Are you waiting for the “right time” to start your succession planning? Does the word “succession” feel more overwhelming than empowering?

In this episode, hosts Tyson Ray and Kim Cochenour welcome Ironstone Founder & CEO Andrea Schlapia to talk about how EOS transforms succession from an intimidating afterthought into a practical, energizing business strategy.

Discover how structure, vision, and a mindset shift can preserve your legacy, empower your team, and set your advisory practice up for lasting success.

• Andrea Schlapia kicks off the conversation with Tyson Ryan and Kim Cochenour by explaining why so many advisors think that they’ll get to their succession… “some day.”
• Remember: Exit is merely a good business strategy, it is NOT an event.
• Andrea wants to help advisors move from a single business owner-run practice to a leadership team-run business – that way, all pressure won’t be only on you.
• Tyson explains how hearing the word “exit” shouldn’t be something that paralyzes you. Think of it as exiting some of the things you don’t like to do anymore and that are sucking out your energy.
• When it comes to hurdles Andrea helps advisors get past, she likes to start by looking at what the EOS (Entrepreneur Operating System) process is and does inside a specific firm.
• Andrea is a firm believer in “structure first, vision second.”
• Andrea touches upon the role of an accountability chart, as well as what Gino Wickman’s EOS is all about (his book Traction is a highly recommended reading!).
• Did you know that 70% of companies do not have any kind of exit strategy and succession plan?
• The SEPA industry’s four intangible capitals are human capital, structural capital, client capital, and social – or cultural – capital.
• “You literally can have mental freedom by having more structure in your business,” says Andrea.
• Reality check from Tyson: You need to realize that you’re going to exit your business…no matter what.
• Tyson goes over the thought process that led him to start considering the idea of business succession.
• Andrea shares her thoughts about what she sees coming the advisor industry’s way over the next decade, while Tyson illustrates the S.P.A.C.E. (Seeing, Preparing, Acting, Committing, Exiting) approach.
• The beginning of the entire business exit process is where Andrea sees advisors having the most difficulties.
• For her, you should undergo a mindset shift and swap “exit” with “what’s next.”
• Andrea shares her thoughts on S.P.A.C.E. and talks about the eight questions of the VTO (Vision Traction Organizer).
• Andrea breaks down the process she has created to assist advisors and shares her admiration for Patrick Lencioni’s work.
• According to Andrea, failing to plan is going to equal value erosion.

Mentioned in This Episode:

TotalSuccession.com

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Andrea Schlapia’s email: andrea@ironstonehq.com

Andrea Schlapia on LinkedIn

Ironstone

Traction: Get a Grip on Your Business by Gino Wickman

The Five Dysfunctions of a Team: A Leadership Fable by Patrick Lencioni

“What would happen to your business if you weren’t around tomorrow?” That’s the key question that Tyson Ray and Kim Cochenour unpack in this episode.

From the importance of succession planning to finding and training the next generation of advisors – they share insights that will help you future-proof your firm and build a lasting legacy.

• Tyson and Kim address the question “What would happen to my business if tomorrow I wasn’t around?”
• As Kim points out, most advisors still have their practice revolving around them.
• Is that you? Then know that if the business only works when you are in the seat, you are NOT succession ready.
• When Tyson had his first son, he had a realization. He did take care of his own estate planning but didn’t think about all the people who were dependent on him…
• Tyson and Kim go into why having a bench matters right now, even when you’re years away from retirement.
• When planning his bench, Tyson made sure that he had enough time and energy to look for and coach G2, the second generation of advisors.
• Keeping your ego in check is a key part of the process. Tyson sees looking for someone who has skills and talents that you don’t have as a recipe for succession success.
• Are you getting referrals for clients? You can do the same for G2: Get referrals for folks who would like to join a financial services firm.
• Kim touches upon the fact that the process of mentoring a G2 who doesn’t end up being a good fit for your firm is still valuable for the advisory industry as a whole.
• Tyson and Kim discuss common mistakes and succession planning failures.
• Kim recommends starting the process by listing out the three most important tasks you still personally handle at the firm – then ask yourself: “If I was out for a month, who could still do this?”
• Building a legacy revolves around answering the question “If I wasn’t here tomorrow, who could step in?” says Kim.

Mentioned in This Episode:

TotalSuccession.com

FORM Wealth Advisors

Tyson Ray

Kim Cochenour