When it comes to succession, are you searching for a clone or the right complement?

In this episode, Tyson Ray and Kim Cochenour unpack why the best successors don't look just like you but bring different strengths that make the business stronger.

From mentorship to letting go of control, they share real-world lessons on how to make succession a smoother, smarter transition.

• In this episode, Tyson Ray and Kim Cochenour look at whether succession actually means finding a "clone", a younger version of yourself.
• Kim and Tyson kick the conversation off by discussing why, when it comes to succession, it's important to find a complement, not a clone.
• A common mistake Tyson has seen many advisors make is looking for that one person instead of a couple of people with interests, skills, and talents in different areas.
• Tyson goes over the reason why he was looking for a caretaker rather than a rainmaker for his business.
• Tyson and Kim touch upon the shift from focusing on monthly income to the enterprise value – and what that leads to.
• Mentorship is a key piece of the puzzle Kim and Tyson address in their conversation.
• Tyson shares a mistake he made when he first brought in people to mentor.
• As Kim puts it, "It's really bringing in your compliment, not a clone. Your successor doesn't have to do it all the way that you did, but they have to do their part really well." And that's where mentorship comes into play.
• Tyson brings up what he considers the "no-nos" advisors make when trying to develop their team.
• Remember: Letting go isn't easy but can yield big rewards for you and your business.
• Your thought for the week: Who on your team could take one thing you're still doing that you shouldn't be?

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Dan Sullivan

Previous episode - Always Be Ready to Sell: Why Scott Danner Built His Firm for Exit

Previous episode - Succession, EOS and the Power of a Plan with Andrea Schlapia