making sure that clients are well taken care of is an important aspect Concurrent focuses on. "The path that got a 50, 60, 70-year-old advisor where they are is not going to be the path that takes G2 advisors into the next space," says Kim. Nate sees the entitlement mindset as one of the things the next generation of advisors is continuously going to battle. Tyson believes that too many advisors are still thinking that they need to hire the rainmaker… Opportunities for advancement or mentorship and development – and not work-life balance, remote work, and compensation – are the motivations FinServe has observed among a pool of recent graduates that had entered wealth. "Owning my own firm or being a partner in a firm" are the two most popular answers to the "Where do you see yourself in 10 years?" question asked by the Concurrent team. Scale, diversity of revenue, alignment, and growth are the four key drivers of valuation at Concurrent. Kim and Tyson go through the S.P.A.C.E. acronym: See, Prepare, Act, Commit, and Exit.  Remember: Succession is a process, not an event. Nate talks about how he sees Concurrent help advisors through the S.P.A.C.E. framework.     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) Nate Lenz on LinkedIn Concurrent Raymond James  McKinsey FinServe

    46 min
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About

So you've built a business helping others plan their future. But what's the plan for yours? Your future deserves the same attention you give your clients every day. It's time to protect what you've built and prepare for what's next. Welcome to the Total Succession Show, your resource for learning how to exit confidently, be fully compensated, and keep your clients' interests first. Hosted by veteran financial advisor Tyson Ray and co-host Kim Cochenour, each episode will help you navigate the emotional and strategic challenges of succession planning through real-life stories, insights from industry experts, and Tyson's SPACE framework: See, Prepare, Act, Commit, Exit. Tune in each week and head to totalsuccession.com for free tools to help you start preparing for what's next.

Information

  • Creator
    Tyson Ray and Kim Cochenour
  • Years Active
    2025 - 2026
  • Episodes
    36
  • Rating
    Clean
  • Copyright
    © 2025
  • Show Website
    Total Succession

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