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. How Money Stories Impact Succession Planning with Bill Cates

    5 DAYS AGO

    How Money Stories Impact Succession Planning with Bill Cates

    What if the biggest obstacle to successful succession planning isn't strategy but the unexamined money stories running in the background? The Hidden Heist author Bill Cates joins Tyson Ray and Kim Cochenour to discuss how beliefs we formed about money around age seven secretly sabotage wealth transfer, client relationships, and your own financial psychology. Find out why understanding your clients' money narratives is the hidden key to becoming truly referrable, deepening trust across generations, and ensuring succession success that lasts. The conversation starts off with Bill Cates explaining how you define a money story and why it matters for advisors. A money story is your self-talk, the patterns of thinking and feelings around, in this case, money. "You can't be in the picture if you're in the frame", says Bill. There seems to be consensus among psychologists that we as humans form our beliefs around money around age seven, eight, and nine. Most people have a specific idea of scarcity and money being a scarce resource. However, advisors particularly understand that money isn't a scarce resource – because money flows. The Latin root of the word currency is currents, which means "flowing like a river." Bill, Tyson, and Kim talk about neuroplasticity and the role that affirmations and the habits of talking play. There's FOMO (Fear of Missing Out), but there's fear of missing your identity too… Shame is a big thing when it comes to your money story, as Bill's insights and Tammy Lally's TEDx Talk emphasize. When it comes to money shame: are we able to focus on where we are now and on the decisions we're making – and can we separate ourselves from that? "Where's my greatest source of contentment?" and "What am I most thankful for?" are two of Tyson's most important questions on the matter. Bill opens up about his affirmations around gratitude, money, and time. His book The Hidden Heist: Stop Robbing Yourself of Lasting Wealth, co-authored by Jeff West, is a parable, a story that takes place in a bank robbery. Bill points out that "Most clients want to be understood and appreciated. If they have anxieties around money, they want you to know that." One of the ways you can be referrable and remarkable, worthy of remark, is through deepening the relationship with your clients. Bill's Value Discussion approach, which is backed by neuroscience, consists of getting prospects and clients to speak out loud about the value they've perceived in working with us. Remember: when we speak out loud, we get clearer.     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 Bill Cates The Hidden Heist: Stop Robbing Yourself of Lasting Wealth by Bill Cates Audiobook version of The Hidden Heist Bill's TEDx Talk How to Stop Your Money Anxiety & Start Building Wealth – Today! Bill Gates Tammy Lally Tammy's TEDx Talk: Money Shame: The Silent Killer Jeff West

    43 min
  2. What to Do When You're Behind on Succession Planning

    3 FEB

    What to Do When You're Behind on Succession Planning

    Succession planning is often postponed, not because it's unimportant, but because taking care of clients always feels more urgent. Tyson Ray and Kim Cochenour unpack why "later" quietly becomes "now," how life events can force decisions before you're ready, and why clarity beats shame every time. Tune in to learn how to get started where you are and move toward an outcome that happens on your terms, not by accident. Today's episode kicks off with Tyson Ray sharing the main reason why founders put succession planning off, even if they know it matters. "The urgency of caring for clients, because that's what we do, prevents the planning of the succession of the practice," Tyson explains. In his work, Tyson often finds himself discussing with clients the fact that they save and work for later. But when they realize that "later is now", they gain a whole new perspective.  Did you know that approximately 80% of people in the U.S. don't retire on their terms?   What often happens with advisors is that the urgent crowds out the important, and things keep working that way until they have a triggering event in their life or health – and that ends up forcing succession planning upon them. Tyson hopes that everyone listening to this episode plans and executes a successful succession on their terms. Kim Cochenour stresses the importance of clarity: "It's going to beat shame every time and it's going to get you where you need to go." Tyson and Kim go over practical things advisors who are behind in their succession planning should consider and do. Advisors tend to lean toward an internal succession only to realize that it's not going to work – and that leads them to evaluating external succession options. Tyson opens up about what his firm has been focusing on, from a succession planning standpoint, over the last couple of years. An important message from Kim: "You need to understand that you don't have to have everything done at once. It won't be done all at once, but you still have to do something."     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

    19 min
  3. The Messy Middle of Succession: Not Out, Not In, Still Here

    27 JAN

    The Messy Middle of Succession: Not Out, Not In, Still Here

    Succession planning isn't just about stepping away, it's about who you become once you stop doing everything yourself. Tyson Ray and Kim Cochenour dive into the messy middle of succession planning, where identity, control, and clarity collide and founders are forced to evolve. You'll hear why succession is built through trial and adjustment, how to create a business that can live beyond you, and the powerful question every advisor must eventually answer: If you're no longer running the show… who are you now? Tyson Ray kicks the conversation off by sharing something he was once told: "Sometimes, there's a risk of failing so slowly that you still think that you're actually winning." Kim Cochenour points out that this podcast episode lives in the Act, Commit, and Exit parts of the S.P.A.C.E. framework. When it comes to succession planning, some think that it's only about what you're stepping away from… but it's also about clarity about what you're stepping into. Kim lists a few things that can lead to the messy middle of a succession. Tyson inspired advisors by inviting them to think "I have failed if I can't have a business that can run without me. I owe it to the clients and to the team to create this to live beyond me."  Did you know that succession happens as a result of a sequence of "fail and try again?" Kim's reminder for founders: "You have to evolve as the visionary, as the founder, because if nothing changes, nothing will change."  When done well, a succession plan makes people able to pick and choose what role they want to step into or are needed for only when you stop doing all the roles yourself. Powerful question by Kim: "If you're not the one running the show anymore…what are you?"     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 Dan Sullivan

    15 min
  4. 20 Years of Trial and Error: Lessons From Tyson's Personal Succession Journey

    20 JAN

    20 Years of Trial and Error: Lessons From Tyson's Personal Succession Journey

    Tyson Ray and Kim Cochenour discuss Tyson's 20-year journey and reveal the raw truth behind his internal succession plan, and why he eventually chose the joy of client impact over the lure of a multi-million dollar buyout. You'll hear about common succession planning mistakes and the hard-won processes that finally ended Tyson's cycle of "burning through people", including the S.P.A.C.E. framework and EOS to build a firm with staying power. If you're wondering why mastering succession planning is more critical than ever, as the industry faces a widening advisor shortage, this episode and Tyson's new book, Total Succession, are for you. Tyson Ray and Kim Cochenour kick the conversation off with Tyson sharing where he's currently standing when it comes to his succession journey. Tyson is set on having an internal succession – he explains why that's the case. "Burning through people to get to the right people and realizing that I didn't have the processes I needed to have the right people" is what Tyson sees as a challenge he faced for about 20 years. A more recent challenge was letting go of the facade that a multi-million dollar check was going to fill or replace the joy from making a difference in a client's life. Did you know that while the number of advisors servicing clients is declining, the number of people needing advice is actually increasing? Tyson and Kim touch upon the S.P.A.C.E. framework for succession planning, Gino Wickman's Entrepreneurial Operating System (or EOS), and debunk some succession-related myths. Tyson talks about what he considers to be the most unexpected gift of his journey. Curious about how Tyson's book Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First can help you get started with succession planning? Tyson has a couple of recommendations for you.     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 Gino Wickman's EOS

    23 min
  5. Why Succession Planning Fails Financial Advisors… And How to Fix It with Jackie Wilke

    13 JAN

    Why Succession Planning Fails Financial Advisors… And How to Fix It with Jackie Wilke

    Succession planning succeeds or fails in just a few critical places, and most financial advisors don't realize where they're vulnerable. Tyson Ray and Kim Cochenour are joined by Jackie Wilke to break down the three make-or-break factors in succession planning, from redefining rainmaking to building leaders who can truly care for clients. You'll hear why succession is your final act of client service, how to future-proof your firm, and what it really takes to prepare the next generation of advisors to step up. Tyson Ray and Kim Cochenour are joined by Jackie Wilke to dig into the three biggest areas where succession planning either takes off or falls apart. Jackie kicks things off by sharing her industry insights regarding succession and its relationship to team builders and building an advisor transition team. She notes that estimates forecast 37% to 46% of advisors planning to retire over the next 10 years – yet, most of them don't have a succession plan in place. Despite what you may have thought, at the end of the day, succession planning is about the client. Jackie is a fan of a quote by one of her clients, who referred to succession planning as "their last act of client service." Tyson sees the advisory industry as focused on wanting Gen 2 to be the rainmaker, not realizing that, at some point, the team needs caretakers for their clients. Jackie touches upon a mindset shift she believes could help advisors: redefining what rainmaking means.  The modern rainmaker should be something that achieves business development-propelled growth, not because they're selling something, but because they're serving someone. "Human capital is such an advantage in our industry", says Jackie while sharing several considerations leaders should keep into account to shape the future leadership bench of their firm. One of the biggest mistakes Tyson sees advisors make with their successor is to expect them to follow exactly in your footsteps to get to where you got to. However, if you think about it, what you did 5, 10, 20 years ago to get here now probably needs a different "who", "how", and "why"..! Jackie, Tyson, and Kim discuss ways to find talent and the right approach to firm growth and to develop a growth mindset. Fun fact: only 19% of kids stay with their parents' advisor. Jackie touches upon what she thinks makes a business more attractive to a potential buyer or to a successor who wants to take over. Taking a minute to evaluate where your firm is at is the first step Jackie suggests taking to future-proof the next generation of advisors. Tyson explains why, over the last few years, he purposefully capped his income – and the impact that move has had on his firm.     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 Jackie Wilke on LinkedIn First Trust First Trust blog and resources J.D. Powers The American College of Financial Services LinkedIn The Wolf of Wall Street

    46 min
  6. Succession Planning, Legacy, and Letting Go: The Story Behind the Total Succession Book

    6 JAN

    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

    22 min
  7. 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
  8. 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
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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
    41
  • Rating
    Clean
  • Copyright
    © 2025
  • Show Website
    Total Succession